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  "documentTitle": "Trian Partners | Activist Presentation Deck | 16 slides",
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  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-11-01 00:00:00",
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  "notes": "Uses historical market sentiment (2009) as a precedent for current valuation opportunity.",
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      "text": "Approximately 50-60% potential upside assuming Danone trades at same FCF yield as Unilever and Nestle",
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      "text": "Negative sentiment has driven Danone's free cash flow yield to 7%, in-line with the free cash flow yield that companies comprising the U.S. Packaged Food Index traded at in March 2009 when U.S. sentiment hit bottom. That would have been a good time to buy, as the U.S. Packaged Food Index has increased 111% since March 2009, and free cash flow yields have normalized to approximately 5.5%",
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      "text": "Source: Company filings, Bloomberg. Note: Free Cash Flow is defined as operating cash flow less capital expenditures net of tangible asset disposals, plus M&A fees.",
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      "text": "Highly Cash-Generative",
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