{
  "docId": "019de06f-8727-7305-aa8a-0f1cc9311f88",
  "docSlug": "d34e3ebbefa07bda41cee30322b1331a",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 94,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": "The slide uses a callout box to explain the 'quality' of the 7% EPS growth, effectively deconstructing the reported figure.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-8727-7305-aa8a-0f1cc9311f88/13",
  "deckHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88",
  "deckJsonHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88.json",
  "deckAnchorHref": "/decks/019de06f-8727-7305-aa8a-0f1cc9311f88#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.27,
        "x": 0.49,
        "y": 0.5
      },
      "kind": "callout",
      "text": "5% of the 7% EPS growth was driven by 1) share buybacks from the proceeds of the Coty and Duracell transactions and 2) reduced advertising spend",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbc0b925-a2e9-4f6c-861b-13222e7fa448",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.42,
        "x": 0.52,
        "y": 0.43
      },
      "kind": "chart",
      "text": "2017 Core EPS Growth",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0027abd9-a8b3-4bf7-88df-1efd583f32a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.42,
        "x": 0.08,
        "y": 0.43
      },
      "kind": "chart",
      "text": "2017 Organic Sales Growth",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b33462aa-1e99-4d36-9258-7a645009382d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.88,
        "x": 0.06,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "P&G once again lost market share in FY 2017 (5 out of 5 segments lost market share)\nEPS growth of 7% was in the bottom third of its peer group (peer average of 11%)\nAdjusted for the share count reductions from the Coty & Duracell proceeds and the advertising spend cut of $125mm (vs. guidance for mid-single digit increase in spend), EPS was up only 2%",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd1de852-9ffc-438f-86ea-2cfe83a7f112",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.06,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: SEC filings, presentations, and investor calls. We have adjusted peers' results to match P&G's June fiscal year end.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30706df1-fd14-49a8-a07e-8321644625b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.88,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "In 2017, Share Loss and Earnings Underperformance Continued, Despite P&G’s Claims",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4b78b53-d0cf-4f0f-8c02-8689ce1e1518",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "f2879942-3958-4c28-8dd3-15a4c45e6e50",
      "evidence": "The slide explicitly contrasts P&G's claims with market data and adjusted financial performance.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 85,
      "from": 10,
      "beatId": "3dc80ba5-80de-4e7d-be90-f3f4aab11f9f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The deck highlights contradictions in P&G's claims and performance, demonstrating the need for change.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 82,
      "from": 8,
      "beatId": "e27a81dd-9032-4d73-8408-516f6c820aa0",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "Trian Partners presents their strategic initiatives to address P&G's challenges.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}