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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-05-04 00:00:00",
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  "notes": "The slide uses a valuation bridge format to justify the acquisition value creation.",
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      "kind": "callout",
      "text": "Valeant management has increased the value of B&L from $8.7bn to more than $21bn",
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      "text": "Sources of Value Creation: Organic growth increase (5% to 11%), EBITDA margin increase (21% to ~50%).",
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      "text": "B&L Free Cash Flow Calculation: Applied estimated 2012 Pro-Forma EBITDA margin of 50% ($900mm of synergies) to 2014 revenue. Other assumptions include: $120mm of B&L Capex and a long-term 10% cash tax rate.",
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      "text": "(1) Represents 5% organic growth in 2012... (2) 50% pro forma margin allocating all synergies to B&L.",
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      "text": "B&L Transaction Value Creation ($mm): Low, Mid, High columns with rows for Free Cash Flow, Multiple, Current B&L Value, Consideration, Value Creation, and % Return.",
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      "text": "Valeant: B&L Transaction",
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