Trian Partners Activist Presentation Deck
Matrix Structure Does Not Leverage Scale and Other Advantages
P&G is ~4x Larger than its Average
Competitor
P&G has a ~50% price premium, across
its categories
Sales vs. Peers ($bn)
Average U.S. Price Premium (vs. Category)(¹)
$65
$60
$29
$22
$18
~4x peer average sales
$15
$13
... Yet, operating
margins are only
~250bps ahead of the
peer average, and
substantially below
"best-in-class"
$8 $6
$4
P&G UL LOR HEN KMB CL RB BEI CLX CHD EPC
$2
22.1%
53%
19.6%
40%
Operating Margins vs. Peers
30%
Peer Average
13% 11%
P&G LOR CLX KMB EPC UL
27.2%
10%
Best-In-Class (RB, CL)
(6%)
ΝΑ ΝΑ ΝΑ
(17%)
CHD CL HEN RB BEI
P&G
Source: SEC filings, annual and quarterly reports. Pricing premiums from Consumer Edge. Pricing premium calculated excluding relevant company from its category average.
(1) Excludes peers with less than 25% of sales in the U.S. (or North America where U.S. disclosure isn't available), including Henkel, Reckitt Benckiser, and Beiersdorf.
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