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  "notes": "The chart uses color coding to categorize companies into Specialty, Broadline Industrial, and Home Improvement segments.",
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      "text": "While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through",
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      "text": "Source: Company filings. (1) Represents HD Supply Facility Maintenance Business (~60% EBITDA) and excludes Construction & Industrial.",
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      "text": "...and EBITDA Margin Expansion",
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