Pershing Square Activist Presentation Deck
April 2014, 110 slides
  1. Pershing Square
  2. Allergan
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  4. Activist Presentation Decks
the outsider perspectives from shareholder | Pershing Square
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introduction to square | Pershing Square
square investment criteria durable products brands predictable financial results superior long term growth in free cash flow per share pacific | Pershing Square
we have not previously invested pharmaceutical company not durable and growth is not predictable patent cliffs for major products off patent drugs price pressure in many segments value destroying acquisitions | Pershing Square
why is unique is a specialty pharmaceutical company that fits our investment criteria durable products brands predictable financial results superior long term growth in free cash flow per share shareholder friendly capital allocation | Pershing Square
under mike leadership | Pershing Square
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the outsiders principles remind us of | Pershing Square
mike is an outsider | Pershing Square
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presentation summary | Pershing Square
i why we like business model | Pershing Square
square due diligence on | Pershing Square
why we like lower price and new products acquisitions | Pershing Square
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patent cliff durable drugs medical devices | Pershing Square
the vast majority of revenue is durable | Pershing Square
the majority of prescription drug revenue is durable | Pershing Square
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categories with attractive growth drivers | Pershing Square
international not global devices | Pershing Square
industry leading new product launch program | Pershing Square
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high risk traditional model new york the wall street journal | Pershing Square
lower risk higher productivity | Pershing Square
track record of productivity | Pershing Square
track record of productivity | Pershing Square
traditional a model | Pershing Square
core competency in licensing acquisitions | Pershing Square
licensing acquisition track record | Pershing Square
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highly decentralized operations | Pershing Square
has a culture of cost efficiency we will operate a low cost operating model in all that we do in essence we will continue to apply a low margin operating to a high margin business we will take pride in our frugality our ability to make quick decisions based on internal resources our willingness to all wear different hats at different times | Pershing Square
culture of cost control and productivity small corporate function extremely limited overhead zero base all a categories expect industry leading employee productivity low gross margin in a high gross margin business | Pershing Square
cost structure is a competitive advantage traditional model | Pershing Square
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why detailed growth disclosure is important | Pershing Square
organic revenue growth disclosure excluding the effect of generic entry | Pershing Square
organic growth measuring underlying growth at | Pershing Square
organic growth measuring underlying growth | Pershing Square
shareholder oriented performance culture and incentive structure | Pershing Square
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capital allocation at | Pershing Square
management is to create shareholder value a ace sas | Pershing Square
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understanding | Pershing Square
net income does not track cash flow | Pershing Square
definition of cash net income or ordinary course legal expense | Pershing Square
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major adjustments | Pershing Square
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unaffected share price | Pershing Square
unaffected share price | Pershing Square
square rapid accumulation program | Pershing Square
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shareholders will participate in ongoing value creation | Pershing Square
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sum of the parts valuation two types of cash flow durable products | Pershing Square
gan durable portfolio | Pershing Square
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durable portfolio few trading high exposure to concentration generic pharmaceuticals focused on commodity | Pershing Square
durable portfolio trading only a handful of public companies have durability | Pershing Square
durable portfolio transaction | Pershing Square
durable portfolio trading outside of durable brand prestige | Pershing Square
durable portfolio trading outside of average lauder | Pershing Square
durable portfolio range | Pershing Square
patent cliff portfolio | Pershing Square
patent cliff portfolio | Pershing Square
valuation excluding platform value | Pershing Square
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platform businesses can be incredibly valuable corporation | Pershing Square
has been a successful platform sion filter | Pershing Square
platform strategy | Pershing Square
platform specialty products pah the company | Pershing Square
platform specialty products pah | Pershing Square
platform specialty products pah or | Pershing Square
how can one evaluate pah platform value high platform value | Pershing Square
bad platforms | Pershing Square
acquisitions have created value | Pershing Square
proven integration track record | Pershing Square
large universe of public and private targets combined market cap of trillion | Pershing Square
large universe of public and private targets combined market cap of trillion | Pershing Square
how can one evaluate gan platform value high platform value | Pershing Square
value creation | Pershing Square
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we believe platform has been continually undervalued | Pershing Square
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gan business development | Pershing Square
large margin of safety pro stock value cash value share i i | Pershing Square
it is impossible to produce superior performance unless you do something different | Pershing Square
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cash net income reconciliation costs | Pershing Square
cash net income reconciliation cash taxes adjusted tax rate is a more accurate measure of | Pershing Square
patent cliff discounted cash flow analysis | Pershing Square
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