{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9b-58e9db6adeb1", "slug": "d8fcf9d6086e", "title": "Fortune Brands Home & Security (FBHS)", "subtitle": "William Ackman · 2011-10", "author": "William Ackman", "date": "2011-10-18 00:00:00", "pageCount": 33, "kind": "conference-presentation", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Fortune Brands Home & Security", "targetTicker": "FBHS", "document": { "id": "019dd923-622c-750b-8b9b-58e9db6adeb1", "slug": "d8fcf9d6086e", "title": "Fortune Brands Home & Security (FBHS)", "rawTitle": "Fortune Brands Presentation Oct 2011", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "authorDisplay": "William Ackman", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2011-10-Pershing-Square-Fortune-Brands-Presentation-Oct-2011.pdf", "sourceUrl": null, "sourceDate": "2011-10-18 00:00:00", "presentationDate": "2011-10-18 00:00:00", "ingestedAt": "2026-04-22 23:58:35+00", "status": "ready", "pageCount": 33, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Fortune Brands Home & Security", "targetTicker": "FBHS", "metadata": { "local_root": "/tmp/legacy-images/d8fcf9d6086e", "activist_firm": "Pershing Square Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 205.24677300453186 } }, "coverage": { "pageCount": 33, "pagesIndexed": 33, "pagesWithImages": 33, "pagesWithMetadata": 33, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 179, "chartCount": 4, "metricSlides": 0, "toolMatches": 17, "documentToolMatches": 2, "frameworkMatches": 9, "arcMatches": 1, "beatMatches": 4, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "9e67405b-68e9-4c59-a699-45631bba28eb", "evidence": "The presentation follows a structure similar to the Sequoia Pitch, with sections on problem, solution, market size, and valuation", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:02:34.088107+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 22, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 21, "name": "Problem", "beatId": "0c1fe234-107e-44b5-8e43-e267042f02e2", "matchId": "9e67405b-68e9-4c59-a699-45631bba28eb", "beatType": { "name": "Problem", "slug": "sequoia-pitch-problem", "status": "active", "canonId": "019dd9b8-1ed4-767b-8e05-40e733bd2311", "version": 1, "description": null }, "evidence": "The presentation identifies the housing market downturn as a problem", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. 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Title 'A Homespun Fortune' is a pun on the spin-off. Tone is supportive of management ('best operators', 'strong management team'), no demands, no villain. Classic Ackman post-spin 'orphaned stock' setup paired with housing-cycle optionality. Uses Warren Buffett quote (July 8, 2011 Bloomberg TV) as third-party endorsement of housing recovery thesis — a rhetorical move, not a CEO-contradiction. Before/after framing is scenario-based (LTM vs partial vs full recovery) rather than explicit management-driven inflection. Segment commentary resembles a sum-of-parts walk but valuation is done on consolidated EBITDA × 7x multiple, so no SOTP per se. Likely delivered at the Value Investing Congress (NYC, October 2011). Stake size not disclosed in the deck; disclaimer confirms common-stock and cash-settled derivative exposure but no percentage.", "kpisCited": [ { "detail": "~4.9% LTM vs 14.2% peak (2006) — 24% of peak earnings", "metric": "EBIT margin" }, { "detail": "8.1% LTM vs 17.4% peak; 32% of peak EBITDA", "metric": "EBITDA margin" }, { "detail": "~600k current vs long-term average ~1.5mm and 2006 peak ~2.3mm — 40-year low", "metric": "Housing starts" }, { "detail": "~60%; footprint sized for $5bn sales vs current $3.3bn", "metric": "Capacity utilization" }, { "detail": "FBHS 1.8x vs peer average 3.9x", "metric": "Total Debt/EBITDA" }, { "detail": "9.7x LTM compressing to 4.7x partial recovery, 3.0x full recovery", "metric": "EV/EBITDA" }, { "detail": "54% of pre-corporate 2010 EBIT from Moen-led plumbing on 29% of revenue", "metric": "Plumbing segment EBIT contribution" }, { "detail": "Employees cut ~43% since 2006 peak (27,729 to 15,834); plants -36% (64 to 41)", "metric": "Headcount reduction" }, { "detail": "$265mm LTM vs $550mm partial recovery (2x) vs $850mm full recovery (3x)", "metric": "EBITDA recovery scenarios" } ], "closingAsk": "Invest in FBHS as a low-risk way to profit from an eventual housing market recovery.", "extraction": { "at": "2026-04-22 23:58:35+00", "model": "unknown-legacy", "runId": null, "seconds": 205.24678, "promptVersion": null }, "scqaReward": "Midpoint target of $22/share today (~70% upside from $13); $18-$27 range on partial-to-full recovery, implying EBITDA of $550-$850mm. Even in a no-recovery case with further capacity cuts, FBHS is worth ~$14, an ~8% downside floor.", "thesisTypes": [ "undervaluation", "multiple_rerating" ], "top3Reasons": [ "Orphaned post-spin stock — recovery optionality mispriced at $13", "3x EBITDA upside when housing normalizes to 1.5mm starts", "Clean balance sheet (1.8x vs 3.9x peers) limits downside while waiting" ], "scqaSituation": "FBHS is a North American building-products leader (Moen faucets, Master Lock, Aristokraft/Omega cabinets, Therma-Tru doors) spun off from Fortune Brands on October 4, 2011, trading at $13 with a $2.0bn market cap and $2.5bn enterprise value.", "thesisSummary": "Pershing Square argues that Fortune Brands Home & Security (FBHS), spun off from Fortune Brands on October 4, 2011 and trading at $13, is a mispriced cyclical long with asymmetric payoff. FBHS leads North American building-products (Moen, Aristokraft, Omega, Master Lock, Therma-Tru) but consolidated EBIT margins have collapsed from 14.2% in 2006 to 4.9% LTM as housing starts sit at ~600k — roughly 25% of peak and well below the ~1.5mm long-term average. Management cut plants and headcount ~40% in the downturn while retaining capacity sized for $5bn in sales, creating immense operating leverage when housing normalizes — EBITDA could triple from ~$265mm to $850mm. Pershing values FBHS at $18-$27 (midpoint $22, ~70% upside from $13); even in a no-recovery scenario with further capacity cuts it is worth ~$14. A low-leverage balance sheet (1.8x vs. 3.9x peer average) bounds downside.", "primaryDemands": [ "Buy FBHS as an orphaned post-spin long idea", "Underwrite housing normalization as the operating-leverage unlock", "Rely on existing management restructuring (plants/headcount -40%) as downside protection" ], "scqaResolution": "Buy FBHS at $13 and hold through the inevitable housing normalization; management has already restructured (plants and headcount down ~40%) and can right-size further if recovery lags, so operating leverage cuts both ways.", "thesisOneLiner": "FBHS is an orphaned post-spin cyclical at trough housing demand; even with no recovery it's worth $14, and normalization delivers $18-$27/share — ~70% upside.", "precedentsCited": [], "scqaComplication": "Consolidated EBIT margins have collapsed from 14.2% in 2006 to 4.9% LTM because housing starts sit at ~600k — roughly 25% of peak and well below the ~1.5mm long-term average. 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"Funds managed by Pershing Square and its affiliates are invested in Fortune Brands Home & Security, Inc. (\"FBHS\") common stock and cash settled derivative financial instruments based on the price of FBHS common stock. Pershing Square manages funds that are in the business of trading – buying and selling – securities and financial instruments. It is possible that there will be developments in the future that cause Pershing Square to change its position regarding FBHS. Pershing Square may buy, sell, cover or otherwise change the form of its investment in FBHS for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type of any Pershing Square investment.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:04:56.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09b47c6d-0ffa-4fd7-96e3-c9d9b163e9e5", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.833, "x": 0.083, "y": 0.405 }, "kind": "disclaimer", "text": "The analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Pershing Square disclaims any liability with respect thereto. Actual results may vary materially from the estimates and projected results contained herein.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:04:56.97+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "889b7a9b-6fca-431a-9aad-a6cbd866249f", "parentComponentId": null }, { "bbox": { "h": 0.135, "w": 0.833, "x": 0.083, "y": 0.235 }, "kind": "disclaimer", "text": "The analyses and conclusions of Pershing Square Capital Management, L.P. (\"Pershing Square\") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential information in the possession of the companies discussed in this presentation that could lead these companies to disagree with Pershing Square's conclusions. This presentation and the information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities. 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