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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
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  "pageNumber": 109,
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  "notes": "The slide systematically dismantles a common analyst valuation methodology by identifying specific components of the historical multiple that have lost their value.",
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      "kind": "list",
      "text": "Premium for potential take-out, which decreases substantially under a \"go-it-alone\" approach, since few acquirers are willing to engage in hostile transactions",
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      "text": "Potential to reduce AGN's relatively high tax rate, which disappears without a tax inversion partner",
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      "text": "Some analysts have taken Allergan's revised guidance and applied AGN's historical average multiple to arrive at a target price. We believe this analysis is flawed",
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      "text": "Opportunity for substantial SG&A and R&D savings, which are already captured in AGN's revised guidance",
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      "text": "We believe AGN's historic multiple priced in several opportunities that will disappear under the revised guidance:",
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      "text": "Thoughts on Allergan's Valuation Multiple",
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