{
  "docId": "019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee",
  "docSlug": "297bd8544a3ce4034cd8167a5d2b8e71",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 45 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 23,
  "pageCount": 45,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "valuation_buildup",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a waterfall-style logic to bridge the FY 2011 margin to the FY 2016 estimate.",
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  "slideHref": "/slides/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee/23",
  "deckHref": "/decks/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee",
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  "deckAnchorHref": "/decks/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee#slide-23",
  "components": [
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        "h": 0.16,
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      "kind": "callout",
      "text": "We estimate that P&G can utilize more than 90% of its COGS savings to reinvest in pricing, offset commodity inflation, counterbalance negative product and geographic mix and still achieve our gross margin estimate",
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      "kind": "callout",
      "text": "If P&G could achieve 3.5% annual COGS productivity over the course of its restructuring program from FY 2011 to 2016, we believe the Company would easily generate 51.5% gross margins",
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      "kind": "disclaimer",
      "text": "Note: FY 2011 gross margin of 50.9% represents the fiscal year prior to P&G's restructuring program. FY 2012 gross margin of 49.6% declined 130bps from FY 2011 as the negative impact of reinvestment more than offset the positive impact of COGS productivity.",
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      "kind": "table",
      "text": "FY 2011 Gross Margin (Start of Restructuring) 50.9% | Plus: 3.5% Annual COGS Productivity ~750bps | Less: Reinvestment, Inflation, Negative Mix Shift ~(690)bps | FY 2016E Gross Margin 51.5%",
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      "kind": "title",
      "text": "Gross Margins – COGS Productivity at 3.5%",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution by outlining P&G's potential for organic revenue growth and EBIT margin improvement.",
      "position": 2,
      "confidence": 0.8,
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  ],
  "loops": [
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      "name": "Mece Breakdown",
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      "evidence": "The document breaks down P&G's potential for improvement into clear and mutually exclusive categories.",
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      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
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