{
  "docId": "019dd923-622c-750b-8b9b-9646c0061f4f",
  "docSlug": "002774f67694",
  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-05-04 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 27,
  "pageCount": 47,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 9,
  "notes": "The slide uses a structured table format to justify valuation inputs for an acquisition model.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "bullet_list",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-9646c0061f4f/27",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f#slide-27",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Valuing pro-forma FCF at 16x, implies a ~90% unlevered return",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f4-766c-b4d4-47c7f5ee4532",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.8,
        "x": 0.08,
        "y": 0.065
      },
      "kind": "list",
      "text": "Acquisition Value Creation metrics including Implied unlevered FCF multiple and Implied value creation",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a6c91d5-526e-45ad-a70b-d18a0c232c79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Acquisition Multiple: 4x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f4-766c-b4d4-4a2184aadf1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.08,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "(1): Restructuring expenses capitalized in the acquisition price (2): Same store organic growth, including impact of generics",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "766d6c50-787a-4e7d-a1a3-8fc88b4b125e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.85,
        "x": 0.08,
        "y": 0.22
      },
      "kind": "table",
      "text": "Assumption and Rationale table for Acquisition Multiple and Pro Forma Financials",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "902607c0-c35b-4e86-af8b-286c62a134fe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.08,
        "y": 0.08
      },
      "kind": "title",
      "text": "Platform Valuation Model Assumptions – Acquisitions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a97643af-24aa-4802-adb8-3245e77a45d0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 30,
      "from": 26,
      "beatId": "b3192691-5948-440e-9c72-ce287a2df51f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "Valeant Valuation Model and Summary",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}