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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",
  "orientation": "landscape",
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  "pageNumber": 18,
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  "notes": "The chart uses a waterfall-style layout to show positive vs negative margin changes, with company logos as x-axis labels.",
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      "kind": "chart",
      "text": "Gross margin change by company",
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      "kind": "legend",
      "text": "Specialty, RMI-Oriented; Broadline Industrial MRO; Home Improvement Retail",
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      "kind": "metric",
      "text": "Gross Margin Change (basis points): 130",
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      "kind": "subtitle",
      "text": "Source: Company filings. (1) Uses Ferguson's consolidated gross margin as a proxy for US segment. (2) HD Supply consolidated gross margin, which includes the non-comparable Construction & Industrial business.",
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      "kind": "title",
      "text": "...Strong Gross Margin Performance...",
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      "kind": "title",
      "text": "Gross Margin Change (basis points) (Last 5 Fiscal Years)",
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      "evidence": "Comparing gross margin performance against a set of industry peers.",
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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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      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
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