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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
  "authorId": "pershing-square",
  "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": 82,
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  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a weighted average approach based on earnings contribution to derive a base business multiple.",
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      "kind": "callout",
      "text": "This analysis excludes Platform Value, the pipeline value of the merged company, revenue synergies, and life cycle management opportunities",
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      "text": "There is no assurance that Val-gan would trade at these multiples",
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      "text": "If Val-gan’s durable portfolio were valued within the range of multiples of businesses that we believe to be comparable, and the cliff portfolio were valued on the DCF analysis presented, then Val-gan’s multiple would be as follows:",
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      "text": "Portfolio, % Earnings Contribution, 2014 Earnings Multiple. Durable 74% 20.0x 22.0x 24.0x. Cliff 26% 6.1x 6.8x 7.4x. Base Business 100% 16x 18x 20x",
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      "text": "Illustrative Valuation Excluding Platform Value",
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