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  "documentTitle": "Bayer AG (BAYN)",
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  "authorName": "David Einhorn",
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  "notes": "The term 'Wedding cake' refers to the stacking of financial projections (Bayer + Monsanto + Synergies).",
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      "text": "From there, mid-single digit revenue growth with synergies ramping should drive high-single digit EBITDA growth and double-digit earnings growth for the next several years.",
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      "text": "Here is a multi-year pro forma Bayer combined forecast, the year after the deal closes, assuming $4.50 corn and Bayer divesting Covestro.",
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      "text": "Working down the income statement, there will be 1.6 billion Euros of Depreciation, 2 billion of interest on 58 billion Euros of pro forma debt, and 25% taxes to get net income of 9.4 billion Euros, or about 10x the pro forma earnings.",
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