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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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  "notes": "The slide uses a before-after comparison to justify a valuation thesis based on business transformation.",
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      "text": "EBITA contribution by segment for 2004a and 2019 Pro Forma",
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      "text": "Notable Divestitures: Ferguson exited 25 countries and 31 business units since 2008. UK, Netherlands, Nordics, Switzerland, France, US Building Material Distribution, Italy.",
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      "text": "Source: Company filings, press releases. (1) Pro forma for de-merger of UK business.",
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      "text": "Why is Ferguson Mispriced? We Believe Equity Markets Under-Appreciate the Magnitude of Ferguson’s Evolution",
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