Trian Partners Activist Presentation Deck
Competitors Have Grown EPS Faster than P&G
▪ P&G largely blames volatility in the currency markets for poor financial performance but it is
not the only CPG company with adverse currency exposure
In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster
rate than P&G despite having more significant currency headwinds
Cumulative
FX Impact
on Sales: (1)
88%
|
(Henkel
(6%)
78%
Son
Co
INC
73%
Beiersdorf
(6%) (4%)
EPS Growth: FY 2011 - FY 2017
63%
L'ORÉAL
3%
56%
Reckitt
Benckiser
51%
Unilever
(2%) (8%)
43%
36%
36%
I
Edgewell Kimberly-Clark
PERSONAL CARE
(10%) (19%)
CLOROX
(9%)
Source: SEC filings and annual reports.
Note: Peer EPS figures adjusted for non-recurring items and stock splits. EPS figures have been adjusted to reflect spin-offs, where applicable.
(1) Reflects cumulative FX impact to revenue growth from FY 2011 - FY 2017.
18%
COLGATE-PALMOLIVE
(29%)
I
(1%)
P&G
(18%)
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