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  "documentTitle": "Pershing Square Portfolio (multiple positions)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-04-28 00:00:00",
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      "kind": "callout",
      "text": "APD has announced a plan to improve performance to industry-best levels",
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      "kind": "list",
      "text": "Seifi's plan to improve performance rests on five core principles: 1) Focus on the core, 2) Restructure the organization, 3) Change the company culture, 4) Control capital / costs, 5) Align rewards",
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      "text": "Early results are encouraging, highlighted by impressive results over the first two quarters under Seifi's leadership. Earnings per share have increased 13% and 16%, respectively. Operating margins of ~17.5% are at the highest levels in nearly a decade",
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      "text": "Target to increase EBIT margins from ~15.5% to ~22.5% to achieve performance levels in line with its well-run competitor Praxair. Of this 700bps of improvement, half is expected to come from SG&A and overhead and half from operational efficiencies and productivity",
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      "text": "EBIT margin: 22.5%",
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      "text": "APD is Beginning a Significant Transformation",
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