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  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2017-09-06 00:00:00",
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  "notes": "Uses a comparison frame to contrast P&G's performance against peers and market benchmarks.",
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      "kind": "callout",
      "text": "5% of the 7% EPS growth was driven by 1) share buybacks from the proceeds of the Coty and Duracell transactions and 2) reduced advertising spend",
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      "text": "P&G once again lost market share in FY 2017 (5 out of 5 segments lost market share)\nEPS growth of 7% was in the bottom third of its peer group (peer average of 11%)\nAdjusted for the share count reductions from the Coty & Duracell proceeds and the advertising spend cut of $125mm (vs. guidance for mid-single digit increase in spend), EPS was up only 2%",
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      "text": "Core EPS Growth: 7%",
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      "text": "Source: SEC filings, presentations, and investor calls. We have adjusted peers' results to match P&G's June fiscal year end.",
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      "text": "In 2017, Share Loss and Earnings Underperformance Continued, Despite P&G’s Claims",
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