{
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 23,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "peer_gap",
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  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide uses a checkmark/cross matrix to illustrate the analytical gap in peer selection.",
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  "metadataConfidence": 1,
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      "kind": "source-note",
      "text": "Source: Wall Street research. (1) Fastenal, WW Grainger, HD Supply, MSC Industrial. (2) Home Depot, Lowe's. (3) Pool Corp., Watsco, SiteOne Landscape Supply, Beacon Roofing Supply.",
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      "kind": "table",
      "text": "Matrix of analysts vs peer categories with checkmarks and crosses",
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      "bbox": {
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      "kind": "title",
      "text": "Why is Ferguson Mispriced? We Believe It is Compared to the Wrong Peers",
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      "evidence": "The slide explicitly compares peer selection methodologies across different analysts to argue for a mispricing.",
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      "evidence": "The presentation highlights various factors contributing to Ferguson's undervaluation, making the problem seem worse.",
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      "confidence": 0.8,
      "parentBeatName": "Development",
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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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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      "to": 23,
      "from": 5,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
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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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