{
  "docId": "019de06f-4669-7735-a01d-804816b91d36",
  "docSlug": "39a281d99888fbc068f99eba815f2210",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 16 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 12,
  "pageCount": 16,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The chart uses a regression line to show the expected valuation based on growth, with an arrow indicating the potential re-rating of Danone stock.",
  "elementsJson": null,
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  "slideHref": "/slides/019de06f-4669-7735-a01d-804816b91d36/12",
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  "components": [
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      "kind": "callout",
      "text": "Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure",
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        "x": 0.08,
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      },
      "kind": "chart",
      "text": "Relationship Between Long-Term Organic Sales Growth Targets and 2013E P/E",
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      "kind": "list",
      "text": "Despite (a) health focus, (b) structurally attractive categories and (c) top-tier emerging markets exposure, Danone trades in-line with slower-growing US peers like Campbell and General Mills\nHistorically Danone traded at a premium to Nestle; now trades at approximately 1.5x discount on 2013 P/E and much wider discount on free cash flow yield",
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      },
      "kind": "source-note",
      "text": "Source: Company filings and presentations. Note: Graph reflects mid-point of target organic sales growth where applicable...",
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      "kind": "title",
      "text": "Attractive Valuation",
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      "evidence": "list/bullet: Despite (a) health focus, (b) structurally attractive categories and (c) top-tier emerging markets exposure, Danone trades in-line with slower-growing US peers like Campbell and General Mills",
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      "evidence": "The slides present valuation tables and trading multiples.",
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      "evidence": "The slides present a detailed breakdown of Danone's valuation.",
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      "objective": "To demonstrate Danone's undervaluation",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
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