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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "While Agilent has delivered solid business performance over the last five years, we believe there is substantial opportunity for further improvement",
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      "text": "We believe Agilent's current valuation represents a discount to intrinsic value and does not fully reflect the company's high-quality business model, increasing mix of recurring revenue, strong long-term growth potential and significant margin expansion opportunity",
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      "text": "Balance Sheet Optionality: Underleveraged balance sheet provides capital deployment flexibility; Net debt / EBITDA <1x vs peer average of ~3x",
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      "text": "Significant Margin Expansion: Management is targeting 50 to 70bps of annual margin expansion; We estimate >800bps margin opportunity based on best-in-class peer; Agilent's increasing attach rates on higher margin service contracts and consumables should be a strong embedded driver",
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