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  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2016-01-28 00:00:00",
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  "notes": "The slide uses a bulleted list structure to present a thesis on stock undervaluation and operational catalysts.",
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      "kind": "callout",
      "text": "APD is well on its way to achieving its goal of being the safest and most profitable industrial gas company in the world, which we believe will create significant value for shareholders",
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      "text": "Despite APD's significant progress, recent macroeconomic concerns have caused APD's stock to trade at what we believe to be a material discount to its intrinsic value\nAPD's business remains resilient: diversified; contracted; low-cost, critical and consumable input\nFY 2016 guidance calls for $7.25 to $7.50 of EPS (+10% to 14%)\nAssumes no global growth and continued economic weakness\nCatalysts for value creation are not dependent on macroeconomic strength\nCost savings and efficiency:\nIndustrial gas margins of 18% still ~500 bps behind Praxair\n$430mm, or 72%, of total cost savings will be achieved in 2016 and beyond\nSignificant capital expenditures brought on-stream\nSpin-off of Versum Materials will create two leading, pure-play companies",
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      "text": "Source: Company Filings and Disclosures.",
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      "text": "Air Products' Upside Remains Significant",
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