{
  "docId": "019dd923-622c-750b-8b9b-f01208f020ff",
  "docSlug": "02ebfca8ede5",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-02-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 31,
  "pageCount": 62,
  "prevPage": 30,
  "nextPage": 32,
  "slideType": "thesis_headline",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-f01208f020ff/31",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff#slide-31",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.048,
        "y": 0.86
      },
      "kind": "list",
      "text": "Significant future margin expansion and capital deployment opportunity",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "268e2c30-621e-42aa-9acc-43af9dffd3bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.048,
        "y": 0.18
      },
      "kind": "list",
      "text": "Market leader in an oligopolistic industry with multiple barriers to entry; #1 player with ~20% share; top 5 participants account for ~75% market share; Regulatory requirements and high-touch nature of aftermarket services limit customer switching; Instrument IP and periodic refresh cycles make it difficult for low-cost players to provide competitive offerings",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97d6c836-d98f-4834-bebd-b12b7b11e794",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.048,
        "y": 0.77
      },
      "kind": "list",
      "text": "Delivering strong performance under current leadership team; Since 2014, improved organic revenue growth to >6% and expanded EBIT margins by >500bps",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2ce6e8c-e022-4648-8b48-598a1009b287",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.048,
        "y": 0.6
      },
      "kind": "list",
      "text": "High degree of recurring revenue results in economically resilient profit stream; Recurring revenue = 60% of total revenue; growing at double the rate of instrument sales; Organic revenue declined only 2% in 2009; recurring revenue then was 44% of total vs 60% today",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d37e98e5-852f-42ae-8933-1aae3ae9f5fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.048,
        "y": 0.41
      },
      "kind": "list",
      "text": "Strong secular growth trends support elevated revenue growth; Increasing regulatory requirements and consumer expectations drive growth in testing for pharmaceutical, diagnostics, energy, food and environmental safety end markets; High-growth emerging markets account for ~1/3 of Agilent’s revenue (China = 20% of rev.)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df7f70df-70e2-4c6f-a729-2a274711f236",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "recurring revenue: 60%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba8b-bbd3d717b8bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.048,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bde51442-b4c7-46ad-aaed-a1c8ba3d360c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.048,
        "y": 0.085
      },
      "kind": "title",
      "text": "Agilent Investment Thesis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56fe5b3e-c149-427c-8c45-1b2ba2f17b3c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "631c6f57-6bfb-48a2-a6d0-20850041b9b4",
      "evidence": "Market leader in an oligopolistic industry with multiple barriers to entry",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "list-presentation",
      "slug": null,
      "matchId": "abd51b04-e8dd-461b-8fac-a9aadcaf1bbf",
      "evidence": "The slide uses a bulleted list to present the investment thesis points.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 26,
      "beatId": "3bcff3ce-311d-4bd8-a996-ed380ca6e7d5",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Desire",
      "beatSlug": "aida-desire",
      "evidence": "The document highlights the benefits of Pershing Square's investment strategies, creating desire for their approach.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}