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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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  "notes": "Slide 81, includes specific assumptions regarding Restasis competition.",
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      "text": "We use a discounted cash flow analysis to value the cliff portfolio",
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      "text": "Assumption: We assume generic Restasis competition in 2024 based on Allergan's recent patent filings. See appendix for model",
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      "text": "10% Discount Rate; Based on our analysis of Val-gan's patent cliff portfolio, we believe the portfolio has an average remaining life of ten years; We sensitize our DCF analysis to annual growth rates of 0% to 5% until the patent cliff, after which cash flows fall to zero",
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      "text": "Years of Cash Flow Remaining: 10yrs, 10yrs, 10yrs; Annual Growth Until Patent Cliff: 0.0%, 2.5%, 5.0%; DCF Value As a Multiple of 2014E Cash Flow: 6.1x, 6.8x, 7.4x",
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