Bill Ackman's Big Presentation On Why Procter & Gamble Is 'One Of The Great Businesses Of The World'

Reuters/ Lucas Jackson

Activist investor Bill Ackman, who runs $12 billion Pershing Square Capital Management, made a bullish case for Procter & Gamble at the Sohn Investment Conference this week.

Ackman, whose fund owns more than 27.9 million shares of P&G, called it "one of the great businesses of the world."

Basically, Ackman believes the company is under-earning relative to its intrinsic earnings power.

He sees the company's earnings per share growing from $4 to $6.

If the company is able to reach this earnings potential of $6 per share, Ackman also sees the company being able to achieve an intrinsic value of $125 per share in approximately two years. P&G's stock was last trading above $78.59 per share.

In his presentation, Ackman also called out P&G's CEO Bob McDonald for being involved on the boards of 21 other organizations outside of the company.

We've included his presentation in the slides that follow. Please note, these slides will expire in four weeks of this publication.