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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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  "pageNumber": 34,
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  "nDataPoints": 18,
  "notes": "The slide uses a DCF-style logic to derive a target share price from 2020 EPS projections.",
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      "kind": "callout",
      "text": "Assuming Valeant de-levers and maintains 3.5 turns of leverage, allocates free cash flow to acquisitions, and grows at a rate reflective of the strength of its franchises, the stock is tremendously undervalued",
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      "text": "Assumptions: $7.25bn of 2016 EBITDA; 7.5% organic EBITDA CAGR; De-levers to 3.5x LTM EBITDA; 10% 2020 tax rate; Acquisitions at 7x Pro-Forma EBITDA; Buybacks at 15x LTM EPS",
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      "kind": "table",
      "text": "High return potential table showing 2020 EPS, Forward Multiples (12x, 14x, 16x), 2019 Value, Discounted Present Value, and Return from Current Share Price.",
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      "kind": "title",
      "text": "Valuation – Long-Term Model",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Victory",
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