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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": "If VRX is able to continue its historic success allocating capital, Valeant’s stock today is worth $330+ per share excluding substantial pipeline upside or the potential for a large, transformative acquisition",
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      "text": "Valuation. The majority of Valeant’s business is comprised of high quality, durable assets that merit a high earnings multiple. At $223 per share, Valeant trades at only ~14x management’s implied ~$16 2016 earnings per share guidance.",
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      "text": "The Valeant Platform. Superior operating and capital allocation strategy in a large, historically inefficient industry.",
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      "text": "Platform companies can be incredibly valuable but are often underappreciated. A traditional multiple-of-earnings approach does not capture platform value. Investors should consider the potential for additional value creation through future acquisitions.",
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