Pershing Square Activist Presentation Deck
The Offer Represents a Large Premium to Analysts'
Pre-bid 12-Month Price Targets
The offer is a 28% to 65% premium to analysts' 12-month price
targets prior to Valeant's initial public offer
Broker
Bank of America
Barclays
BMO Capital Markets
Buckingham Research Group
Cowen and Company
Credit Suisse
Goldman Sachs
Guggenheim Securities LLC
JPMorgan
Piper Jaffray
RBC Capital Markets
Sanford C. Bernstein & Co
Sterne, Agee & Leach
Stifel
SunTrust Robinson Humphrey
Susquehanna Financial Group
UBS
William Blair & Co
Median
Source:
Note:
(1)
Prior to 4/21/2014
12-Month Target Price
Bloomberg, FactSet
$172.50/share offer based on closing prices as of July 14, 2014.
Currently advising Allergan on the Valeant proposal.
$109
$132
40
$130
1$124
$140
$145
$125
$140
1
$135
I$130
$135
$135
12 mo.
Price Target
$135.00
Median
$125
$142
$130
$150
$145
$138
Look-Through Price
$172.50 offer as a %
premium
27.8%
I
1
1
Fair Value
$223 offer as a %
premium
65.2%View entire presentation