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  "documentTitle": "Pershing Square | Activist Presentation Deck | 62 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2020-02-01 00:00:00",
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      "kind": "callout",
      "text": "While Agilent has delivered solid business performance over the last five years, we believe there is substantial opportunity for further improvement",
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      "text": "Management is targeting 50 to 70bps of annual margin expansion over next few years\nWe estimate >800bps margin opportunity based on best-in-class peer\nAgilent’s increasing attach rates on higher margin service contracts and consumables should be a strong embedded driver of margin expansion over time",
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      "text": "Underlevered balance sheet provides capital deployment flexibility\nNet debt / EBITDA <1x vs peer average of ~3x",
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      "text": "Substantial Opportunity Ahead",
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