{
  "docId": "019dd923-622c-750b-8b9b-c1ba6b225076",
  "docSlug": "03a523e87675",
  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-04-26 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 28,
  "pageCount": 82,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "key_messages",
  "function": "establish_context",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Slide 27 of an activist deck.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-c1ba6b225076/28",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076#slide-28",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20162",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba8f-08dec619fef8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.22,
        "x": 0.04,
        "y": 0.2
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c348b31e-8453-465f-aa2d-1ebd1d252378",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.65,
        "x": 0.3,
        "y": 0.2
      },
      "kind": "list",
      "text": "Split-off from Pfizer June 2013\n~$24bn equity market capitalization\nLargest manufacturer of medication for pets and livestock in the world\nOnly large, publicly traded “pure-play” animal health business\nPershing Square began buying Zoetis shares on July 22nd 2014 and currently owns a 8.6% economic stake in the company\nDespite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20162",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5416436f-7513-4696-997e-7b03304c26c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "equity market capitalization: $24bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba8f-0cfff6caa81f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.24,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "1Pershing Square estimate\n2Measured as of April 21, 2016. Includes dividends",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7726dcfd-7e53-4764-9b54-757f91e03d6c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.24,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Zoetis Inc.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3fb78474-b68d-4845-81dd-a25213e078f7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 30,
      "from": 20,
      "beatId": "348fa568-7f41-4fd3-acf8-83609670fa56",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The presentation discusses potential solutions, such as implementing 3G's ZBB approach at Mondelez",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}