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  "docSlug": "41c1c7e3c345c2432b58f19478122ec0",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 30,
  "pageCount": 42,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a red dashed box to highlight the 'Base Case' estimate, contrasting it with the WACC and the competitor's performance.",
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  "slideHref": "/slides/019de06f-be08-7198-94a5-5ede1399a50f/30",
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  "components": [
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      "kind": "callout",
      "text": "With so little transparency on the paint store business, investors don't know what PPG's returns on capital are. Trian estimates that \"Base Case\" after-tax returns are likely about triple the company's cost of capital",
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      "kind": "chart",
      "text": "Comparison of PPG WACC, PPG Conservative ROIC, PPG Base Case ROIC, and Sherwin-Williams ROIC",
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      "kind": "disclaimer",
      "text": "Note: WACC = Weighted Average Cost of Capital\nSource: SEC filings for PPG and peers, and Trian estimates based on industry diligence.\nKey assumptions on PPG: Base Case -- $1.3mm AUV, 12% contribution margin, $500k build cost, Conservative Case -- $1.3mm AUV, 5% margin, $500k build cost",
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      "kind": "title",
      "text": "Paint Store ROICs Seem to Well Exceed Cost of Capital",
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      "kind": "title",
      "text": "North American Paint Store Return on Invested Capital (Estimated ROIC)",
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      "evidence": "Slides 29-42 present Trian's recommendations, including separation, improved capital efficiency, and enhanced corporate governance.",
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      "position": 0,
      "objective": "Highlight the costs of inaction and the potential benefits of Trian's recommendations.",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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      "objective": "Show the potential for improvement through Trian's recommendations.",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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