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Pershing Square Capital Management · activist-deck

Pershing Square | Activist Presentation Deck | 58 slides

58 pages · 4 arc beats · 3 loops

Activist-Deck Download JSON
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Pershing Square | Activist Presentation Deck | 58 slides

Pershing Square Capital Management · 2006-01
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON
Narrative range 14 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem (Identify pain) 3 slides 100% 3/3 slides 100% 3/3 slides · 13 hits
— 0/3 slides
— 0/3 slides
66.7% 2/3 slides 100% 3/3 slides 100% 3/3 slides Agitate (Make it worse) 3 slides 100% 3/3 slides 100% 3/3 slides · 12 hits
— 0/3 slides
33.3% 1/3 slides 66.7% 2/3 slides 100% 3/3 slides 100% 3/3 slides Solution (Provide relief) 4 slides 100% 4/4 slides 100% 4/4 slides · 23 hits
— 0/4 slides
— 0/4 slides
75% 3/4 slides 100% 4/4 slides
— 0/4 slides
Business Model 4 slides 100% 4/4 slides 100% 4/4 slides · 17 hits
— 0/4 slides
50% 2/4 slides 50% 2/4 slides · 3 hits 100% 4/4 slides 100% 4/4 slides

Slide inventory

58
every slide · same image gating as the playbook
01
Slide 1
front_matter
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02
front_matter
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03
front_matter
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04
The slide uses a chronological narrative to frame the transition from the initial proposal to the revised proposal.establish_context
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05
The slide uses a clear, two-part structure: objectives followed by the expected impact of the proposal.state_demand
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06
transition
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07
This is a classic activist investor critique of corporate-owned assets vs. franchised assets.diagnose_problem
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
08
The slide uses a bar chart to highlight the performance gap between company-operated stores and franchised stores.compare_peers
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
09
diagnose_problem
Open slide detailBeat · Problem (Identify pain)Loop · Cost Of Inaction
10
The slide uses a process flow diagram to illustrate the capital allocation strategy.propose_solution
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
11
transition
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
12
The slide uses a list-based structure to present qualitative feedback from franchisees.expose_contradiction
Open slide detailBeat · Agitate (Make it worse)Loop · Cost Of Inaction
13
The slide uses a callout box to emphasize the negative impact of a specific corporate-led initiative.expose_contradiction
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14
Part of an activist investor deck (Pershing Square) critiquing McDonald's operations.diagnose_problem
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15
summarize
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16
transition
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17
This slide illustrates the structural separation proposed by the activist investor to highlight the value of the real estate and franchise components.present_framework
Open slide detailBeat · Solution (Provide relief)
18
The slide uses a list of bullet points to enumerate the competitive advantages of the McDonald's business model.summarize
Open slide detailBeat · Solution (Provide relief)
19
The slide uses a callout box to emphasize the primary demand for transparent segment financials.propose_solution
Open slide detailBeat · Solution (Provide relief)
20
Uses a before-after bridge to illustrate the impact of accounting adjustments on EBITDA attribution.analyze_data
Open slide detailBeat · Solution (Provide relief)
21
The slide uses a provocative headline to reframe the company's business model.frame_problem
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22
Pershing Square activist deck slide 22.show_valuation_bridge
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23
transition
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24
The slide outlines a corporate restructuring plan involving spin-off/IPO and debt recapitalization.propose_solution
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25
preempt_rebuttal
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26
The slide uses a matrix structure to categorize stakeholder concerns.preempt_rebuttal
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27
transition
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28
This slide outlines a strategic restructuring plan for McDonald's, focusing on financial transparency and a partial IPO.propose_solution
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29
Part of a Pershing Square activist deck.propose_solution
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30
The slide uses a matrix structure to systematically debunk or address stakeholder concerns.preempt_rebuttal
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31
The slide uses a two-column layout to contrast the current issue with the benefits of the proposed solution.propose_solution
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32
Part of a Pershing Square activist proposal for McDonald's.propose_solution
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33
Part of a Pershing Square activist deck regarding McDonald's.propose_solution
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34
This slide uses a Q&A format to directly address stakeholder concerns, a common tactic in activist investor presentations.preempt_rebuttal
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35
The slide uses a Q&A format to directly address stakeholder concerns.preempt_rebuttal
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36
preempt_rebuttal
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37
The slide uses a comparison table structure to link current issues to proposed benefits.propose_solution
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38
Pershing Square activist deck slide. Uses sum-of-the-parts valuation logic to justify a higher multiple.compare_peers
Open slide detailBeat · Business ModelLoop · Mece Breakdown
39
The slide uses a bridge diagram to illustrate the transition from 'As Reported' financials to 'Adjusting for Market Rent' and finally to 'IPO of 20% of McOpCo' show_valuation_bridge
Open slide detailBeat · Business ModelLoop · Mece Breakdown
40
Includes a callout box highlighting the $46-$50 per share valuation range and a footnote detailing allocation and debt assumptions.show_valuation_bridge
Open slide detailBeat · Business ModelLoop · Mece Breakdown
41
The slide uses a specific definition of FCF: After-Tax Levered Operating Cash Flow less Growth and Maintenance Capital Expenditures.show_valuation_bridge
Open slide detailBeat · Business ModelLoop · Mece Breakdown
42
Part of the Pershing Square activist campaign against McDonald's.preempt_rebuttal
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43
The slide serves as a conservative disclaimer for the primary valuation model presented elsewhere in the deck.quantify_opportunity
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44
The chart uses a waterfall-bridge structure to show the cumulative impact of different strategic initiatives on the stock price.show_valuation_bridge
Open slide detailLoop · Value Chain Walk
45
summarize
Open slide detailLoop · Value Chain Walk
46
filler
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47
appendix
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48
Includes a footnote regarding the allocation of G&A and exclusion of non-recurring expenses.analyze_data
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49
Includes specific arrows pointing to inter-company eliminations and adjustments.analyze_data
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50
The slide provides specific financial inputs for a valuation model, including debt levels, tax basis, and IPO proceeds.appendix
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51
The slide outlines a financial restructuring plan involving a $1.3bn note, an IPO, and subsequent share buybacks.plan_implementation
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52
The slide uses a yellow callout box to emphasize the conclusion that no taxes are due.appendix
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53
The slide provides a bridge calculation for cash and debt positions for the fiscal year 2005.analyze_data
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54
The slide provides a detailed breakdown of FCF adjustments including minority interest and share count pro-forma.analyze_data
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55
The slide presents three distinct valuation scenarios based on different operational improvement assumptions (EBITDA margin, G&A savings).analyze_data
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56
Includes a footnote regarding the methodology of the spin-off and share buyback assumptions.analyze_data
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57
Includes footnotes regarding data sources and unit counts.appendix
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58
The chart uses a dashed line to anchor the peak price of $48 against the subsequent multi-year performance.analyze_data
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