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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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  "notes": "Includes a memo section for market capitalization and enterprise value calculation.",
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      "text": "FBHS currently trades ~9.7x LTM EBITDA and ~16.5x LTM cash earnings. If no recovery occurs, FBHS is trading at ~10x our estimate of cash earnings. If a recovery occurs, FBHS trades at ~4x to 7x our estimates of cash earnings.",
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      "text": "FBHS currently trades ~9.7x LTM EBITDA and ~16.5x LTM cash earnings. If no recovery occurs, FBHS is trading at ~10x our estimate of cash earnings. If a recovery occurs, FBHS trades at ~4x to 7x our estimates of cash earnings, depending on the strength of recovery",
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      "text": "Note: EPS and FCF per share based on a 35% normalized tax rate.",
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      "text": "Memo: Market Capitalization details including Recent Stock Price, Diluted Shares, Market Cap, Net Debt, and Enterprise Value.",
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      "text": "Table showing Housing Starts, EBITDA, EBITDA-Capex, EPS, FCF per Share, and associated multiples (EV/EBITDA, EV/EBITDA-Capex, P/E, P/FCF) across LTM, No Recovery, and Recovery scenarios.",
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      "text": "Current Trading Multiples",
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