{
  "docId": "019dd923-622c-750b-8b9b-58e9db6adeb1",
  "docSlug": "d8fcf9d6086e",
  "documentTitle": "Fortune Brands Home & Security (FBHS)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-10-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 6,
  "pageCount": 33,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide uses a structured list format to present three core pillars of the investment case.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-58e9db6adeb1/6",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-58e9db6adeb1#slide-6",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Midpoint of valuation analysis is ~$22 per share today, up about 70%",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a614-2bf1568b9112",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.11,
        "y": 0.75
      },
      "kind": "list",
      "text": "Strong balance sheet: Flexibility for acquisitions and limits downside risk.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "168b3a9b-e62c-47a1-84b0-2b1d67d43a0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.11,
        "y": 0.61
      },
      "kind": "list",
      "text": "Classic spin-off dynamics: Orphaned stock following October 4th spin-off from Fortune Brands.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76f91398-405c-4c7c-bdb8-facc3d9b9e17",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.8,
        "x": 0.11,
        "y": 0.22
      },
      "kind": "list",
      "text": "Attractive Valuation: Current valuation assumes minimal housing recovery; Immense upside potential (~$18-$27 stock value, ~$22 midpoint); Minimal downside via capacity reduction.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91f72ca7-84e4-49b9-ac0f-6e6df7e9fb3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "valuation: ~$22",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a614-2e1cb5b8e8c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.11,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "(1) See page 31 for valuation analysis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "645fac04-10db-4e72-ac0a-8da901e8a144",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Investment Highlights",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c60936c2-5166-4075-b328-70cd0638a5bf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "4483f8c5-c8c9-4602-9b3f-f764df5ffc74",
      "evidence": "Mentions 'Classic spin-off dynamics' and 'Orphaned stock' as a key investment thesis.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}