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Pershing Square Activist Presentation Deck slide image

Pershing Square Activist Presentation Deck

Durable Portfolio: Trading Comparables Outside of Healthcare The global beauty P/E average is 24x projected 2014 earnings 24x Average Global Beauty - 2014 P/E 22x Note: All multiples are based on Bloomberg consensus estimates as of 4/21/2014. 23x L'ORÉAL ESTEE LAUDER Beiersdorf 78 28x
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