{
  "docId": "019dd923-622c-750b-8b9b-6323c20844df",
  "docSlug": "107b8759d6ac",
  "documentTitle": "Lowe's Companies, Inc. (LOW)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-11-08 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 22,
  "pageCount": 23,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 15,
  "notes": "The slide uses a scenario-based valuation approach to estimate year-end 2014 share value.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-6323c20844df/22",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-6323c20844df",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-6323c20844df.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-6323c20844df#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe 2015 EPS will likely be between $2.60 to $3.20. At a 13x P/E, the total value per share at year end 2014 is $36 to $43. If same-store sales remain flat for the next several years, year end 2014 total value per share is $28, driven largely by share repurchases",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ef-7018-b1f0-9e773813369d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.55,
        "x": 0.38,
        "y": 0.045
      },
      "kind": "chart",
      "text": "Scenario-based valuation bars showing Low, Mid, and High outcomes",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96bcbb57-08de-4ae3-82f7-55291e0653a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "total value per share: $43",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ef-7018-b1f0-a3c7a1c7149d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "We believe 2015 EPS will likely be between $2.60 to $3.20. At a 13x P/E, the total value per share at year end 2014 is $36 to $43. If same-store sales remain flat for the next several years, year end 2014 total value per share is $28, driven largely by share repurchases",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5e9db7c-ed82-4c6e-b35f-c7c5460a921f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.092
      },
      "kind": "source-note",
      "text": "Note: Based on ~1% annual net unit growth. Includes ~$1.80 of dividends received between 2012 and 2014.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f4a0f14-5d6b-4e7f-9d32-d997c20583ed",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.073
      },
      "kind": "table",
      "text": "Scenario table with metrics: 2012E to 2015E SSS CAGR, 2015E EBIT Margin, 2015 EPS, P/E Multiple",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d37b31c2-681f-42e2-8f5b-44b29c1a7ad5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.25,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Valuing Lowe's",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e07f8fc-69c4-40e4-822c-f2d2589aa14a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "scenario_table",
      "slug": null,
      "matchId": "fbcb5f7c-50f6-451c-8703-b3dd10bcc523",
      "evidence": "The slide presents three distinct scenarios (Low, Mid, High) with corresponding financial inputs and valuation outputs.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 23,
      "from": 21,
      "beatId": "143a448f-39c4-4445-a51d-68e1f3303fa7",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Why Now",
      "beatSlug": "sequoia-pitch-why-now",
      "evidence": "The presentation provides a sense of urgency, highlighting the potential for growth and improvement in sales/ft² and EBIT margins.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}