{
  "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": 27,
  "pageCount": 45,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "valuation_buildup",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a bridge-like structure to justify margin expansion.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee/27",
  "deckHref": "/decks/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee",
  "deckJsonHref": "/decks/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee.json",
  "deckAnchorHref": "/decks/019de06f-4a9b-72a9-a7e2-78a7e2dbc3ee#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.86,
        "x": 0.07,
        "y": 0.25
      },
      "kind": "callout",
      "text": "We believe our 24% EBIT margin estimate for P&G is very achievable",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "799c74b9-7138-496d-a55b-13c9392b01cf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.86,
        "x": 0.07,
        "y": 0.68
      },
      "kind": "list",
      "text": "Our EBIT margin estimate allows for: Substantial reinvestment opportunities, Cushion to offset negative mix shift, Advertising spend at high end of peer average",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c783b50d-192a-4769-9941-b0cbe38ca23f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.35
      },
      "kind": "table",
      "text": "Gross Margin, Advertising, SG&A, EBIT Margin for FY 2012 vs FY 2016E",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74d1e33d-e05c-45e2-91ae-b5fce6426011",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "title",
      "text": "Add it Up: EBIT Margins Should be 24%",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f6bdcab-46ec-4ebb-a491-f917b6f340b5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-buildup",
      "slug": null,
      "matchId": "33000e3a-81a0-4775-b84c-25f3834cbad4",
      "evidence": "Bridge table showing components of margin expansion",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 27,
      "from": 16,
      "beatId": "b20852cb-dd78-4fc5-ae1d-baf383ab4878",
      "arcName": "Problem-Agitate-Solution",
      "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,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 27,
      "from": 16,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "68116d31-4b28-4b3a-bf06-7fbdaaaa0e64",
      "evidence": "The document breaks down P&G's potential for improvement into clear and mutually exclusive categories.",
      "position": 1,
      "objective": "Break down P&G's potential for organic revenue growth and EBIT margin improvement",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}