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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2018-01-29 00:00:00",
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      "text": "Based on analyst estimates for 2018 EBITDA, PAH shares would be valued at more than $19, nearly 75% above current levels, if it traded at current peer multiples",
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      "text": "Strong business performance in 2017: 9% organic EBITDA growth, Performance Solutions grew 12%, Ag Solutions grew 5%, Refinanced ~$4bn of debt.",
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      "text": "Valuation remains at a discount to publicly traded segment peers: PAH trades at 9.5x 2018 EBITDA vs Cabot Micro at ~13x and FMC at ~12x.",
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      "text": "Announced separation to address sum-of-the parts discount: Expected in second half of 2018.",
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      "text": "Note: Financial results for 2017 represent YTD results for the nine months ended 9/30/17. (1) Based on analyst estimates of 2018 EBTIDA",
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      "text": "Platform Specialty Products Corporation (\"PAH\")",
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