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  "documentTitle": "Trian Partners | Activist Presentation Deck | 23 slides",
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  "authorName": "Trian Partners",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-11-01 00:00:00",
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  "notes": "The chart uses a broken axis for the x-axis to accommodate the significantly larger sales of Home Depot and Lowe's.",
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      "kind": "callout",
      "text": "HD and Lowe's are often cited as peers for Ferguson's US business and both companies have >30 analysts covering their stocks",
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      "kind": "callout",
      "text": "Ferguson's North American footprint is >2x the average of the specialty distributor / broadline peer group but only 1 US based research analyst covers the stock (vs. an average of 14 analysts for its peers)",
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      "text": "North American Sales vs. U.S.-Based Equity Research Coverage",
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      "kind": "source-note",
      "text": "Source: FactSet, SEC filings, company reports. Note: Trian believes the most relevant peers for Ferguson are specialty building products distributors... and home improvement retailers (Home Depot and Lowe's) as two additional peer groups...",
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      "text": "Why is Ferguson Mispriced? It Has Minimal US Research Coverage",
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