{
  "docId": "019dd923-622c-750b-8b9c-1c236b5335d8",
  "docSlug": "ded99bd7e3eb",
  "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": "2025-02-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 70,
  "pageCount": 75,
  "prevPage": 69,
  "nextPage": 71,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide highlights a disconnect between market price and fundamental earnings growth.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-1c236b5335d8/70",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8#slide-70",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "callout",
      "text": "We believe Uber's P/E multiple is low in the context of its 30%+ growth profile",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad729187-546d-4a00-8584-bb7f9aeb952d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Since Uber's February 2024 Investor Update, Uber's share price has decreased 3% while analysts' earnings estimates increased more than 50%, resulting in a significant decrease in Uber's multiple, now 29x earnings per share",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dc356793-4a07-489a-a4f1-f8db92c57aa9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Uber’s P/E multiple is low in the context of its 30%+ growth profile",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5f-d9fe02869097",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.92,
        "x": 0.04,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Uber Share Price and Forward Consensus GAAP Earnings per Share",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04d3f65c-e622-4833-a39e-e1fb2c926bd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.75,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "disclaimer",
      "text": "Source: Bloomberg. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "25f50cf4-b396-48c4-8c18-c7ca5654c470",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "P/E multiple: 29x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5f-dc44a563727d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Recent Share Price Overview",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "57db1f4b-270c-45e5-acbc-84440fbb199d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "67d966b8-4235-4e0b-8947-81f2b0cf553e",
      "evidence": "Highlights divergence between share price and earnings growth to argue for undervaluation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}