{
  "docId": "019dd923-622b-71dc-a6db-9c607a13b597",
  "docSlug": "7d9053872d30",
  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 8,
  "pageCount": 10,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "This slide is from a Trian Partners activist investor presentation targeting P&G, specifically refuting P&G's critique of Heinz's historical performance.",
  "elementsJson": [
    "bullet_list",
    "paragraph",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-9c607a13b597/8",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-9c607a13b597",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-9c607a13b597.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-9c607a13b597#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "P&G has used the “tax rate” argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f54-c1d54fb75df9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.58,
        "x": 0.28,
        "y": 0.24
      },
      "kind": "image",
      "text": "Strong and Consistent Performance charts",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37cf63b7-9bcb-4f3b-bbca-70583d1eb3a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.27,
        "y": 0.03
      },
      "kind": "list",
      "text": "Organic sales growth averaged 3.9% after Nelson joined the board... EPS grew at an 8.5% CAGR... Return on invested capital increased 440bps...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d284239-3a7f-4be2-9bdd-5f65d21f8a17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.65,
        "x": 0.27,
        "y": 0.59
      },
      "kind": "list",
      "text": "P&G claims that a reduction in tax rate drove EPS growth... While the effective tax rate did decrease... P&G's comparison is based off of reported tax rates... We would note that P&G's effective tax rate declined by 770bps...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ec707f6-aa19-4f0c-ba54-3dc1a9fc637b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Organic sales growth: 3.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f54-c9a1b9891f20",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.68,
        "x": 0.24,
        "y": 0.77
      },
      "kind": "paragraph",
      "text": "P&G has used the \"tax rate\" argument to adjust Heinz EPS figures downwards so that they look unfavorable vs. peers. The calculation behind its adjustment is based on the following footnote... this is a level of data manipulation that we find highly disingenuous",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bec5fd1b-a768-4bd8-9ddf-ed7f03e4f69f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "P&G claims that a reduction in tax rate drove EPS growth at Heinz from '06 - '11 — Trian Partners",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-14d7-73fd-9f54-c51e0cfe8906",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.06,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "6 Source: Heinz Investor Presentation, December 4, 2012 titled “Driving Global Growth.”",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27ce770c-2c87-4263-a29b-50327226aae8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.24,
        "y": 0.21
      },
      "kind": "title",
      "text": "The following image is directly from a 2012 Heinz Investor presentation:",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "95f97e69-8a01-4951-a5a9-c0bfaedf6110",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.24,
        "y": 0.56
      },
      "kind": "title",
      "text": "Tax rate:",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d149f5c7-6b7c-4a03-a386-d8cdf2738939",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "1baf28e1-b0b1-429b-a22f-7c333da876a3",
      "evidence": "The slide explicitly calls out 'data manipulation' and 'disingenuous' claims by the opponent (P&G).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 8,
      "from": 8,
      "beatId": "ce89e063-dd93-4cdd-b3ca-a5448dd2dc3c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Preempt Rebuttal",
      "beatSlug": null,
      "evidence": "The eighth slide preempts another rebuttal.",
      "position": 7,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 7,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "a37782bb-cb9b-45de-bd83-5bfdeef8b5a9",
      "evidence": "Slides 7-9 reveal the impact of Nelson Peltz on the board.",
      "position": 2,
      "objective": "Reveal the impact of Nelson Peltz on the board",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.6,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}