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  "documentTitle": "Lowe's Companies, Inc. (LOW)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-11-08 00:00:00",
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      "text": "Management plans to use all free cash flow after dividends to repurchase stock and will increase leverage to 1.8x Lease Adjusted Net Debt / EBITDAR from 1.6x. We estimate share repurchases will be ~$10bn to $13bn from 2012 to 2015",
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      "text": "At the current share price, management could repurchase ~35% to 45% of the Company between 2012 and 2015",
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      "text": "Current interest rate environment makes debt financing an attractive source of capital for share repurchases",
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      "kind": "title",
      "text": "...And is Buying Back Stock Aggressively",
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