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  "authorName": "Pershing Square Holdings",
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      "text": "High degree of recurring revenue results in economically resilient profit stream\nRecurring revenue = 60% of total revenue; growing at double the rate of instrument sales\nOrganic revenue declined only 2% in 2009; recurring revenue then was 44% of total vs 60% today",
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      "text": "Delivering strong performance under current leadership team\nSince 2014, improved organic revenue growth to >6% and expanded EBIT margins by >500bps",
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      "text": "Market leader in an oligopolistic industry with multiple barriers to entry\n#1 player with ~20% share; top 5 participants account for ~75% market share\nRegulatory requirements and high-touch nature of aftermarket services limit customer switching\nInstrument IP and periodic refresh cycles make it difficult for low-cost players to provide competitive offerings",
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      "text": "Strong secular growth trends support elevated revenue growth\nIncreasing regulatory requirements and consumer expectations drive growth in testing for pharmaceutical, diagnostics, energy, food and environmental safety end markets\nHigh-growth emerging markets account for ~1/3 of Agilent’s revenue (China = 20% of rev.)",
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