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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-02-17 00:00:00",
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  "notes": "Uses a combination of a stock price line chart and bar charts to illustrate the 'before' (discount) and 'after' (re-rating) states of a spin-off transaction.",
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      "text": "Just six months later, after PPG completed the split-off of its commodity business, PPG \"RemainCo\" re-rated to an 18x NTM P/E multiple, representing a ~40% multiple expansion (the blended multiple of the two businesses rose to 17x, a 33% increase)",
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      "text": "Source: SEC Filings, CapitalIQ and Press Releases and Bloomberg. Peers include Valspar and Sherwin Williams.",
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      "text": "Mid-2012 context: Traded at discount due to volatile commodity business. Jul-2012: Announced separation. Jan-2013: Re-rated after spin-off.",
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      "text": "P/E multiple: 33%",
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      "text": "TSR comparison: PPG 36%, S&P 500 11%, S&P Chem 14%",
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      "kind": "title",
      "text": "Chemical Investors Value Focus: PPG Industries Case Study",
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