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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
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  "authorName": "William Ackman",
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  "presentationDate": "2015-05-04 00:00:00",
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  "notes": "The table uses a low/mid/high scenario approach to calculate value creation based on multiples of 2014 Pro-Forma Free Cash Flow.",
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      "kind": "callout",
      "text": "Valeant management has increased the value of B&L from $8.7bn to more than $21bn",
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      "text": "(1) Represents 5% organic growth in 2012... (2) 50% pro forma margin allocating all synergies to B&L.",
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      "text": "Sources of Value Creation: Under Valeant ownership: B&L's organic growth increased from 5% to 11%; B&L's EBITDA margin increased from 21% to ~50%",
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      "text": "B&L Free Cash Flow Calculation: Applied estimated 2012 Pro-Forma EBITDA margin of 50% ($900mm of synergies) to 2014 revenue. Other assumptions include: $120mm of B&L Capex and a long-term 10% cash tax rate.",
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      "text": "B&L Transaction Value Creation ($mm)",
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      "text": "Valeant: B&L Transaction",
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