Trian Partners Activist Presentation Deck
October 2018, 42 slides
  1. Trian Partners
  2. PPG Industries
  3. Activist Presentation Decks
more than a fresh coat of paint san partners | Trian Partners
disclosure statement and disclaimers | Trian Partners
disclosure statement and disclaimers | Trian Partners
situation overview | Trian Partners
discount to close peer and in recent history | Trian Partners
valued at a meaningful discount to precedents strategic value | Trian Partners
performance under current leadership partners | Trian Partners
has peers under current leadership | Trian Partners
organic revenue growth has peers and missed interim targets mas a | Trian Partners
growth has stalled and missed targets adjusted as reported | Trian Partners
earnings announced for a third consecutive year earnings announcements are no longer the exception they have become the rule investors appear to have lost confidence in leadership below below | Trian Partners
accounting irregularities beat icy meet beat meet miss miss | Trian Partners
losing the business appears to be a sign of poor execution on informed that it will discontinue the sale of brand paints and stains in its us retail stores effective mid of lost sales the sudden loss of the business one of the company architectural customers casts a shadow on this management team basic execution skills while reported it may acquire some incremental business at home depot to mitigate the loss of the business we are concerned that the company had to forego margin in a rushed negotiation the loss of entire paint business at to was a surprise we had actually thought might gain a price point at following the merger of and other paint suppliers and history of having at least reasonably strong paint suppliers in recent years in order to maintain the competitive intensity amongst its suppliers bank research | Trian Partners
management decision to attempt a hostile was flawed | Trian Partners
employees may be losing confidence in management approval trend | Trian Partners
recommendations partners | Trian Partners
recommendations to unlock value | Trian Partners
believes the investment community would welcome a change of leadership we are concerned that the accounting errors were either a function of pressure from the top or a lack of oversight if that is the case and the audit committee does not do its job properly we end up with a company with weak leadership likely to continue with poor or overly optimistic if on the other hand there is more to come and we see a change in leadership at it could be a good thing depending on who fills the role it is no secret that deal broke down because of a dramatic clash of character between the chairman of and the of both sides blame each other with the right change at and with the chairman of now gone the deal which makes a lot of strategic sense for both may come back on the table the issue would be finding a credible successor for with coincident with a popular change in leadership might be very positive for but for now we remain negative graham | Trian Partners
under bunch leadership compounded at annually for a decade including the great recession cent | Trian Partners
bunch transformed portfolio | Trian Partners
bunch delivered strong under his tenure total shareholder returns during chuck bunch tenure as outperformed the peer median by basis points and the by basis points during chuck bunch tenure as | Trian Partners
capital structure improve balance sheet efficiency two peers have leverage of is still an investment grade company baa a | Trian Partners
commence strategic portfolio review should consider separating into an architectural coatings company and an industrial coatings company | Trian Partners
separation is a means to the end to improve performance | Trian Partners
believes focus is needed in the north architectural business has lost significant market share in north architectural coatings over the last few years one of its businesses in out of the last years has reported sales declines despite enjoying from growing us housing starts and construction spending and strong comparable sales in its paints stores | Trian Partners
appears to be well positioned to compete in north architectural paints brands market share distribution mix quip ges me an a big box big box | Trian Partners
we believe is well positioned to benefit from to pro shift | Trian Partners
but the company has pulled back on organic growth investments why did stop disclosing the number of company operated paint stores in is there a more structural issue with its store network that management is not disclosing to its investors | Trian Partners
investing in the paint stores network seems to be a significant long term opportunity direct competitor has been aggressively investing in its paint store network for years has been adding net stores annually driving unit growth while has barely added any stores over the last years has not articulated a paint store strategy to the investment community ace | Trian Partners
paint store seem to well exceed cost of capital | Trian Partners
is currently valued like a sub scale materials company with few strategic options fuller gas | Trian Partners
we believe separation could unlock an additional of shareholder value business low multiple high multiple low high architectural industrial a separation could unlock between of incremental value based on current share price of | Trian Partners
we believe that limited operating synergies exist between architectural and industrial coatings businesses | Trian Partners
a separation increases organizational capacity to make strategic acquisitions shareholders could benefit from two platforms focused on making acquisitions in their respective industry verticals kelly | Trian Partners
how separating into two smaller companies could lead to further shareholder value enhancement | Trian Partners
new management and separation plans led to better operating performance growth margins pioneer | Trian Partners
best in class operations best in class returns by tan | Trian Partners
bring corporate governance up to par with has a corporate governance structure that affords shareholders few rights placing it out of step with the shareholder right annual election of directors ability to call special meeting ability to remove directors majority vote of with right no | Trian Partners
align compensation with shareholder value creation despite and missing its own sales and earnings targets the past two years continues to be generously compensated going forward compensation should be directly tied to achieving financial targets and creating value for shareholders | Trian Partners
appendix partners | Trian Partners
believes that improved focus and accountability can lead to higher margins on average portfolio companies have generated of aggregate margin expansion after separation | Trian Partners
separations have generated outsized shareholder returns | Trian Partners
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