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  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2014-02-19 00:00:00",
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  "notes": "Uses Trian estimates for PepsiCo beverage margins; includes detailed methodology notes regarding advertising spend adjustments.",
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      "kind": "callout",
      "text": "We do not include EBIT before advertising comparisons for beverage because PepsiCo does not break down advertising between snacks and beverages.",
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      "text": "We look at EBIT before advertising because, with the reduction in advertising in recent years, PepsiCo now spends far less on advertising than snacks and beverage peers",
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      "text": "PepsiCo EBIT margin before advertising expense is well below the peer group",
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      "text": "PepsiCo Estimated 2013 Beverages Margin vs Beverages Peers",
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      "text": "2013 EBIT Before Advertising: % of Net Sales",
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      "kind": "disclaimer",
      "text": "Source: SEC filings and Wall Street research. Note: The estimates, projections, pro-forma information and potential impact of Trian's ideas...",
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      "text": "PepsiCo EBIT margin before advertising expense is well below the peer group\nThough PepsiCo does not disclose its international beverage margin, we estimate its global beverage business has a 12% EBIT margin\nEven Coca-Cola Enterprises has a higher margin",
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      "text": "EBIT margin: 19%",
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      "kind": "title",
      "text": "Appendix B: Margins Relative to Peers",
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