{
  "docId": "019dd923-622c-750b-8b9b-7b0c6b27c958",
  "docSlug": "650ed2b9854a",
  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-05-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 27,
  "pageCount": 45,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "revenue_buildup",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a bridge-like structure to justify a margin expansion target.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7b0c6b27c958/27",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7b0c6b27c958",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7b0c6b27c958.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7b0c6b27c958#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.86,
        "x": 0.07,
        "y": 0.25
      },
      "kind": "callout",
      "text": "We believe our 24% EBIT margin estimate for P&G is very achievable",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8774c509-c798-4779-8ed8-b14322b0b04e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.86,
        "x": 0.07,
        "y": 0.68
      },
      "kind": "list",
      "text": "Substantial reinvestment opportunities; Cushion to offset negative mix shift; Advertising and marketing spend at high end of peer average",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88bdee4e-33fb-4f8b-bf0e-520f3224006f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBIT margin: 24.0%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b7ac-6d681ea34f2c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.035
      },
      "kind": "table",
      "text": "Gross Margin 49.6% to 51.5%; Advertising (16.5%) to (16.5%); Core SG&A (14.4%) to (11.0%); EBIT Margin 18.8% to 24.0%",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "55632f0b-1a57-4732-8b90-9a82efb742ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "title",
      "text": "Add it Up: EBIT Margins Should be 24%",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c82bfdc-baba-4e2b-a43c-d7b01b3f89c8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "revenue_buildup",
      "slug": null,
      "matchId": "f4506353-2761-4743-9b76-0b07074f8906",
      "evidence": "Bridge table showing components of margin expansion",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 27,
      "from": 14,
      "beatId": "e7a8710b-30fc-45c9-8a0a-d31adc103ebd",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The presentation provides data and benchmarks to support its claims",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}