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William Ackman · conference-presentation

Valeant Pharmaceuticals International (VRX)

47 pages · 3 arc beats · 2 loops

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Valeant Pharmaceuticals International (VRX)

William Ackman · 2015-05
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 10 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 2 slides 100% 2/2 slides 100% 2/2 slides · 10 hits
— 0/2 slides
100% 2/2 slides 50% 1/2 slides 100% 2/2 slides
— 0/2 slides
Agitate 3 slides 100% 3/3 slides 100% 3/3 slides · 10 hits
— 0/3 slides
33.3% 1/3 slides 33.3% 1/3 slides 100% 3/3 slides
— 0/3 slides
Solution 5 slides 100% 5/5 slides 100% 5/5 slides · 33 hits
— 0/5 slides
— 0/5 slides
60% 3/5 slides 100% 5/5 slides
— 0/5 slides

Slide inventory

47
every slide · same image gating as the playbook
01
Slide 1
Minimalist slide with a single metric and company branding.other
Open slide detail
02
other
Open slide detail
03
The chart uses a timeline-based annotation style to correlate M&A activity with stock performance.illustrate_case
Open slide detail
04
The chart demonstrates long-term market mispricing of earnings growth potential.show_valuation_bridge
Open slide detail
05
This slide provides a high-level company profile and performance summary.establish_context
Open slide detail
06
The chart uses callout boxes to correlate specific acquisition announcements with share price movements.illustrate_case
Open slide detail
07
establish_context
Open slide detail
08
The chart uses callouts to annotate specific events (IPO and acquisition announcement) that correlate with share price movements.illustrate_case
Open slide detail
09
Uses a diagnostic structure to debunk potential explanations for stock performance.diagnose_problem
Open slide detailBeat · Problem
10
transition
Open slide detailBeat · Problem
11
establish_context
Open slide detailLoop · Logic Chain
12
present_framework
Open slide detailLoop · Logic Chain
13
diagnose_problem
Open slide detailLoop · Logic Chain
14
transition
Open slide detailLoop · Logic Chain
15
The chart uses a 4,502% return figure to illustrate the ~45x growth mentioned in the action title.summarize
Open slide detailLoop · Logic Chain
16
This slide outlines the core 'roll-up' strategy that defined Valeant's business model.present_framework
Open slide detailLoop · Logic Chain
17
The slide outlines the core pillars of Valeant's M&A success.summarize
Open slide detailLoop · Logic Chain
18
Uses a qualitative scoring system represented by filled/partially filled circles.present_framework
Open slide detailLoop · Logic Chain
19
establish_context
Open slide detailLoop · Logic Chain
20
The table uses a low/mid/high scenario approach to calculate value creation based on multiples of 2014 Pro-Forma Free Cash Flow.quantify_opportunity
Open slide detailLoop · Logic Chain
21
The slide uses callout boxes to correlate specific corporate events with stock price movements.analyze_data
Open slide detailLoop · Logic Chain
22
The chart illustrates the 'multiple expansion' of Valeant's stock relative to a fixed future earnings consensus.analyze_data
Open slide detailLoop · Logic Chain
23
frame_problem
Open slide detailBeat · Agitate
24
The slide uses a torn-paper aesthetic for the quotes.cite_precedent
Open slide detailBeat · Agitate
25
transition
Open slide detailBeat · Agitate
26
The slide uses a 'However' transition to pivot from a standard valuation to a more complex, asset-based argument.show_valuation_bridge
Open slide detailBeat · Solution
27
The slide uses a structured table format to justify valuation inputs for an acquisition model.analyze_data
Open slide detailBeat · Solution
28
The table models four scenarios based on annual M&A spend ($0bn, $5bn, $10bn, $20bn).analyze_data
Open slide detailBeat · Solution
29
The table uses a weighted average approach (70% * 20.0x + 30% * 8.0x = 16.4x).show_valuation_bridge
Open slide detailBeat · Solution
30
The slide uses a 10% discount rate for PV calculations and assumes a constant 16x NTM P/E multiple.show_valuation_bridge
Open slide detailBeat · Solution
31
Includes disclaimer regarding valuation assumptions and data sources.show_valuation_bridge
Open slide detail
32
summarize
Open slide detail
33
appendix
Open slide detail
34
frame_situation
Open slide detail
35
show_valuation_bridge
Open slide detail
36
Uses 'X' icons to denote negative attributes of peer groups.expose_gap
Open slide detail
37
The slide uses specific financial metrics (EBITA, Gross Margin, Forward EPS) to establish a peer benchmark for Valeant's portfolio durability.compare_peers
Open slide detail
38
The table includes a calculated average row at the bottom.cite_precedent
Open slide detail
39
compare_peers
Open slide detail
40
The slide justifies using non-healthcare benchmarks for valuation by highlighting similar margin and growth profiles.compare_peers
Open slide detail
41
The slide uses a bar chart to establish a valuation benchmark for non-healthcare sectors.compare_peers
Open slide detail
42
The chart uses a box-plot style to show ranges for different comparable categories.show_valuation_bridge
Open slide detail
43
analyze_data
Open slide detail
44
The slide uses a bridge framework to reconcile 2015 revenue to 2020 estimates for cliff products.show_valuation_bridge
Open slide detail
45
The slide provides specific financial modeling parameters for Valeant and Salix, excluding future acquisitions.analyze_data
Open slide detail
46
The slide details specific financial ratios (90% conversion, 4x leverage target, 5.75% cost of debt) and compares them to current/transaction-specific metrics.analyze_data
Open slide detail
47
The slide details the logic for M&A spending caps and the subsequent use of excess debt capacity for share repurchases.analyze_data
Open slide detail