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  "documentTitle": "PPG Industries, Inc. (PPG)",
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      "kind": "callout",
      "text": "With so little transparency on the paint store business, investors don't know what PPG's returns on capital are. Trian estimates that “Base Case” after-tax returns are likely about triple the company's cost of capital",
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      "text": "Note: WACC = Weighted Average Cost of Capital. Source: SEC filings for PPG and peers, and Trian estimates based on industry diligence. Key assumptions on PPG: Base Case -- $1.3mm AUV, 12% contribution margin, $500k build cost, Conservative Case -- $1.3mm AUV, 5% margin, $500k build cost",
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      "text": "Paint Store ROICs Seem to Well Exceed Cost of Capital",
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      "text": "North American Paint Store Return on Invested Capital (Estimated ROIC)",
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