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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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      "text": "Agilent can now increase its leverage to peer levels due to the positive benefits of tax reform, improved margins, higher mix of recurring revenue and reduced cyclicality",
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      "text": "Note: Figures above reflect LTM financials. LTM financials are as of fiscal year 2019 for Agilent and fiscal Q4 2018 through Q3 2019 for Danaher, Perkin Elmer, Thermo Fisher and Waters. Source: Company filings (1) Assumes $18bn of net debt raised per management guidance",
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      "text": "Underleveraged Relative to Peers",
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