Trian Partners Activist Presentation Deck
Trading Near Trough Multiples
▪ Danone is currently trading at close to trough multiples for the period 2003-2012
(excluding trading multiples from early 2009)
▪ With approximately 7% free cash flow yield and 3% dividend yield, investors could
receive a reasonable return even without considering the value of future growth
26.0x
24.0x
22.0x
20.0x
18.0x
16.0x
14.0x
12.0x
turny
2004
Historical Forward P/E
2003
2006 2007 2008 2009
Source: Capital IQ.
Note: Forward P/E is defined as the current price divided by next twelve months (NTM) consensus earnings per share (EPS). Through November 2, 2012. 10-Year average
reflects average of weekly NTM P/E ratios over the period from January 3, 2003 through November 2, 2012.
- 12 -
2005
10-Year Average: 18.7x
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