Bill Ackman, CEO of Pershing Square Capital, pitched J.C. Penney Company, Inc. (NYSE:JCP) as one of his favorite investments, at the Ira Sohn Conference last week. Ackman has been implementing many changes at the company as an 18% shareholder, and a member of the board. He is trying to create a mall within a mall. Ackman believes that the stock which is trading at $26, could be worth up to $315 a share, using a 12x earning multiple, assuming Store growth, and share buybacks.
We have just obtained the full presentation. Readers can view it below in Scribd: