Pershing Square Activist Presentation Deck
Underlevered Relative to Peers
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
Net Debt / LTM EBITDA:
0.8x
Agilent
Pro forma for GE
BioPharma acquisition¹
'>3.5x
Current:
0.7x
D
DANAHER
2.8x
PerkinElmer
2.5x
34
Thermo Fisher
SCIENTIFIC
Mgmt. guided
'near-term'
leverage target
2.5x
Current:
1.1x
Waters
THE SCIENCE OF
WHAT'S POSSIBLE."
Agilent's net leverage of <1x is significantly below average peer levels of ~3x
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 guidanceView entire presentation