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  "documentTitle": "Trian Partners | Activist Presentation Deck | 23 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2019-11-01 00:00:00",
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      "kind": "callout",
      "text": "Over 20x Ferguson's market capitalization is held at peers trading in the US at far more expensive valuations than where Ferguson currently trades. We believe Ferguson is an attractive complementary holding once investors understand the Company",
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      "text": "$412 billion",
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      "kind": "source-note",
      "text": "Source: FactSet. Note: Circles are sized to scale. (1) Represents the combined market cap of Home Depot, Lowe's, Pool Corp., Watsco, SiteOne, Beacon Roofing Supply, HD Supply, Fastenal, WW Grainger, MSC Industrial.",
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      "text": "We Believe a US-Listed Ferguson Would Be an Attractive Stock to Shareholders of Its US-Listed Peers",
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