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  "authorName": "Pershing Square Capital Management",
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  "notes": "The slide includes a specific note regarding the methodology for adjusting Colgate's gross margin to ensure comparability with P&G.",
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      "text": "We believe Colgate is the most comparable competitor to P&G based on gross margin profile, leading market share, HPC category overlap, and emerging markets mix. Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin",
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      "text": "Note: Colgate's reported gross margin includes shipping and handling in SG&A. We have deducted shipping and handling expenses from Colgate's gross margin to conform to P&G's methodology.",
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