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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",
  "orientation": "landscape",
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  "pageNumber": 32,
  "pageCount": 42,
  "prevPage": 31,
  "nextPage": 33,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a red arrow graphic to visually bridge the segment valuations to the final value unlock claim.",
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  "slideHref": "/slides/019de06f-be08-7198-94a5-5ede1399a50f/32",
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      "kind": "callout",
      "text": "A separation could unlock between 15%-40%(2) of incremental value based on PPG's current share price of ~$98.50(3)",
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      "kind": "source-note",
      "text": "Source: Company SEC filings, Trian estimates. (1) Includes allocation of corporate costs on a percentage of sales basis. (2) Equity value calculated using $4.5bn of net debt and non-controlling interest and 243m shares outstanding. (3) Price as of October 9, 2018.",
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      "kind": "table",
      "text": "Business, Low Multiple, High Multiple, Low EV, High EV. Architectural '19e EBITDA $783MM, 12x, 15x, $9.4bn, $11.7bn. Industrial '19e EBITDA $1,909MM, 12x, 14x, $22.9bn, $26.7bn",
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      "kind": "title",
      "text": "We Believe Separation Could Unlock an Additional 15%-40% of Shareholder Value",
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      "position": 0,
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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