{
  "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": 42,
  "pageCount": 47,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The chart uses a box-plot style to show ranges for different comparable categories.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_horizontal",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-9646c0061f4f/42",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-9646c0061f4f#slide-42",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We conservatively value Valeant’s durable portfolio at 20x forward earnings",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f4-766c-b4d5-88c40cd721a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.8,
        "x": 0.1,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Valuation Range – Forward P/E Multiple",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1f13374-fe37-4df2-9fe1-d0ad4737b3b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Forward P/E Multiple: 20x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f4-766c-b4d5-8e3462cdfa76",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.08,
        "y": 0.086
      },
      "kind": "subtitle",
      "text": "(1) Based on the undisturbed forward earnings multiples for Perrigo and Zoetis. (2) Presented based on the low and high ends of the range of the durable OTC deal comparable. (3) Presented based on the average multiple of the public comparable companies.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bba0fce5-bc3c-4069-9fed-f2d5671a4353",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.85,
        "x": 0.08,
        "y": 0.2
      },
      "kind": "title",
      "text": "We conservatively value Valeant's durable portfolio at 20x forward earnings",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c2e99619-b12c-4a73-8521-22a4f9d1bf63",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.08,
        "y": 0.09
      },
      "kind": "title",
      "text": "Valuation Multiple: Durable Portfolio",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f704093-a3da-4054-97cf-12a3b448969c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "5b957a18-2c1d-4bb8-b70a-8c633ab6c4fe",
      "evidence": "Comparison of target multiple against market comparables",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}