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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-04-21 00:00:00",
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  "pageNumber": 14,
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  "notes": "Uses two waterfall charts to bridge 2014 normalized EPS and 2015 guidance to core EPS needed.",
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      "text": "Assuming that DuPont achieves 40 cents per share of cost-savings in 2015, Trian estimates that the core business must grow operating earnings by ~29% in Q2-Q4 2015 to meet its revised 2015 EPS guidance of $4.00 per share (low-end of range)",
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      "text": "Assuming that DuPont achieves 40 cents per share of cost-savings in 2015, Trian estimates that the core business must grow operating earnings by ~29% in Q2-Q4 2015 to meet its revised 2015 EPS guidance of $4.00 per share (low-end of range)",
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      "kind": "list",
      "text": "Trian is skeptical given Agriculture's weakness (e.g. operating earnings down 21% in Q1) and historically weak growth in the remaining businesses (declined by 26% from 2011-14(1))",
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      "text": "Core EPS Growth: 29%",
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      "text": "Source: Company SEC Filings and Trian Estimates. (1)-(9) Footnotes regarding data methodology.",
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      "text": "Q2-Q4 2015 Core EPS (Ex Savings Growth, FX, etc.) $2.88 Q2-Q4 2014 Normalized EPS (Ex One-Timers) $2.23 % Implied Growth 29%",
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      "text": "DuPont Will Need 29% Core EPS Growth To Just Meet Lowered Guidance",
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