{
  "docId": "019dd923-622b-71dc-a6db-684f41522056",
  "docSlug": "fa1808c5359c",
  "documentTitle": "Ferguson plc (FERG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Brian Baldwin",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-11-14 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 11,
  "pageCount": 23,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "comparison_table",
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  "density": "balanced",
  "nDataPoints": 100,
  "notes": "The slide uses a checkmark/cross system to indicate if a top shareholder in the sector is also a top Ferguson holder.",
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  "components": [
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      "kind": "source-note",
      "text": "Source: Bloomberg. Note that Bloomberg only captures approximately 60% of outstanding shares as shareholder disclosure requirements are less comprehensive in the UK than they are in the US.",
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      "kind": "table",
      "text": "Top Shareholder Ownership U.S. Industrial Distributor Market",
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      "kind": "table",
      "text": "Top Shareholder Ownership U.S. Home Improvement Retail Market",
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      "kind": "title",
      "text": "Why is Ferguson Mispriced? It is Under-Owned by U.S. Institutions",
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      "evidence": "Side-by-side comparison of two market segments to highlight ownership gaps.",
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      "evidence": "The presentation highlights various factors contributing to Ferguson's undervaluation, making the problem seem worse.",
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      "name": "Cost Of Inaction",
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      "evidence": "The presentation implies that there are significant benefits for investors if they act on the opportunity to re-evaluate Ferguson's stock value.",
      "position": 0,
      "objective": "Highlight the cost of inaction for investors if Ferguson's stock continues to be undervalued.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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      "evidence": "The presentation uses a golden circle approach to explain the why, how, and what of Ferguson's business and investment potential.",
      "position": 1,
      "objective": "Explain why Ferguson's business model and performance make it an attractive investment opportunity.",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.6,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
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