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  "documentTitle": "The Procter & Gamble Company (PG)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2017-09-06 00:00:00",
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  "notes": "Uses two bar charts to visualize the decline in performance targets over a 12-year period.",
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      "kind": "callout",
      "text": "Latest 3-year target of 2.8% organic growth was set lower than expected market growth of 3-4% for P&G categories(1)",
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      "kind": "callout",
      "text": "Despite promises of transformational change, improved organizational design, and large headline cost savings meant to fuel reinvestment and earnings growth, P&G has generally lowered the bar for performance over the past decade",
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      "text": "organic sales growth: 2%",
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      "text": "Despite promises of transformational change, improved organizational design, and large headline cost savings meant to fuel reinvestment and earnings growth, P&G has generally lowered the bar for performance over the past decade",
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      "text": "Why do you only expect 2% to 3% organic sales growth in fiscal '18? And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term? I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range?",
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      "text": "Why do you only expect 2% to 3% organic sales growth in fiscal '18? And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term? I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range? — Dara Mohsenian, Morgan Stanley Analyst, 7/27/2017",
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      "text": "Source: Company filings, presentations, and investor calls. (1) Expected market growth for P&G categories per P&G management (3-3.5% as of November 2016 Analyst Day near the time targets were set) and recent Wall Street research (~4%).",
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