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  "docSlug": "87c25d09bf41",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management, L.P.",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-05-11 00:00:00",
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  "pageNumber": 15,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The chart uses a summary table to quantify the average valuation delta between the two peer groups.",
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      "kind": "callout",
      "text": "Public MLMs have historically traded at a significant discount to CPG companies reflecting their inferior business quality",
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      "kind": "chart",
      "text": "Forward P/E Multiples for MLMs and CPG Companies",
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      "text": "Forward P/E Multiples: 13.1x",
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      "kind": "paragraph",
      "text": "Public MLMs have historically traded at a significant discount to CPG companies reflecting their inferior business quality",
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      "kind": "source-note",
      "text": "Source: CapIQ. (1): Includes Avon Products, Herbalife, Nu Skin Enterprises, Primerica, Tupperware Brands and Usana Health Sciences. (2): Includes Campbell Soup, Clorox, Colgate-Palmolive, ConAgra, Danone, General Mills, Hershey, JM Smucker, Kellogg, Kimberly-Clark, Kraft Heinz, McCormick & Co, Mondelez, Nestle, PepsiCo., Proctor & Gamble, Reckitt Benckiser and Unilever.",
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      "text": "Summary table showing average P/E multiples for MLM (13.1x) and CPG (18.3x) with a 5.1x delta.",
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      "kind": "title",
      "text": "Long-Term Trading Multiples",
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      "evidence": "Direct comparison of valuation multiples between two distinct industry peer groups over time.",
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      "name": "Analogy",
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      "evidence": "The analogy loop provides a benchmark for evaluating Herbalife's business quality.",
      "position": 0,
      "objective": "To compare Herbalife's valuation to that of other public MLMs and CPG companies",
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