Trian Partners 13D Investor Summit – DuPont Presentation

Trian Partners 13D Investor Summit - DuPont Presentation H/T StockPucker

Nelson Peltz was kind enough to post his presentation on DuPont online.

It's a short 12-slide presentation. Here's the takeaway.

Trian’s Investment Thesis For DuPont

• When Trian issued its Summary White Paper (September 2014), Trian arrived at an implied target value per share in excess of $120(1) by the end of 2017, a 21% internal rate of return (IRR) for shareholders holding DuPont stock during this period
• Key Assumptions for Trian’s Analysis:

- Valuation: 9.9x blended NTM EBITDA multiple(2)

- Best-in-class operating performance: Revenue growth and margins in-line with peers and management long-term targets

• If one assumes a ~30% flow-through on incremental...
  

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