{
  "docId": "019dd923-622b-71dc-a6db-615d7f9553a7",
  "docSlug": "90d63e982928",
  "documentTitle": "PPG Industries, Inc. (PPG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 5,
  "pageCount": 42,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "peer_gap",
  "function": "expose_gap",
  "density": "balanced",
  "nDataPoints": 46,
  "notes": "The chart highlights a specific recent trend with a red dashed circle.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "line_chart",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-615d7f9553a7/5",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-615d7f9553a7#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.28,
        "x": 0.645,
        "y": 0.268
      },
      "kind": "callout",
      "text": "PPG now trades at a ~5x discount to Sherwin-Williams",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1889db36-63b2-491d-9b4d-c9a8f1fd81d5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.88,
        "x": 0.06,
        "y": 0.2
      },
      "kind": "chart",
      "text": "NTM P/E Discount vs. Sherwin-Williams and S&P 500",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63156431-a2f3-41a0-a7e3-5c82d853d6ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "NTM P/E discount: ~5x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac3-70f9-8553-812f8926d11c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.11
      },
      "kind": "paragraph",
      "text": "PPG is now trading at one of the largest discounts to Sherwin-Williams (a close peer of PPG's) and the S&P since the end of 2016",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f338c602-1327-42ae-a5f5-e45cff6de9c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Bloomberg. Measured through October 9, 2018.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85ea76df-142d-4542-a57d-190e81d507c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.06,
        "y": 0.03
      },
      "kind": "title",
      "text": "Largest Discount to Close Peer and S&P 500 in Recent History",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9784cecf-f38c-46d4-a0b8-234e736e176b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "f830598c-0cae-48ec-86f9-5d3410180318",
      "evidence": "PPG is now trading at one of the largest discounts to Sherwin-Williams and the S&P since the end of 2016",
      "confidence": 0.9
    },
    {
      "name": "Valuation: Precedent transactions",
      "slug": "precedent-transactions",
      "agent": "architect",
      "layer": "slide",
      "matchId": "48d508aa-b572-434d-9dd6-4a5bce65b27c",
      "evidence": "Recent large scale deals have been completed at ~11-17x EBITDA",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "b27d0066-7bcd-4930-ba55-646d53543de1",
      "evidence": "Comparing PPG valuation discount against peer and index",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 5,
      "beatId": "6757edd9-cb2e-47b9-95f4-7251960ab60d",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document highlights PPG's underperformance, missed targets, and accounting irregularities, and exposes contradictions in management's decisions and actions.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 5,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "db2c090a-5f11-4d93-9942-609ebd1213c5",
      "evidence": "The document highlights PPG's underperformance compared to peers and the S&P.",
      "position": 0,
      "objective": "What is driving PPG's underperformance?",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}