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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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      "text": "We believe the upside in APD remains significant as the Company continues its transformation under a great CEO and management team",
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      "text": "FY 2016 guidance calls for $7.25 to $7.50 of EPS (+10% to 14%); Assumes no global growth and continued economic weakness. Longer-term, we believe the business can grow EPS at a low- to mid-teens growth rate for years to come.",
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      "text": "Catalysts for value creation are not dependent on macroeconomic strength: Cost savings and efficiency (Industrial gas margins of 21% still ~350 bps behind Praxair; $225mm of operating efficiency savings will be achieved in 2017 and beyond); Significant capital expenditures brought on-stream; Spin-off of Versum Materials; APD has reduced leverage to its 2x Debt / EBITDA target.",
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      "text": "Source: Company Filings and Disclosures.",
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      "kind": "title",
      "text": "Air Products' Upside Remains Significant",
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