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  "documentTitle": "PPG Industries, Inc. (PPG)",
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  "authorName": "Trian Partners",
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  "presentationDate": "2018-10-11 00:00:00",
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      "text": "A separation could unlock between 15%-40%(2) of incremental value based on PPG's current share price of ~$98.50(3)",
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      "text": "A separation could unlock between 15%-40%(2) of incremental value based on PPG’s current share price of ~$98.50(3)",
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      "text": "EBITDA multiple: 40%",
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      "text": "Source: Company SEC filings, Trian estimates. (1) Includes allocation of corporate costs on a percentage of sales basis. (2) Equity value calculated using $4.5bn of net debt and non-controlling interest and 243m shares outstanding. (3) Price as of October 9, 2018.",
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      "kind": "table",
      "text": "Business, Low Multiple, High Multiple, Low EV, High EV. Architectural '19e EBITDA $783MM, 12x-15x, $9.4bn-$11.7bn. Industrial '19e EBITDA $1,909MM, 12x-14x, $22.9bn-$26.7bn",
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      "text": "We Believe Separation Could Unlock an Additional 15%-40% of Shareholder Value",
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