{
  "docId": "019de06f-52ef-7226-b4e8-f3f08eb88a26",
  "docSlug": "7c032e01619eda769cbeaf2bcfe382bc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 79,
  "pageCount": 110,
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  "nextPage": 80,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a floating bar chart to represent valuation ranges for different peer groups.",
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  "slideHref": "/slides/019de06f-52ef-7226-b4e8-f3f08eb88a26/79",
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      "kind": "chart",
      "text": "Comparables Range chart showing 19x-21x, 22x-28x, and 20x-29x ranges",
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      "kind": "disclaimer",
      "text": "There is no assurance that Val-gan's durable portfolio would trade within this range",
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      "kind": "paragraph",
      "text": "If Val-gan's durable portfolio were valued similar to businesses that we believe to be comparable, then its resulting range of multiples could be as follows:",
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      "kind": "source-note",
      "text": "(1) Multiples adjusted downward for a hypothetical 25% control premium.",
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      "kind": "title",
      "text": "Durable Portfolio Comparables Range: 19x - 29x 2014 EPS",
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      "to": 80,
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      "name": "Benchmark Gap",
      "slug": "39-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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      "description": "Compare performance against best-in-class to quantify the opportunity"
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