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  "docSlug": "7c032e01619eda769cbeaf2bcfe382bc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
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  "pageNumber": 75,
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses specific company examples to establish a valuation benchmark based on portfolio durability.",
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  "slideHref": "/slides/019de06f-52ef-7226-b4e8-f3f08eb88a26/75",
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      "kind": "callout",
      "text": "Only a handful of public healthcare companies have durability similar to Val-gan's product portfolio",
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      "kind": "list",
      "text": "Zoetis Inc. >80% durable; Major business: Companion and livestock animal health pharmaceuticals; Trading multiple: 19x 2014 EPS",
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      "text": "Perrigo Co. ~78% durable; Major businesses: Private label OTC; hard-to-manufacture generics; Lower gross margin than Val-gan; Trading multiple: 21x 2014 EPS",
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      "kind": "source-note",
      "text": "1 RBC Capital Markets Analyst Report, January 6, 2014; 2 Based on closing share prices and Bloomberg consensus EPS estimates as of April 21, 2014; 3 Valeant Public Presentation, April 22, 2014; 4 ISI Group Analyst Report, January 31, 2013",
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      "kind": "title",
      "text": "Durable Portfolio: Healthcare Trading Comparables",
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      "evidence": "Comparing two companies against a target (Val-gan) based on specific metrics like durability and trading multiples.",
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      "name": "Benchmark Gap",
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      "evidence": "Valuation analysis and comparison to peers",
      "position": 2,
      "objective": "Benchmarking Valeant's valuation against peers",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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