Pershing Square Activist Presentation Deck
Platform Valuation Illustration
Val-gan would only have to acquire ~$20bn of assets to justify a
26% platform premium
Acquired Assets ($bn)
Consideration: 100% cash, unlevered
(a) Value Creation ($bn)
(b) Pro-Forma Market Cap ($bn)
At Current Valeant Share Price
$10bn
10
78
$ 20bn $ 30bn $40bn
% Sharholder Value Creation: (a/b)
13%
Assumes acquisitions are 100% cash. No equity consideration
20
78
26%
30
78
38%
40
78
Pro-Forma Market Cap Assumptions: Valeant pro-forma share count of -600mm and a share price of $126.00 (closing price April 21, 2014)
'This illustrative example does not take into account present value analysis of the acquisition program
98
51%
Assumes
100%
increase in
value of
acquired
assets¹
We believe the $6tn scale of the healthcare product market and
Val-gan's extraordinary financial capacity could allow it to
acquire substantially more assets than the table above
illustratesView entire presentation