{
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  "docSlug": "d34e3ebbefa07bda41cee30322b1331a",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 26,
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  "density": "balanced",
  "nDataPoints": 20,
  "notes": "The slide uses a contrast-principle to expose a contradiction in P&G's management narrative regarding currency volatility.",
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      "kind": "chart",
      "text": "EPS Growth: FY 2011 – FY 2017",
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      "text": "P&G largely blames volatility in the currency markets for poor financial performance but it is not the only CPG company with adverse currency exposure. In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds",
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      "text": "Source: SEC filings and annual reports. Note: Peer EPS figures adjusted for non-recurring items and stock splits. EPS figures have been adjusted to reflect spin-offs, where applicable. (1) Reflects cumulative FX impact to revenue growth from FY 2011 – FY 2017.",
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      "kind": "title",
      "text": "Competitors Have Grown EPS Faster than P&G",
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      "evidence": "Contradicting the management's narrative about currency headwinds.",
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