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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
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  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 35,
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  "notes": "Uses a 'before-after' style logic to expose a performance gap despite structural advantages.",
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      "kind": "callout",
      "text": "...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”",
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      "text": "Sales vs. Peers ($bn)",
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      "text": "Average U.S. Price Premium (vs. Category)",
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      "text": "Source: SEC filings, annual and quarterly reports. Pricing premiums from Consumer Edge. Pricing premium calculated excluding relevant company from its category average. (1) Excludes peers with less than 25% of sales in the U.S. (or North America where U.S. disclosure isn't available), including Henkel, Reckitt Benckiser, and Beiersdorf.",
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      "kind": "title",
      "text": "Matrix Structure Does Not Leverage Scale and Other Advantages",
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