{
  "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": 69,
  "pageCount": 82,
  "prevPage": 68,
  "nextPage": 70,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide highlights a divergence between operational performance and valuation multiples.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-c1ba6b225076/69",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-c1ba6b225076#slide-69",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba92-79b81c0aab95",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "chart",
      "text": "Stock price performance of HLF from 1/1/2014 to 12/31/2015",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "684eaf30-d77b-48a4-94e0-cf38185d604b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Forward P/E Multiple",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba92-7c7e7c6e18f2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.04,
        "y": 0.092
      },
      "kind": "source-note",
      "text": "Note: The performance of HLF's stock price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. Source: Bloomberg.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "582ce8e2-54bb-4a30-accf-d1d6fcd0f544",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "title",
      "text": "Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aba10175-1c7d-438c-8ec7-872c939e5b61",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Herbalife: Recent Events",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d745de3a-8d77-476b-95eb-182be226590a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "action-titles",
      "slug": null,
      "matchId": "bf325581-75ca-492c-849a-0682fb40a56d",
      "evidence": "The slide uses a descriptive action title to summarize the key takeaway.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}