{
  "docId": "019dd923-622c-750b-8b9b-c1ba6b225076",
  "docSlug": "03a523e87675",
  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-04-26 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 19,
  "pageCount": 82,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "before_after",
  "function": "illustrate_case",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a before-after comparison to demonstrate operational efficiency gains.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-c1ba6b225076/19",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.16
      },
      "kind": "callout",
      "text": "Under 3G management, Heinz expanded global gross margins by ~600 bps and Europe gross margins by ~1,100 bps in just two years without a material additional capital investment",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8269c123-24b5-4033-8f8a-26d625a46835",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.4,
        "x": 0.08,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Heinz Gross Margins: Consolidated",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0be359cc-4554-4d75-9ace-d1e3cd68552b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.4,
        "x": 0.52,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Heinz Gross Margins: Europe",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa3dc489-097a-40df-8cb2-764850fd3b76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "gross margin: 1,100 bps",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba8e-a57d18e5ec57",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Heinz and Kraft Heinz public filings. Q2'13 used as starting point since 3G acquisition of Heinz closed on June 7, 2013. Q2'15 used as end point since it is the last quarter before Heinz merged with Kraft on July 2, 2015.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "82ba36d6-f47e-45a8-88a8-148f82562617",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Case Study: Heinz Gross Margins Under 3G",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "debd285d-993f-4a40-903f-3e697ddff70d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "35b4ecf7-0522-44af-a811-bd623fa629df",
      "evidence": "Case Study: Heinz Gross Margins Under 3G",
      "confidence": 0.5
    },
    {
      "name": "Before/after framing",
      "slug": "before-after-framing",
      "agent": null,
      "layer": "slide",
      "matchId": "86c959a0-3b6a-473d-9d1a-a75a3aa05978",
      "evidence": "Under 3G management, Heinz expanded global gross margins by ~600 bps and Europe gross margins by ~1,100 bps in just two years",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "f297280a-548a-4535-823e-8ab16c9c8352",
      "evidence": "Compares performance metrics before and after 3G management intervention.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 16,
      "beatId": "1b56c984-02d1-4ace-9c7e-88c5f413a822",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The presentation discusses challenges faced by portfolio companies, such as Mondelez's high G&A and Valeant's decline",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    },
    {
      "to": 25,
      "from": 18,
      "beatId": "693c829c-9893-4b47-8718-b69e36a0f5a6",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The presentation provides data and examples of successful investments, such as Heinz's expanded global gross margins",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 21,
      "from": 16,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "fc0ae90d-32bd-44e4-b803-74cfbeed0ee4",
      "evidence": "The presentation highlights the potential benefits of implementing 3G's ZBB approach at Mondelez",
      "position": 0,
      "objective": "What are the consequences of not taking action to improve profitability?",
      "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"
    },
    {
      "to": 25,
      "from": 18,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "97c2c704-495e-4d46-9b3d-260b0012b18e",
      "evidence": "The presentation provides examples of successful investments, such as Heinz's expanded global gross margins",
      "position": 1,
      "objective": "How can we improve the profitability of portfolio companies?",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}