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  "docSlug": "fa1808c5359c",
  "documentTitle": "Ferguson plc (FERG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Brian Baldwin",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-11-14 00:00:00",
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  "nDataPoints": 12,
  "notes": "The chart uses a broken axis to accommodate the significantly higher sales of Home Depot and Lowe's.",
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      "kind": "callout",
      "text": "HD and Lowe's are often cited as peers for Ferguson's US business and both companies have >30 analysts covering their stocks",
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      "kind": "callout",
      "text": "Ferguson's North American footprint is >2x the average of the specialty distributor / broadline peer group but only 1 US based research analyst covers the stock (vs. an average of 14 analysts for its peers)",
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      "text": "North American Sales vs. U.S.-Based Equity Research Coverage",
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      "text": "US-based research analysts: 1",
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      "kind": "source-note",
      "text": "Source: FactSet, SEC filings, company reports. Note: Trian believes the most relevant peers for Ferguson are specialty building products distributors...",
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      "kind": "title",
      "text": "Why is Ferguson Mispriced? It Has Minimal US Research Coverage",
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