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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 weighted average approach (70% * 20.0x + 30% * 8.0x = 16.4x).",
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      "text": "If Valeant’s durable portfolio were valued within the range of multiples of businesses that we believe to be comparable, and its patent cliff portfolio were valued using a DCF analysis, then we estimate that Valeant’s forward earnings multiple would be as follows:",
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      "text": "If Valeant’s durable portfolio were valued within the range of multiples of businesses that we believe to be comparable, and its patent cliff portfolio were valued using a DCF analysis, then we estimate that Valeant’s forward earnings multiple would be as follows:",
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      "text": "Portfolio | % Earnings Contribution | Earnings Multiple | Durable | 70% | 20.0x | Cliff | 30% | 8.0x | Total | 100% | 16.4x",
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