bill ackman headshot pershing squareAs reported last week on Value WalkBill Ackman pitched his Lowe’s as one of his favorite stocks at the recent GIBI Conference.

Below were the details:

FCF of 8% and Div Yield of 2% – likes it much more than US Treasuries

Limited Fashion Risk, High Gross Margin, Limited Internet Risk (only 8% of sales have significant internet risk)

PPE net book value is $22 billion which is 65% of EV

Buy back 35-40% of shares in next 3-4 years.

Deal Breaker posted the full presentation on Lowe’s. I have embedded it below for your reading pleasure. H/T to BarbarianCap of Davian Letter for the find:

Pershing Square Lowes//