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  "docSlug": "297bd8544a3ce4034cd8167a5d2b8e71",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 45 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-05-01 00:00:00",
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  "pageNumber": 15,
  "pageCount": 45,
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  "slideType": "valuation_table",
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  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a comparison table to justify a higher valuation target based on improved organic growth and EBIT margins.",
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      "kind": "callout",
      "text": "Based on our view of appropriate revenue growth and operating profit margins, we believe that P&G should be earning closer to $6/share by FY June 2016 – a level more indicative of the company’s true earnings power",
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      "text": "Note: FYE June 2013 Organic revenue growth, EBIT margin and EPS is based on company guidance.",
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      "text": "Comparison of Organic revenue growth, EBIT Margin, and Earnings per share between Current (2013) and Pershing Square View (2016).",
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      "kind": "title",
      "text": "What Should P&G be Earning?",
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      "evidence": "Direct comparison of current metrics vs target metrics to justify a valuation thesis.",
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      "evidence": "The document agitates the issue by highlighting P&G's cost opportunity and comparing it to peers.",
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