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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": 98,
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  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 16,
  "notes": "The slide uses a hypothetical 'Val-gan' entity to demonstrate the impact of asset acquisition on market cap and shareholder value.",
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      "kind": "callout",
      "text": "Assumes 100% increase in value of acquired assets",
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      "text": "Val-gan would only have to acquire ~$20bn of assets to justify a 26% platform premium",
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      "kind": "paragraph",
      "text": "We believe the $6tn scale of the healthcare product market and Val-gan’s extraordinary financial capacity could allow it to acquire substantially more assets than the table above illustrates",
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      "text": "Pro-Forma Market Cap Assumptions: Valeant pro-forma share count of ~600mm and a share price of $126.00 (closing price April 21, 2014). This illustrative example does not take into account present value analysis of the acquisition program",
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      "kind": "table",
      "text": "Acquired Assets ($bn) 10 20 30 40; Value Creation ($bn) 10 20 30 40; Pro-Forma Market Cap ($bn) 78 78 78 78; % Sharholder Value Creation 13% 26% 38% 51%",
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      "text": "Platform Valuation Illustration",
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