{
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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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  "pageNumber": 8,
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  "notes": "The slide uses a stacked bar chart to show the transformation of the business portfolio over time.",
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      "kind": "callout",
      "text": "Ferguson exited 25 countries and 31 business units since 2008",
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      "kind": "chart",
      "text": "Stacked bar chart showing EBITA contribution by segment for 2004a and 2019 Pro Forma",
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      "kind": "list",
      "text": "Notable Divestitures: Ferguson exited 25 countries and 31 business units since 2008",
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      "text": "EBITA: $1,537",
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      "kind": "source-note",
      "text": "Source: Company filings, press releases. (1) Pro forma for de-merger of UK business.",
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      "kind": "title",
      "text": "Why is Ferguson Mispriced? We Believe Equity Markets Under-Appreciate the Magnitude of Ferguson’s Evolution",
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      "text": "Ferguson EBITA Contribution by Segment",
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