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  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 28,
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  "nDataPoints": 5,
  "notes": "The slide uses a bar chart to highlight a plateau in store growth and a callout to highlight the cessation of reporting.",
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      "kind": "callout",
      "text": "2017 metric is estimated. PPG stopped disclosing this metric in its 2016 annual report.",
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      "kind": "chart",
      "text": "PPG Paints Stores – North America",
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      "text": "We question why PPG has slowed down store growth in recent years. Is it because management is concerned about meeting Wall Street’s estimates and cannot endure some near term earnings dilution to make the right long term investments?\nAccording to PPG’s recent 10-Q / 10-K filings, comparable sales at the Company’s paint stores have been growing mid-to-high single digits, implying that store-level profits should be improving\nUnder the current portfolio structure, PPG’s paint store business has to compete for capital with at least 11 other underlying businesses that serve well capitalized and demanding customers (e.g. OEMs in autos, aerospace)(1)",
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      "kind": "paragraph",
      "text": "Why did PPG stop disclosing the number of company operated paint stores in 2016? Is there a more structural issue with its store network that management is not disclosing to its investors?",
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      "kind": "source-note",
      "text": "Source: Company SEC filings, Investor presentations. (1) According to the most recent proxy filing (2018), PPG’s compensation committee measures the performance of 12 “defined” businesses. (2) Estimate based on a chart in PPG’s March 2018 investor presentation.",
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      "kind": "title",
      "text": "But The Company Has Pulled Back on Organic Growth Investments",
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