{
  "docId": "019dd923-622c-750b-8b9b-7e7228555e88",
  "docSlug": "36c903ba19aa",
  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 79,
  "pageCount": 110,
  "prevPage": 78,
  "nextPage": 80,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The chart uses a floating bar format to show ranges for three different comparable categories.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_horizontal",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7e7228555e88/79",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88#slide-79",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.1,
        "y": 0.46
      },
      "kind": "callout",
      "text": "There is no assurance that Val-gan’s durable portfolio would trade within this range",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b50108ef-6eec-48e4-b147-5ec435e4f371",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "If Val-gan’s durable portfolio were valued similar to businesses that we believe to be comparable, then its resulting range of multiples could be as follows:",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d4-752d-aad2-4d42fedf778a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.6,
        "x": 0.2,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Comparables Range chart showing 19x-21x, 22x-28x, and 20x-29x ranges",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "25fed70a-0fd4-4c05-b698-d23112fddb53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "2014 EPS multiple: 19x - 29x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d4-752d-aad2-531a7759d7b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.1,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "If Val-gan’s durable portfolio were valued similar to businesses that we believe to be comparable, then its resulting range of multiples could be as follows:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26352e0f-6d2c-4a22-85bd-ef90957478db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.1,
        "y": 0.5
      },
      "kind": "source-note",
      "text": "(1) Multiples adjusted downward for a hypothetical 25% control premium.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f45b88c2-58ef-4011-8f36-05a3d6030ea3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.1,
        "y": 0.07
      },
      "kind": "title",
      "text": "Durable Portfolio Comparables Range: 19x - 29x 2014 EPS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74f22dbf-3eb0-4689-b734-2b1695c33aa9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}