William Ackman · activist-deck
McDonald's Corporation (MCD)
79 pages · 5 arc beats · 0 loops
McDonald's Corporation (MCD)
William Ackman · 2005-11 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
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Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 26 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 6 slides 100% 6/6 slides 100% 6/6 slides · 31 hits — 0/6 slides
16.7% 1/6 slides — 0/6 slides
100% 6/6 slides — 0/6 slides
Problem & Complication 5 slides 100% 5/5 slides 100% 5/5 slides · 30 hits — 0/5 slides
100% 5/5 slides 80% 4/5 slides 100% 5/5 slides — 0/5 slides
Evidence & Proof 6 slides 100% 6/6 slides 100% 6/6 slides · 40 hits — 0/6 slides
83.3% 5/6 slides 50% 3/6 slides 100% 6/6 slides — 0/6 slides
Solution & Approach 7 slides 100% 7/7 slides 100% 7/7 slides · 31 hits — 0/7 slides
42.9% 3/7 slides 57.1% 4/7 slides · 6 hits 100% 7/7 slides — 0/7 slides
Impact & Next Steps 2 slides 100% 2/2 slides 100% 2/2 slides · 8 hits — 0/2 slides
— 0/2 slides
— 0/2 slides
100% 2/2 slides — 0/2 slides
Slide inventory
79 every slide · same image gating as the playbook
05
This slide serves as an introductory context setting for the activist campaign.establish_context
Open slide detailBeat · Situation & Context
06
This slide serves as an introductory context-setting page for an activist investor deck.establish_context
Open slide detailBeat · Situation & Context
07
Includes same-store sales growth data at the bottom of the chart.analyze_data
Open slide detailBeat · Situation & Context
08
The slide highlights the turnaround in cash flow performance following 2002.analyze_data
Open slide detailBeat · Situation & Context
09
The slide uses a callout box to emphasize the underperformance of the stock.diagnose_problem
Open slide detailBeat · Situation & Context
10
The QSR index significantly outperforms both McDonald's and the S&P 500 over the 5-year period.compare_peers
Open slide detailBeat · Problem & Complication
11
The slide uses a 'Pershing Square' logo in the top left corner. The data is based on 30-day average trailing prices as of 11/11/05.compare_peers
Open slide detailBeat · Problem & Complication
13
The slide uses a simple two-column comparison to illustrate the economic relationship between the corporate entity and its franchisees.present_framework
Open slide detailBeat · Problem & Complication
14
The slide uses an org-chart style diagram to illustrate the business structure and highlights a specific accounting/operational critique regarding transfer pricexpose_contradiction
Open slide detailBeat · Problem & Complication
15
The slide uses a hierarchical structure to categorize business units and then compares them across four key financial metrics.compare_peers
Open slide detailBeat · Evidence & Proof
16
Uses a before-after bridge to illustrate the impact of accounting adjustments on segment EBITDA contribution.expose_contradiction
Open slide detailBeat · Evidence & Proof
17
The slide uses a before-after visual to demonstrate how accounting adjustments shift the perceived value contribution of McDonald's business segments.analyze_data
Open slide detailBeat · Evidence & Proof
18
Includes specific arrows pointing to inter-company eliminations and rent/fee adjustments.analyze_data
Open slide detailBeat · Evidence & Proof
19
The slide uses a specific G&A allocation assumption (75% to Real Estate/Franchise) to derive the segment EBITDA.analyze_data
Open slide detailBeat · Evidence & Proof
20
The slide highlights the resilience of the Real Estate and Franchise segment compared to the core McOpCo business.analyze_data
Open slide detailBeat · Evidence & Proof
21
The chart compares Pershing's assumptions for earlier years against reported financials for later years.analyze_data
22
Uses historical quotes to frame the current activist argument against company-owned stores.cite_precedent
23
The slide uses a quote to frame the argument that owner-operators are more efficient than corporate managers.compare_peers
25
The slide details the mechanics of a capital allocation strategy involving debt issuance and share repurchases.propose_solution
Open slide detailBeat · Solution & Approach
26
The slide uses a before-and-after visual structure to explain the corporate restructuring proposal.propose_solution
Open slide detailBeat · Solution & Approach
27
Part of Pershing Square's proposal to McDonald's.summarize
Open slide detailBeat · Solution & Approach
28
The table highlights the significant margin expansion (EBITDA, EBITDA-Capex, FCF) resulting from the proposed transaction.compare_peers
Open slide detailBeat · Solution & Approach
29
Part of a series of slides detailing Pershing Square's proposal for McDonald's.propose_solution
Open slide detailBeat · Solution & Approach
30
Part of a series of slides detailing the Pershing Square proposal for McDonald's.propose_solution
Open slide detailBeat · Solution & Approach
31
The slide argues for a valuation re-rating of McDonald's by comparing it to higher-multiple sectors.compare_peers
34
The slide presents a valuation model based on 2006E EBITDA multiples.show_valuation_bridge
35
Includes detailed footnotes explaining debt allocation, stake in McOpCo, and share repurchase assumptions.show_valuation_bridge
36
The slide outlines a recapitalization strategy involving debt issuance to fund share buybacks.show_valuation_bridge
37
The slide uses a yellow bar for McDonald's to distinguish it from the blue bars of the peer group.compare_peers
38
Stock prices as of 11/11/2005. PF McDonald's EV assumes a valuation multiple of 13x EV/FY'06 EBITDA. Total Debt includes Preferred.compare_peers
41
The slide serves as a transition to the detailed critique of the proposal.transition
42
The slide uses a three-column layout to categorize management concerns and a bottom callout to neutralize them.preempt_rebuttal
43
The slide highlights a specific qualitative judgment from advisors regarding the trading profile of PF McDonald's.summarize
48
The slide uses a yellow callout box to emphasize the central point of contention.transition
49
The slide uses a provocative thesis to reframe the company's business model.analyze_data
50
The slide argues for a valuation re-rating by comparing McDonald's to higher-multiple sectors.compare_peers
51
The slide uses a 'Memo' table to derive the FCF per share used in the main sensitivity table.quantify_opportunity
52
The chart distinguishes between 'Based on Pershing Assumptions' (1990-1999) and 'Based on Reported Financials' (2000-2004).quantify_opportunity
53
The slide uses a comparison frame to highlight the superior yield of the proposed McDonald's structure compared to a REIT benchmark.compare_peers
54
The slide uses a comparative framework to highlight the yield advantage of McDonald's stock over risk-free government debt.compare_peers
55
The slide uses a comparison frame to highlight the superior yield of McDonald's stock over TIPS.compare_peers
63
The slide outlines a financial engineering proposal involving a spin-off/IPO structure with tax and debt considerations.propose_solution
64
The slide details the tax impact on the distribution to PF McDonald's based on equity market value, book basis, and net debt.analyze_data
67
Includes WACC calculation table and two sensitivity matrices (Equity Risk Premium vs Levered Beta and Debt/TEV vs Levered Beta).analyze_data
69
Includes specific growth rates, revenue/cost drivers, CapEx assumptions, and capital structure details.analyze_data
70
The slide includes a specific assumption regarding the allocation of G&A (75% to Real Estate/Franchise, 25% to McOpCo).analyze_data
71
The slide details the separation of rent and franchise income/expenses between the two entities.analyze_data
72
The table details revenue, operating expenses, EBIT, EBITDA, and Capex across different business segments and inter-company eliminations.analyze_data
73
The slide includes a yellow callout box explaining the derivation of Free Cash Flows and the impact of proceeds from closures.analyze_data