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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 'villain' framing by contrasting P&G's excuse (currency) with peers who performed better despite similar/worse currency impacts.",
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      "text": "In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds",
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      "text": "EPS Growth: FY 2011 – FY 2017",
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      "text": "P&G largely blames volatility in the currency markets for poor financial performance but it is not the only CPG company with adverse currency exposure\nIn fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds",
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      "text": "EPS Growth: 18%",
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      "text": "Source: SEC filings and annual reports. Note: Peer EPS figures adjusted for non-recurring items and stock splits. EPS figures have been adjusted to reflect spin-offs, where applicable. (1) Reflects cumulative FX impact to revenue growth from FY 2011 – FY 2017.",
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      "text": "Competitors Have Grown EPS Faster than P&G",
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