Trian Partners Activist Presentation Deck
In 2017, Share Loss and Earnings Underperformance Continued,
Despite P&G's Claims
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P&G once again lost market share in FY 2017 (5 out of 5 segments lost market share)
EPS growth of 7% was in the bottom third of its peer group (peer average of 11%)
Adjusted for the share count reductions from the Coty & Duracell proceeds and the
advertising spend cut of $125mm (vs. guidance for mid-single digit increase in spend),
EPS was up only 2%
2017 Organic Sales Growth
2%
2017A
P&G
2.1%
2017 Peer Avg.
3%
2017 Market
2017 Core EPS Growth
5% of the 7% EPS growth was
driven by 1) share buybacks from
the proceeds of the Coty and
Duracell transactions and 2)
reduced advertising spend
Note: 2017 market growth per P&G
management commentary
7%
2017A
P&G
Source: SEC filings, presentations, and investor calls. We have adjusted peers' results to match P&G's June fiscal year end.
11%
2017 Peer Avg.
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