{
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  "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": 6,
  "pageCount": 42,
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  "nDataPoints": 15,
  "notes": "The slide uses a precedent transaction analysis to argue that the subject company is undervalued.",
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  "slideHref": "/slides/019de06f-be08-7198-94a5-5ede1399a50f/6",
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      "text": "Strategic transactions are relevant considering the rapid pace of consolidation in coatings. Top 10 players in the coatings market hold ~50% market share, up from ~30% 10 years ago. Recent large scale deals have been completed at ~11-17x EBITDA. Trian estimates that PPG’s Board valued Akzo Nobel’s Coatings business at ~15x forward EBITDA based on its final offer price in 2017.",
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      "text": "Source: Wall Street research, press releases. (1) Valuation of Akzo’s coatings business assumes PPG’s final offer price of €96.75, net debt of €2.3bn (Q1 17) and EBITDA of €2.1bn (2017A). Analysis strips out the Specialty Chemicals business at the purchase consideration recently offered by GIC/Carlyle.",
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      "kind": "table",
      "text": "Close Date, Acquiror, Target, Deal EV ($bn), EV / LTM EBITDA. Jun-17, Sherwin-Williams, Valspar, $10.9, 16.9x. Mar-17, Henkel, Darex Packaging, $1.1, 17.0x. Dec-16, Akzo Nobel, BASF Industrial Coatings, $0.5, 10.7x. Nov-16, Evonik, APD Performance Materials, $3.8, 15.8x. Nov-16, BASF, ALB Surface Treatment, $3.2, 15.3x.",
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      "kind": "table",
      "text": "Average, 15.1x",
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      "kind": "title",
      "text": "Valued at a Meaningful Discount to Precedents/Strategic Value",
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      "evidence": "table/data: Close Date, Acquiror, Target, Deal EV ($bn), EV / LTM EBITDA",
      "confidence": 0.8
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      "evidence": "Table comparing EV/EBITDA multiples of recent industry M&A deals",
      "confidence": 1
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      "arcSlug": "problem-agitate-solution",
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      "evidence": "Slides 4-15 present PPG's performance issues, including underperformance, missed targets, and flawed decision-making.",
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