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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The slide uses a blended median of P&C and Utility sectors to justify a valuation multiple for FNMA/FMCC.",
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      "text": "We believe a mid-teens multiple of earnings is appropriate when benchmarked against P&C insurance and regulated utility companies",
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      "text": "Source: Capital IQ, Bloomberg, company filings, broker research. (1) Returns on common equity and tangible common equity for insurance and utility companies are LTM 9/30/24 per broker research and Pershing Square estimates. (2) Consensus EPS growth for CY 2026E for comparable companies; LT EPS growth in 2035E for FNMA and FMCC. (3) FNMA and FMCC market caps are as of 12/31/27E PF. All other statistics represent run-rate figures in 2035E to demonstrate long-term returns and valuations.",
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      "text": "CY'25E P/E: 14.1x",
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