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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": "The slide uses a scenario-based valuation approach to demonstrate upside potential based on housing starts.",
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      "text": "Assuming on a housing recovery over the next several years, we believe FBHS is worth ~$18 to $27 per share today. The midpoint valuation is $22/share today, which is up ~70% from the recent share price of $13. If the housing market never recovers, we believe FBHS is still worth nearly $14 per share today",
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      "text": "Valuation scenarios for No Recovery, Partial Recovery, and Full Recovery",
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      "text": "share price: $27",
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      "text": "Note: Assumes 157MM shares, $520MM of net debt, and uses a 10% discount rate to discount the future stock price to today. Includes the value of annual free cash flow generated until exit.",
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      "text": "Housing Starts, Year, EBITDA ($MM), EBITDA Multiple data for each scenario",
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      "kind": "title",
      "text": "Stock Price at Various Levels of Recovery",
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