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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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      "text": "Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive",
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      "text": "Results: Valeant de-levers to ~3.5x LTM EBITDA by year end 2016; 2020 EPS of ~$22",
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      "text": "Assumptions: $7.25bn of 2016 EBITDA; 5% organic EBITDA CAGR; De-levers to 3x LTM EBITDA; 10% 2020 tax rate; Buyback at 15x LTM EPS",
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