{
  "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": 30,
  "pageCount": 47,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "The slide uses a 10% discount rate for PV calculations and assumes a constant 16x NTM P/E multiple.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-9646c0061f4f/30",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.84,
        "x": 0.08,
        "y": 0.2
      },
      "kind": "callout",
      "text": "Assuming management continues to make attractive acquisitions, Valeant trades at a large discount to fair value",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a190a6e-52c8-4b33-88d3-0250b8f57083",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.16,
        "x": 0.77,
        "y": 0.58
      },
      "kind": "callout",
      "text": "Current Valeant share price = $223",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba394ecd-80ec-4d82-b16a-09a2b45a8606",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.15,
        "x": 0.78,
        "y": 0.39
      },
      "kind": "callout",
      "text": "Values acquired assets and base business at 16x 2020 earnings",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5cdeed1-3f9c-4635-8d59-5f2d6c2ec8ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.84,
        "x": 0.08,
        "y": 0.725
      },
      "kind": "disclaimer",
      "text": "This analysis excludes potential upside from a large, transformational acquisition and any contribution from VRX’s drug development pipeline(1)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdb6cada-4615-44a3-865d-b732f14e3aae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "2020 Value (January 2020): $618",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f4-766c-b4d4-233fddb46d2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.08,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "(1) Legacy Valeant pipeline excluding Salix pipeline.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d9449b9-2f3a-4fa7-920e-aaa2cdebc064",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.6,
        "x": 0.12,
        "y": 0.35
      },
      "kind": "table",
      "text": "Annual M&A Cap scenarios for 2020 EPS, P/E, Value, IRR, and PV",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3a9fc66-5cbf-4ea0-b014-94f871859df2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.3,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Valuation Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb9b484b-f3ba-4c29-a8d3-a6b8d4272541",
      "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
}