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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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  "notes": "The table uses a weighted average approach based on earnings contribution to derive the base business multiple.",
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      "text": "This analysis excludes Platform Value, the pipeline value of the merged company, revenue synergies, and life cycle management opportunities",
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      "text": "If Val-gan’s durable portfolio were valued within the range of multiples of businesses that we believe to be comparable, and the cliff portfolio were valued on the DCF analysis presented, then Val-gan’s multiple would be as follows:",
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      "text": "2014 Earnings Multiple: 18x",
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      "text": "If Val-gan's durable portfolio were valued within the range of multiples of businesses that we believe to be comparable, and the cliff portfolio were valued on the DCF analysis presented, then Val-gan's multiple would be as follows:",
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      "text": "Assumption: We assume the durable and cliff portfolios have earnings contributions equal to their sales contribution",
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      "text": "Portfolio | % Earnings Contribution | 2014 Earnings Multiple | Durable | 74% | 20.0x | 22.0x | 24.0x | Cliff | 26% | 6.1x | 6.8x | 7.4x | Base Business | 100% | 16x | 18x | 20x",
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      "text": "Illustrative Valuation Excluding Platform Value",
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