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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
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  "authorName": "William Ackman",
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  "presentationDate": "2015-10-30 00:00:00",
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      "kind": "callout",
      "text": "Assuming Valeant achieves “Floor” 2016 EBITDA guidance of $7.5bn, the stock is inexpensive as a multiple of 2016 EPS",
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      "text": "Conservatively assuming all of Philidor’s sales were lost and not replaced through another channel, the stock is still inexpensive",
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      "text": "Eliminating Philidor’s earnings contribution would result in a reduction of Valeant’s “floor” 2016 EBITDA to ~$7.0bn, or ~$14 of Cash EPS(2)\nAt the Oct. 29 closing share price of $111.50, Valeant trades at ~8x this alternate estimate of 2016 Cash EPS",
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      "text": "$7.5bn of EBITDA translates into ~$15.50 of Cash EPS(1)\nAt the Oct. 29 closing share price of $111.50, Valeant trades at ~7x this estimate of 2016 Cash EPS",
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      "text": "2016 Cash EPS: ~8x",
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      "text": "(1): Assumes $300mm depreciation and stock based compensation, 5% tax rate, 351mm shares, ~$1.5bn of interest expense.\n(2): Philidor EBITA contribution assumed to be 7%, equal to EBITA contributed in Q3 2015 per management presentation.",
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