Pershing Square Activist Presentation Deck
New Investment in Agilent ("A")
Agilent
Ticker: A
Market Cap:
$26bn
Div. Yield:
1%
Leading analytical measurement company
■ Sells instruments, consumables and services to identify, quantify and analyze
molecular properties of substances and products
Source: Company filings
Products and services enable mission-critical testing across a
diversified set of end markets
■ Quality control testing for product impurities in pharmaceutical and packaged
foods manufacturing processes
Detection of trace contaminants in air, soil and water to ensure compliance
with environmental standards
► Attractive "razor/razor blade" business model, where instrument
sales drive recurring consumables and services revenue
Initial instrument sales and aftermarket sales are highly profitable
$5bn of revenue across more than 60,000 customers
Averaged annual organic revenue growth of 6% over the last decade
End markets include pharma, chemicals & energy and food & environment
We were able to opportunistically accumulate our position in Agilent at an attractive valuation, an
average cost of $76.58 per share, due to share price underperformance caused by a temporary
slowdown in instrument sales that has already shown early signs of recovery
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