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  "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",
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  "pageNumber": 25,
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  "slideType": "peer_benchmark",
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  "density": "dense",
  "nDataPoints": 20,
  "notes": "The slide highlights a potential reduction in SG&A ratio from 14.4% to 14.1% based on peer benchmarks, while noting that this analysis ignores P&G's scale advantage.",
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      "kind": "callout",
      "text": "However, this benchmarking analysis does not take into account P&G's massive scale advantage",
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      "text": "P&G's Core SG&A Ratio (ex-Advertising and Marketing) is currently 14.4%. The company believes its Core SG&A ratio at peer levels on a category-adjusted basis would be ~14.1%",
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      "text": "Note: Data from P&G provided at Back to School Conference presentation, 9/6/12",
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      "kind": "table",
      "text": "P&G Segment, FY 2012, % Mix, Core SG&A Benchmark, Companies. Beauty, $20bn, 24%, 20%, Beiersdorf, L'Oreal, Unilever. Grooming, $8bn, 10%, 19%, Energizer, Beiersdorf. Fabric & Home Care, $27bn, 32%, 10%, CHD, CLX, Henkel, Reckitt, Unilever.",
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      "kind": "title",
      "text": "Core SG&A Opportunity",
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