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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": "Includes a footnote regarding P&G's stock performance relative to the Consumer Staples Select Sector SPDR Fund.",
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      "text": "P&G is comparing apples and oranges by subtracting earnings of discontinued operations for historical periods while showing a benefit from share count reduction or cash proceeds from the sale or exchange of such divested businesses.",
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      "text": "Core EPS growth: Argues for using originally reported FY2011 EPS ($3.95) rather than adjusted figures to accurately reflect real earnings power.",
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      "text": "Relevant time frame: TSR measured over 1-10 years through June 15, 2017. Business performance measured FY2011-FY2017 to capture the impact of the $10bn productivity program.",
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      "text": "P&G peer group: US/Europe domiciled, >$4bn market cap, >50% sales in health/personal care. Peers: Beiersdorf, Church & Dwight, Clorox, Colgate-Palmolive, Edgewell, Henkel, Kimberly-Clark, L'Oreal, Reckitt Benckiser, Unilever.",
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      "text": "(1) P&G's stock outperformed the Consumer Staples Select Sector SPDR Fund by 130bps that day.",
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