{
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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": 19,
  "pageCount": 23,
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  "slideType": "peer_benchmark",
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  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "The chart highlights Ferguson in red to contrast its performance against peers, suggesting an opportunity for improvement.",
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      "kind": "callout",
      "text": "While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through",
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      "kind": "chart",
      "text": "EBITDA Margin Change (basis points) (Last 5 Fiscal Years)",
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        "y": 0.96
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      "kind": "disclaimer",
      "text": "Source: Company filings. (1) Represents HD Supply Facility Maintenance Business (~60% EBITDA) and excludes Construction & Industrial.",
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      "kind": "image",
      "text": "Company logos for PoolCorp, Home Depot, SiteOne, Watsco, Ferguson, Beacon, Lowe's, HD Supply, Fastenal, Grainger, MSC",
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      "kind": "legend",
      "text": "Specialty, RMI-Oriented; Broadline Industrial MRO; Home Improvement Retail",
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    {
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      "kind": "metric",
      "text": "EBITDA margin change: 60",
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      "kind": "title",
      "text": "...and EBITDA Margin Expansion",
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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",
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      "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.",
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      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
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