Third Point Management Activist Presentation Deck
MANAGEMENT RESPONDED BY ANNOUNCING
A SERIES OF NEW TARGETS
FINANCIAL (2020)
PORTFOLIO
THIRD POINT
Reaccelerate organic sales growth to
mid-single digits
Achieve 17.5% to 18.5% EBIT margin
CHF 20b buyback "spread evenly"
* Expects net debt to EBITDA ratio of
1.5x
Nestle
→ Focus on four categories: coffee, pet,
nutrition, water
Source: Third Point LLC; Nestlé company materials; Financial Times (September 2017)
* Portfolio adjustments worth up to
10% of sales
No update on L'Oréal
FINANCIAL TIMES
VISIT FT.COM
FASTFT MARKETS DATA
Food & Beverage
Nestlé bows to investor and sector
pressures with strategic shift
myFT
Swiss group sets first profit target, speeds up
share buyback but no change on L'Oréal
Nestle
Kitkat maker Nestlé will accelerate its share buyback programme,
worth up to SFr20bn
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