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  "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": 27,
  "pageCount": 94,
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  "nextPage": 28,
  "slideType": "peer_benchmark",
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  "density": "balanced",
  "nDataPoints": 28,
  "notes": "The slide uses a combination of a time-series bar chart for P&G and a peer benchmark bar chart to highlight underperformance.",
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  "slideHref": "/slides/019de06f-8727-7305-aa8a-0f1cc9311f88/27",
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  "components": [
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      "kind": "chart",
      "text": "P&G Dividend Per Share Growth Has Stalled While Payout Ratio Has Increased...",
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      "kind": "chart",
      "text": "Dividend Per Share Growth (Change over Last 6 Fiscal Years)",
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      "text": "P&G's dividend per share growth is near worst in class as growth has stalled over the last few years\nAt the same time, EPS growth has been flat, resulting in a payout ratio that is the highest in the industry\nWe are not suggesting that P&G cut its dividend. Rather, it is imperative that P&G returns to consistent market share growth to support healthy earnings and dividend growth in the future",
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      "kind": "subtitle",
      "text": "Source: SEC filings and annual reports. Note: Edgewell Personal Care excluded due to the fact that dividends were not paid until 2012 and dividend policy materially changed after the Energizer Holdings spin-off. Beiersdorf excluded as the company has paid a flat €0.70 dividend since 2011.",
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      "kind": "title",
      "text": "P&G's Dividend Suffered as Revenue and Earnings Growth Stalled",
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      "evidence": "Compares P&G performance against a peer group of consumer goods companies.",
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      "beatName": "Expose Contradiction",
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      "evidence": "The deck highlights contradictions in P&G's claims and performance, demonstrating the need for change.",
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      "evidence": "Trian Partners presents their strategic initiatives to address P&G's challenges.",
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