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Campaigns / Pershing Square → Valeant Pharmaceuticals International
Pershing Square vs. Valeant Pharmaceuticals International

Valeant Pharmaceuticals International · VRX

3 decks published between 2015-05-04 and 2015-10-30 — 133 pages, 85 analysed slides total. Outcome: lost.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2015-05-04 initial thesis

    2015 05 Ira Sohn 2015 Presentation

    47pp · conference_presentation

    Valeant is a platform compounder that traditional P/E undervalues; SOTP plus credit for ongoing M&A implies $330+/share vs $223 today, with up to $618 by 2020.

    N 5 V 3 C 3
    ⌂ ◫ ⇌
  2. 2015-05-04 follow up

    2015 05 Pershing Square Valeant Second Presentation May 2015

    47pp · conference_presentation

    Valeant is mis-valued on a traditional earnings multiple; crediting its Pearson-led Platform Value — like Jarden or Danaher — unlocks $330+/share, ~48% upside from $223.

    N 5 V 4 C 4
    ⌂ ◫ ⇌
  3. 2015-10-30 follow up

    2015 10 Investor Call re Valeant Pharmaceuticals

    39pp · full_deck

    Citron's 'next Enron' attack on Valeant overstates the risk: Philidor is only ~6% of sales, and even written off, VRX trades at ~8x 2016 cash EPS with 135%+ long-term upside.