1. LDVIC 23.06% vs S&P500 32.38% (diff. -9.32%)

2. LDVIC 23.06% vs FundSmith 24.57% (diff. -1.51%)

3. DISCLOSURE

4. Investor Psychology :
The best investment analyst is going to be right two out of three times (TEMPLETON)

5. ENTERPRISE VALUE

6. FREE CASH FLOW

8. REVLON:
MCAP: $1.2 B
Share: $22 Net debt: ~$2.9B
EV: ~$4B

10. 1) What is Risk?

12. Who else owns the stock?
Mittleman Brothers own roughly 5.7% 

13. $100 per share would be just over 21x FCF,
Mittleman Brothers own roughly 5.7% 
… $250M in FCF ….
$100 per share would be just over 21x FCF,
less than where most of the largest players trade today

14. More risks
- Sells to brick and mortar retailers

15. Elizabeth Arden
acquired for $870 million

16. Elizabeth Arden

17. 1) Synergies of $190 million in cost savings
Elizabeth Arden - Value Creation
1) Synergies of $190 million in cost savings
2) adjusted EBITDA ~ $560 million
3) accelerates the integration costs of Elizabeth Arden.

18. Q Trend Reversal

21. Fair Value:
-at least $30 per share (~30% upside)