{
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  "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",
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  "pageNumber": 14,
  "pageCount": 23,
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  "notes": "Uses checkmarks and X-marks to visually contrast business models.",
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      "kind": "image",
      "text": "Ferguson logo",
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      "kind": "image",
      "text": "Broadline Industrial MRO Distributors logos",
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      "kind": "subtitle",
      "text": "Source: Company filings. (1) Fastenal is a branch-based distributor but sells broadline MRO products to end-users. (2) Represents HD Supply's facilities maintenance business... (3) HD Supply is driven by MRO spend... (4) See page 19 for supporting data.",
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      "kind": "table",
      "text": "Comparison table of Ferguson vs Broadline Industrial MRO Distributors across 5 criteria plus margin trends.",
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      "kind": "title",
      "text": "We Believe Ferguson is a Far Superior Business to Broadline Industrial Distributors",
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      "evidence": "Direct comparison table between Ferguson and competitors.",
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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.",
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      "objective": "Highlight the cost of inaction for investors if Ferguson's stock continues to be undervalued.",
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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.",
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      "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)",
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      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
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