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  "documentTitle": "Ferguson plc (FERG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Brian Baldwin",
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  "presentationDate": "2019-11-14 00:00:00",
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      "text": "Source: Company filings, FactSet. Note: Definitions of EV, EBITDA, P/E, North America, HVAC, ROIC, DC, CY, bps, RMI, MRO. (1) As of Nov 5, 2019. (2) Based on Wall Street consensus. (3) Subject to shareholder approval.",
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      "text": "Trian owns ~13.9mm shares (~6.1% stake). Leading North American distributor of plumbing & HVAC. #1 market share in blended branches and Waterworks. Predominantly North American business (~95% EBITDA). Announced demerger of UK business.",
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      "text": "Share Price: £66 ($85) Market Cap: $19.4bn EV: $20.5bn CY 2020 EBITDA: $1.98bn EV/2020 EBITDA: 10.4x CY 2020 EPS: $5.29 Price / 2020 EPS: 16.1x Net Debt / LTM EBITDA: 0.7x",
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