Bill Ackman’s Full Presentation on Lowe’s

As reported last week on Value Walk, Bill 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//