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  "docSlug": "fa1808c5359c",
  "documentTitle": "Ferguson plc (FERG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Brian Baldwin",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-11-14 00:00:00",
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  "notes": "The slide uses a checkmark/cross comparison to highlight Ferguson's superior market positioning.",
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      "kind": "callout",
      "text": "Ferguson has an advantaged market structure & growth profile",
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      "kind": "callout",
      "text": "~2/3rd of revenue from consumer(1)",
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      "text": "Ferguson Logo",
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      "text": "Home Depot Logo",
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      "kind": "image",
      "text": "Lowe's Logo",
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      "kind": "source-note",
      "text": "(1) Weights Home Depot revenue at 55% consumer and Lowe's revenue at 75-80% consumer per public disclosure",
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      "kind": "title",
      "text": "We Believe Ferguson Has a More Attractive Market Structure and Growth Profile than Home Depot and Lowe's",
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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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