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  "docSlug": "0c95c1ec255f",
  "documentTitle": "Pershing Square Portfolio (multiple positions)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-28 00:00:00",
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  "pageNumber": 26,
  "pageCount": 67,
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  "nDataPoints": 3,
  "notes": "Slide 25 from an activist investor deck (Pershing Square).",
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      "kind": "callout",
      "text": "Activist engagement could help realize latent potential and generate attractive returns with modest risk of permanent capital loss",
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      "kind": "callout",
      "text": "Pershing Square's agreement with the Board entailed three new directors and a retirement of the former CEO with a search process for a new CEO commenced promptly",
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      "kind": "callout",
      "text": "We believed APD’s EBIT margins (15.5%) could approach comparable Praxair (22.5%)",
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      "text": "High-quality, simple, predictable, free-cash-flow generative business\nGlobal oligopoly enjoys attractive returns due to local incumbency advantages driven by the high transportation costs of the product\nStability: diversified, contracted, buffered from macro, inflation, and input costs\nDecades of secular growth at 1.5-2.0x industrial production",
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      "text": "Substantial untapped potential, cheap \"as-fixed\"\nDecades of underperformance, but shortfalls are fixable\nWe believed APD's EBIT margins (15.5%) could approach comparable Praxair (22.5%)\nKey was improving productivity and capital allocation\nPotential to substantially improve the earnings base in medium term\nAt our average cost of $98/share, we believe APD shares did not reflect latent opportunity",
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      "text": "EBIT margin: 15.5%",
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      "kind": "title",
      "text": "Air Products (\"APD\"): Investment Thesis",
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