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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": 26,
  "pageCount": 45,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a 'Pershing View' to project peer benchmark performance onto P&G's scale.",
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  "slideHref": "/slides/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee/26",
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      "kind": "callout",
      "text": "We believe P&G's scale advantage should allow it to achieve our estimate of an 11% Core SG&A ratio",
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      "text": "Assumes 30% of Core SG&A expense is fixed",
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      "text": "P&G's revenue base is more than four times the size of its peer benchmark average, which should allow P&G to operate at a significantly lower Core SG&A Ratio than its peers benchmark",
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      "kind": "table",
      "text": "Peer Benchmark Average vs Pershing View at P&G Revenue Base for FY 2012 Revenue, Core SG&A Expense, % Fixed, % Variable, and Core SG&A Ratio.",
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      "kind": "title",
      "text": "Benefits of Scale to P&G's SG&A Ratios",
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      "evidence": "The document provides a solution by outlining P&G's potential for organic revenue growth and EBIT margin improvement.",
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