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  "documentTitle": "Pershing Square | Activist Presentation Deck | 45 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-05-01 00:00:00",
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  "notes": "Slide 41 of a presentation. Includes assumptions about dividends and current stock price.",
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      "kind": "callout",
      "text": "If P&G can achieve its underlying earnings potential of $6/share by FY 2016, P&G would be worth $125 per share in approximately two years, including dividends",
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      "kind": "callout",
      "text": "At a $125 value per share in two years, P&G's stock price would generate a 26% compound annual return for shareholders",
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      "text": "Note: FY ends June 30. Assumes $2.40 of annual dividends for two years. Based on recent stock price of $78.",
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      "text": "FY 2016E EPS: $6.00; P/E Multiple: 20.0 x; June 2015 Value per Share: $120; Plus: FY 2014 to 2015 Dividends: 5; June 2015 Total Value per Share: $125; Premium to Current Stock Price: 60%",
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      "text": "Intrinsic Value is $125/share in Two Years",
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