{
  "docId": "019dd923-622c-750b-8b9b-7b0c6b27c958",
  "docSlug": "650ed2b9854a",
  "documentTitle": "The Procter & Gamble Company (PG)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-05-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 42,
  "pageCount": 45,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Slide 41 of a presentation. Includes footnote regarding fiscal year end and dividend assumptions.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7b0c6b27c958/42",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7b0c6b27c958",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7b0c6b27c958.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7b0c6b27c958#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.07,
        "y": 0.73
      },
      "kind": "callout",
      "text": "At a $125 value per share in two years, P&G's stock price would generate a 26% compound annual return for shareholders",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c6325b7-044b-4a20-acb9-3ea7a50d1de5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.86,
        "x": 0.07,
        "y": 0.23
      },
      "kind": "callout",
      "text": "If P&G can achieve its underlying earnings potential of $6/share by FY 2016, P&G would be worth $125 per share in approximately two years, including dividends",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f9a4249-f484-4e6e-9b53-690cd2cbdec6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Intrinsic Value: $125",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0934-771a-b7ad-7d78f9eed1ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.53,
        "x": 0.05,
        "y": 0.86
      },
      "kind": "source-note",
      "text": "Note: FY ends June 30. Assumes $2.40 of annual dividends for two years. Based on recent stock price of $78.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f0be176-e12f-4815-af8d-c16b789f8481",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.76,
        "x": 0.12,
        "y": 0.42
      },
      "kind": "table",
      "text": "FY 2016E EPS: $6.00; P/E Multiple: 20.0 x; June 2015 Value per Share: $120; Plus: FY 2014 to 2015 Dividends: 5; June 2015 Total Value per Share: $125; Premium to Current Stock Price: 60%",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2510593c-58cc-4d08-b391-4f116af274db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "title",
      "text": "Intrinsic Value is $125/share in Two Years",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87348953-31fe-4a26-baaa-a90f71b01130",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 45,
      "from": 28,
      "beatId": "5276b33a-1748-4e9b-bdc6-933343923f7b",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The presentation outlines the implications of its findings and potential next steps",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}