Below please find Bill Ackman's presentation on P&G from the recent Ira Sohn Conference. In the presentation he claims that P&G is under-earning their potential and he thinks they can hit $6 in EPS by 2016 (with an expansion of the EBIT margin from 19% to ~ 24%). This $6 in EPS they think will result in a $120 stock price and when including the $5 in dividends should be a total return of $125 vs the price at the time of $78 (it is at approx. $81 now - and AG Lafley is returning as CEO replacing Bob McDonald). Overall the presentation is the nice in-depth stuff you have come to expect from Pershing Square. Enjoy.