{
  "docId": "019dd923-622b-71dc-a6db-684f41522056",
  "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": 9,
  "pageCount": 23,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a comparison framework to argue for a valuation discrepancy based on geographic business quality.",
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-684f41522056/9",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-684f41522056",
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  "components": [
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITA Growth (5 Years): +68%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
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      "kind": "source-note",
      "text": "Source: Company filings, investor presentations. (1) Ferguson US is ~95% of North America EBITDA... (2) Assumes Canada earns same gross margin... (3) Represents US market only...",
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      "bbox": {
        "h": 0.7,
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        "x": 0.05,
        "y": 0.15
      },
      "kind": "table",
      "text": "Comparison of North America vs UK market metrics across market structure, economics, and results.",
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      "bbox": {
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      "kind": "title",
      "text": "Why is Ferguson Mispriced? Ferguson's North American Business is Structurally More Attractive than its UK Business but It Trades in the UK",
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  "frameworks": [
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      "evidence": "The slide explicitly compares two business segments across three categories (structure, economics, results) to build an investment thesis.",
      "confidence": 0.95
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      "beatId": "e1f1b29f-5c41-4d78-a614-e5523e469d31",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation highlights various factors contributing to Ferguson's undervaluation, making the problem seem worse.",
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      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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  ],
  "loops": [
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "9b0ebbd2-9bad-430d-9fd6-23f9c71170ac",
      "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",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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      "to": 23,
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      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "d85e8c3e-2265-4e5c-b4ee-3bc5c30c3ebf",
      "evidence": "The presentation uses a golden circle approach to explain the why, how, and what of Ferguson's business and investment potential.",
      "position": 1,
      "objective": "Explain why Ferguson's business model and performance make it an attractive investment opportunity.",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.6,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
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  "thumbSrcAlt": null,
  "locked": true
}