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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": "Strong asset value and low financial leverage – limits downside",
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      "text": "Extremely shareholder friendly capital allocation policy",
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      "text": "Equivalent to 35% to 45% of the current market cap of the Company",
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      "text": "All free cash flow after dividends goes towards share repurchase\nCompany is increasing leverage levels modestly to further accelerate buyback\nWe expect the Company to buy back $10bn to $13bn of stock from 2012 to 2015\nEquivalent to 35% to 45% of the current market cap of the Company",
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      "text": "Lease-Adjusted Net Debt / LTM EBITDAR = 1.6x\nOwns roughly 89% of its ~1,750 buildings\n$23bn gross book value of land and buildings, or ~65% of Lowe’s enterprise value",
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