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  "docSlug": "720045051a6adb83f61392726ac21f71",
  "documentTitle": "Trian Partners | Activist Presentation Deck | 23 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-11-01 00:00:00",
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  "pageNumber": 7,
  "pageCount": 23,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "valuation_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "The chart uses a color-coded bar for Ferguson (red) vs peers (blue) to highlight the valuation gap.",
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  "slideHref": "/slides/019de06f-e6aa-7292-b2ff-5ed256dde284/7",
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  "deckAnchorHref": "/decks/019de06f-e6aa-7292-b2ff-5ed256dde284#slide-7",
  "components": [
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      "kind": "callout",
      "text": "... We believe Ferguson’s blended branch business should be valued in-line with specialty RMI distributors",
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      "kind": "chart",
      "text": "Bar chart showing multiples: 8.3x, 10.4x, 12.3x, 13.4x, 17.2x",
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      "kind": "disclaimer",
      "text": "Source: FactSet, company filings. Figures represent averages. Valuation metrics calculated off of Wall Street research 2019 calendar year estimates. (1) Deducts Construction & Industrial segment at 8x EBITDA and a pro-rata share of net debt. (2) Minority interest capitalized at 26x net income (Watsco’s current P/E multiple) and added to enterprise value.",
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      "kind": "title",
      "text": "...That is Misunderstood and Significantly Undervalued",
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      "kind": "title",
      "text": "CY 2020 EV / EBITDA",
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      "evidence": "Comparing valuation multiples across peer groups to establish relative value.",
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      "beatId": "5612c0c3-048e-4ec6-84da-1097e015582e",
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      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem Identification",
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      "evidence": "Slides 4-7 identify Ferguson's situation and the problem of undervaluation.",
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      "parentBeatName": "Complication",
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      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The loop emphasizes the consequences of inaction on Ferguson's valuation.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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      "description": "Quantify what happens if the audience does nothing"
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