{
  "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",
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  "pageNumber": 13,
  "pageCount": 16,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a line chart to demonstrate that the current P/E is below the 10-year average of 18.7x.",
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  "slideHref": "/slides/019de06f-4669-7735-a01d-804816b91d36/13",
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  "components": [
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        "y": 0.28
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      "kind": "chart",
      "text": "Historical Forward P/E",
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      "kind": "list",
      "text": "Danone is currently trading at close to trough multiples for the period 2003-2012 (excluding trading multiples from early 2009)\nWith approximately 7% free cash flow yield and 3% dividend yield, investors could receive a reasonable return even without considering the value of future growth",
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      "kind": "source-note",
      "text": "Source: Capital IQ. Note: Forward P/E is defined as the current price divided by next twelve months (NTM) consensus earnings per share (EPS). Through November 2, 2012. 10-Year average reflects average of weekly NTM P/E ratios over the period from January 3, 2003 through November 2, 2012.",
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      "kind": "title",
      "text": "Trading Near Trough Multiples",
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      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The slides present valuation tables and trading multiples.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
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  ],
  "loops": [
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      "to": 13,
      "from": 11,
      "name": "Mece Breakdown",
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      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
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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",
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