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  "documentTitle": "Pershing Square | Activist Presentation Deck | 45 slides",
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  "authorName": "Pershing Square Capital Management",
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      "text": "Our due diligence suggests that the underlying gross margins of P&G's categories could be as high as 54%. This analysis takes into account P&G's scale as well the premium pricing of its leading brands",
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      "text": "This category-level analysis suggests that our 51.5% gross margin estimate for P&G is conservative",
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      "text": "P&G Segment, % of P&G Rev., Pershing View Appropriate Gross Margin; Beauty, 24%, ~65%; Grooming, 10%, ~60% - 65%; Fabric & Home Care, 32%, ~47.5%; Baby & Family Care, 19%, ~40%; Health Care, 15%, ~55%; Total P&G, , 52% - 54%",
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