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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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  "pageNumber": 77,
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  "nDataPoints": 6,
  "notes": "The slide uses a comparison framework to justify valuation multiples by drawing parallels to a high-performing consumer sector.",
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      "kind": "callout",
      "text": "Significant opportunity for low-risk, high-return innovation",
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      "kind": "callout",
      "text": "We believe there are many similarities between the Global Beauty industry and Val-gan’s durable portfolio",
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      "text": "(1) Based on the average calendar 2013 gross margin for L'Oreal, Estee-Lauder, and Beiersdorf of 71.6%. *Erratum: Original presentation referred to \"5-7%\"",
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      "kind": "table",
      "text": "Comparison table between Global Beauty and Merged Company's Durable Pharma across four metrics.",
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      "text": "Durable Portfolio: Trading Comparables Outside of Healthcare",
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