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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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      "kind": "callout",
      "text": "P&G is ~4x Larger than its Average Competitor",
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      "kind": "callout",
      "text": "...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”",
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      "text": "P&G has a ~50% price premium, across its categories",
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      "text": "Average U.S. Price Premium (vs. Category)(1)",
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      "text": "Operating Margins: 22.1%",
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      "text": "Source: SEC filings, annual and quarterly reports. Pricing premiums from Consumer Edge. Pricing premium calculated excluding relevant company from its category average. (1) Excludes peers with less than 25% of sales in the U.S. (or North America where U.S. disclosure isn't available), including Henkel, Reckitt Benckiser, and Beiersdorf.",
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      "text": "Matrix Structure Does Not Leverage Scale and Other Advantages",
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