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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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      "text": "Valued at 16x forward earnings, this implies $250+ of value by year end 2015, a ~10%+ return from today’s stock price",
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      "text": "However, this analysis ignores one of Valeant’s most valuable assets, its Platform Value",
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      "text": "Management’s $7.5bn+ 2016 EBITDA guidance implies ~$16+ of 2016 Adj. EPS¹",
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      "text": "(1): Assumes $300mm of D&A and stock based compensation, $1.4bn of interest expense, 5% tax rate, 350mm shares",
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