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  "documentTitle": "Trian Partners | Activist Presentation Deck | 16 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2012-11-01 00:00:00",
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  "pageNumber": 5,
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      "kind": "callout",
      "text": "We believe the market is offering investors a world-class business for relatively low multiples of earnings and cash flow",
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      "text": "Danone logo",
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      "text": "Trian holds an approximate 1% economic interest in Danone. 21st Century Portfolio: Yogurt (46% EBIT), Baby/Medical Nutrition (37% EBIT), Bottled Water (17% EBIT). 52% of Sales in Emerging Markets. Attractive valuation: 7% FCF yield, 14.8x P/E, 9.3x EV/EBITDA. Target price €78 by 2014.",
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      "text": "Source: Company filings. Note: Market data as of November 2, 2012. EBIT contribution represents first-half 2012 trading operating profit results. Balance sheet data used for calculation of market cap and enterprise value as of June 30, 2012. (1) Includes dividends received over ~2-year holding period.",
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      "text": "Share Price: €48, Market Cap: €29bn, Enterprise Value: €36bn, Dividend Yield: 3%",
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      "text": "Long Investment Idea: Danone",
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