In short: One of Pershing Square's six new Q2 positions — and the odd one out of the basket: an eye-care device and contact-lens business rather than a financial toll booth. The only healthcare name named anywhere in the round-up.
In short: The sixth new buy and "one that I wasn't familiar with" — relayed from the letter without a stance of his own. "The world's leading ophthalmology company," dominant in surgical vision with strong positions in vision care and contact lenses; the core is an install base of over 30,000 units of capital equipment anchoring "a highly attractive stream of high-margin recurring consumable revenue," with mid-teens earnings growth plus expected multiple expansion.
Alcon is the world's leading eye-care company — surgical equipment for procedures like cataract surgery, plus contact lenses and vision care. Carlson had never looked at it ("one that I wasn't familiar with"), so this is Ackman's thesis relayed, not a Carlson pick.
The economics are a razor-and-blades model at industrial scale: Alcon has placed over 30,000 units of surgical capital equipment in hospitals and clinics, and every one of those machines then consumes high-margin disposables year after year. Because surgeons train on a specific system and the hospital has already paid for the hardware, that installed base is sticky and the consumable revenue recurring. Ackman expects mid-teens earnings growth plus a higher valuation multiple as the market recognises the quality.
18:29And then in summary, the business is a classic, simple, predictable, free cash flow generative business that is sold off on concerns that we view as unwarranted. The other company that he bought that's not currently in my portfolio is called Alcon, and this is one that I wasn't familiar with. Alcon is the world's leading ophthalmology company with a dominant in surgical vision, strong positions in vision care and contact lenses.
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