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  "documentTitle": "Pershing Square | Activist Presentation Deck | 39 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-09-01 00:00:00",
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      "kind": "callout",
      "text": "Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive",
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      "kind": "list",
      "text": "Results: Valeant de-levers to ~3.5x LTM EBITDA by year end 2016; We anticipate Valeant will be an investment grade credit; 2020 EPS of ~$22",
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      "text": "Assumptions: $7.25bn of 2016 EBITDA; 5% organic EBITDA CAGR; De-levers to 3x LTM EBITDA; 10% 2020 tax rate; Buyback stock at 15x LTM EPS",
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      "text": "High return potential even using conservative modeling assumptions: 2020 EPS, Forward Multiple, 2019 Value, Discounted Present Value, Return From Current Share Price",
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      "kind": "title",
      "text": "Valuation – Conservative Long-Term Model",
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      "arcName": "Overcoming the Monster",
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