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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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  "presentationDate": "2016-04-26 00:00:00",
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      "text": "Source: Herbalife Form 10-K. 1: Excluding the impact of Venezuela's Bolivar denominated net sales. 2: As of 4/13/2016. 3: Q3'2014 Earnings Call. 4: Id.",
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      "text": "At current prices,2 Herbalife trades at 13x – 15x management's EPS guidance, historically high multiples for HLF's stock",
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      "text": "Revenue declined ~10% in 2015 as weak organic growth was met with substantial FX headwinds. China was – and continues to be – the single bright spot in Herbalife's financial performance",
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      "text": "Local currency net sales1 increased ~3% while reported sales declined 9.9%. Excluding China (+30% YoY currency adjusted growth), local currency net sales declined 1.3%",
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      "text": "HLF continues to point to “changes to the business model” 3 as the reason for a “temporary reset”4",
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