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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 de-levers and maintains 3.5 turns of leverage, allocates free cash flow to acquisitions, and grows at a rate reflective of the strength of its franchises, the stock is tremendously undervalued",
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      "text": "Assumptions: $7.25bn of 2016 EBITDA; 7.5% organic EBITDA CAGR; De-levers to 3.5x LTM EBITDA; 10% 2020 tax rate; Acquisitions at 7x Pro-Forma EBITDA; Buybacks at 15x LTM EPS",
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      "text": "Discounted Present Value: 135%",
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      "text": "2020 EPS: $32; Forward Multiple: 12.0x, 14.0x, 16.0x; 2019 Value: $384, $448, $512; Discounted Present Value: $262, $306, $350; Return: 135%, 174%, 214%",
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