Trian Partners Activist Presentation Deck
Health-Focused Portfolio
Large-cap food companies covet health & wellness businesses
Nestle acquisition of Pfizer Infant Nutrition for 19.8x EBITDA
October 2012 Whitewave IPO (organic milk): trading -24x 2013 EPS
Developed market grocers (Whole Foods / Fresh Market) north of ~30x forward EPS
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▪ While some peers are moving to nutritionally-focused portfolios, Danone is
already there...
Example 1: Nestle
"In the last [few] years, we have
really been aligning the whole
company very strongly behind our
agenda, which is nutrition, health
and wellness...
-Paul Bulcke, CEO, Sept 2012
Nestle's Less Healthy Brands...
Chocolate Ice Cream Frozen
Butterfinger Dreyers
DIGIORNO
CRUNCH
Xtreme
KitKat
Cailler
Häagen-Dazs
KE CREAM
Nestle
99
HOT POCKETS
Stouffers
TOMBSTONE
Source: Investor presentations, conference call transcripts.
Example 2: PepsiCo
"Big trend, health and wellness
this is no longer a trend or a fad.
This is here to stay. Profound
changes are underway... "
-Indra Nooyi, CEO, Feb 2011
Pepsi's Less Healthy Brands...
Salty Snacks
CSD
PEPSI
Mountary
- 10-
Doritos
Nacho Cheese
Lay's
Classic
Danone: Health-Focused
FRESH DAIRY
PRODUCTS
Developing a well being
category worldwide
ACTIVIA
BABY NUTRITION
Supporting growing children
Every step of the way
AD
Aptamil
WATERS
Hydratation and
elimination
Bring health through
food to the largest
number of people
evian
MEDICAL NUTRITION
Nutritional support
for persons in fragile health
Fortima
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