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  "documentTitle": "Fortune Brands Home & Security (FBHS)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-18 00:00:00",
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  "notes": "The slide presents two tables: one for Total Return and one for IRR, both indexed against Housing Starts (1.0M, 1.3M, 1.5M) and Recovery Year (2014-2017).",
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      "kind": "callout",
      "text": "Assuming a 7x Forward EBITDA multiple, even if the recovery is protracted or prolonged, we believe we will earn an attractive IRR at the current share price",
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      "text": "Note: Assumes 7x EBITDA exit multiple and includes the value of annual free cash flow generated until exit. Based on R&M CAGR of 2-3%, 3-4%,and 4-6% for housing starts of 1.0m,1.3m, and 1.5m",
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      "text": "Valuing FBHS in a Recovery",
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