Trian Partners Activist Presentation Deck slide image

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 2010 2011 2012
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