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  "documentTitle": "Trian Partners | Activist Presentation Deck | 42 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 4,
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  "nDataPoints": 6,
  "notes": "This is a classic activist investor 'Situation Overview' slide, framing the company as undervalued and poorly managed to justify intervention.",
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      "kind": "disclaimer",
      "text": "* Neither Trian Partners nor any of its affiliates have any intention... (1) Based on share price as of October 9, 2018... (2) See page 31... (3) \"Peers\" represents median TSR...",
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      "text": "Trian recommends that the Board take the following actions*:\nStrengthen management by immediately bringing back Chuck Bunch as Chairman/CEO\nImprove capital structure efficiency: PPG presently ~1.7x levered vs. ~4x at two closest peers\nCommence a strategic review of the portfolio (consider a separation into two publicly-traded companies)\nEnhance ESG profile: Bring corporate governance standards in line with other S&P 500 companies; better align pay and performance",
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      "text": "Valued at a discount to intrinsic value(1)\nCurrently near a 52-week low\nSum-of-the-parts value suggests up to 40% upside to current price(2)\n~2% dividend yield, ~6.5% free cash flow (\"FCF\") yield",
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      "text": "PPG is the global #2 manufacturer of paints and coatings with a diversified portfolio of products across consumer and industrial end markets",
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      "text": "Underperformance under current leadership\nWeak total shareholder return (\"TSR\"); ~3,500 bps below peers(3)\nWorst-in-class organic revenue and earnings per share (\"EPS\") growth\nQ3 2018 earnings pre-announcement marks the third year in a row that PPG has issued a profit warning\nAccounting issues announced April 2018\nHigh profile business losses, including Lowe's\nHostile attempt to acquire Akzo Nobel",
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