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  "documentTitle": "Fortune Brands Home & Security (FBHS)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-18 00:00:00",
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  "pageNumber": 29,
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  "notes": "The slide presents a financial bridge/calculation to justify a $400M EBITDA floor.",
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      "kind": "callout",
      "text": "We estimate that FBHS can generate at least $400MM in EBITDA on today’s sales base by cutting capacity and excess cost",
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      "text": "FBHS has maintained excess capacity to position itself for a housing rebound\nIf it fails to materialize, we believe management can right-size the cost structure and achieve a ~10% EBIT margin",
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      "text": "If housing starts were to stay at depressed levels (~600k) for the longer term, we believe FBHS could right-size the business to achieve a more normalized level of profitability",
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      "text": "FY 2011E Revenue $3.3bn\nNormalized EBIT Margin 10%\nEBIT $330mm\nPlus: D&A (reduced capacity) 70mm\nEBITDA $400mm",
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      "kind": "title",
      "text": "Downside: What if there is No Housing Recovery?",
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