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  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
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  "presentationDate": "2023-02-01 00:00:00",
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  "notes": "This slide outlines the investment case for Lowe's, focusing on structural margin expansion and EPS growth targets.",
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      "text": "Lowe’s currently trades at a P/E multiple of 15x, which is cheap on an absolute basis and a 23% discount to Home Depot despite our views for materially higher prospective EPS growth",
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      "text": "LOW positioned to grow EPS despite uncertain market conditions: Two-thirds of revenue is critical repair and maintenance activity; Idiosyncratic revenue opportunities driving share gains with the Pro; Self-help initiatives catalyzing operating margin expansion; Best-in-class capital return provides support for earnings growth in the near-term",
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      "text": "Divergent macroeconomic picture creating investor uncertainty: Rising interest rates pressuring buyer affordability and home sales velocity; Stable home improvement category supported by an aging housing stock, lack of new inventory, continued work-from-home, robust home equity, and continued strong Pro project backlog",
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      "text": "Business transformation to drive significant long-term earnings upside: Lowe’s is committed to achieving its structural margin potential of 15%; Line-of-sight to ~$20 of EPS over the medium term, ~50% above current levels",
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      "text": "Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein.",
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