Pershing Square Activist Presentation Deck
Illustrative Valuation Excluding Platform Value
If Val-gan's durable portfolio were valued within the range of
multiples of businesses that we believe to be comparable, and
the cliff portfolio were valued on the DCF analysis presented,
then Val-gan's multiple would be as follows:
Portfolio
Durable
Cliff
Base Business
% Earnings
Contribution
74%
26%
100%
2014 Earnings Multiple
20.0x
6.1x
16x
22.0x
6.8x
18x
82
Assumption: We assume the durable and cliff portfolios have earnings contributions equal to their sales contribution
This analysis excludes Platform Value, the pipeline value of the
merged company, revenue synergies, and life cycle
management opportunities
There is no assurance that Val-gan would trade at these multiples
24.0x
7.4x
20xView entire presentation