Pershing Square Capital Management · activist-deck
Pershing Square | Activist Presentation Deck | 79 slides
79 pages · 3 arc beats · 2 loops
Pershing Square | Activist Presentation Deck | 79 slides
Pershing Square Capital Management · 2016-11 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
3 coverage by narrative range · generated from this deck JSON
Narrative range 25 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 6 slides 100% 6/6 slides 100% 6/6 slides · 23 hits — 0/6 slides
— 0/6 slides
— 0/6 slides
100% 6/6 slides — 0/6 slides
Problem & Complication 6 slides 100% 6/6 slides 100% 6/6 slides · 24 hits — 0/6 slides
50% 3/6 slides 33.3% 2/6 slides 100% 6/6 slides — 0/6 slides
Solution & Approach 13 slides 100% 13/13 slides 100% 13/13 slides · 55 hits — 0/13 slides
7.7% 1/13 slides 61.5% 8/13 slides 100% 13/13 slides 69.2% 9/13 slides Slide inventory
79 every slide · same image gating as the playbook
06
Part of a Pershing Square activist deck.establish_context
Open slide detailBeat · Situation & Context
07
Includes same-store sales growth data in a table row below the chart.analyze_data
Open slide detailBeat · Problem & Complication
08
The chart uses a dual-axis approach to show absolute dollar values (bars) and percentage margins (line).analyze_data
Open slide detailBeat · Problem & Complication
09
The slide highlights the gap between the 1999 high and the subsequent range-bound performance.diagnose_problem
Open slide detailBeat · Problem & Complication
10
The QSR index significantly outperforms both McDonald's and the S&P 500.compare_peers
Open slide detailBeat · Problem & Complication
11
The slide uses a 'villain' framing by attributing the discount to a 'fundamental misconception' about the business.compare_peers
Open slide detailBeat · Problem & Complication
13
The slide uses a value-chain style breakdown to explain the economic model of McDonald's real estate and franchise operations.present_framework
Open slide detailLoop · Logic Chain
14
The slide uses a structural diagram to contrast the high-value real estate/franchise business with the lower-margin restaurant operator business.expose_contradiction
Open slide detailLoop · Logic Chain
15
The slide uses a hierarchical structure to categorize business units and then compares them across four key financial metrics.compare_peers
Open slide detailLoop · Logic Chain
16
Uses a before-after bridge diagram to illustrate the shift in EBITDA contribution.analyze_data
Open slide detailLoop · Logic Chain
17
Uses a before-after bridge to illustrate the shift in business contribution profile.analyze_data
Open slide detailLoop · Logic Chain
18
Includes specific arrows pointing to inter-company eliminations; mentions 75/25 G&A allocation assumption.analyze_data
Open slide detailLoop · Logic Chain
19
The slide uses a specific G&A allocation assumption (75% to Real Estate/Franchise) to derive the EBITDA split.analyze_data
Open slide detailLoop · Logic Chain
20
The slide uses a stacked bar chart to demonstrate that the Real Estate and Franchise segment is the primary driver of EBITDA growth, accounting for ~80% of the analyze_data
Open slide detailLoop · Logic Chain
21
Assumes McOpCo G&A to be 25% of consolidated G&A and Real Estate and Franchise G&A to be 75% of consolidated G&A. Assumes McOpCo pays franchise fees of 4% of saanalyze_data
22
The slide uses historical context to frame the current McOpCo (McDonald's Company-Operated) model as a deviation from the original franchise-focused strategy.cite_precedent
23
Includes a quote from Fred Turner to support the thesis that owner-operators are more effective than corporate managers.compare_peers
25
Outlines specific financial mechanics for a corporate spin-off/restructuring proposal.plan_implementation
26
Uses a before-after transition diagram to illustrate the structural change.propose_solution
27
The slide uses a callout box for the thesis and bulleted lists for the supporting arguments.summarize
28
The slide uses a 'before-after' comparison structure to justify a corporate restructuring proposal.compare_peers
30
The slide uses a yellow callout box to summarize the thesis of the proposal.propose_solution
31
Part of Pershing Square's McOpCo IPO proposal.compare_peers
32
The slide uses a weighted average for the industry total to provide a benchmark for the proposed McOpCo IPO valuation.compare_peers
33
Includes detailed footnotes explaining the derivation of net debt, McOpCo stake, and share buyback assumptions.show_valuation_bridge
34
Includes a footnote reference (1) regarding after-tax IPO proceeds.show_valuation_bridge
Open slide detailBeat · Solution & Approach
35
Includes detailed footnotes explaining debt allocation, McOpCo stake, and share repurchase assumptions.show_valuation_bridge
Open slide detailBeat · Solution & Approach
36
The slide outlines a $14.7bn financing plan to recapitalize McDonald's, resulting in a 3.5x Total Debt/EBITDA ratio.quantify_opportunity
Open slide detailBeat · Solution & Approach
38
The slide uses peer data to justify the financial feasibility of the proposed McDonald's spin-off structure.compare_peers
41
The slide acts as a section divider or transition to the detailed analysis of the four areas.transition
42
The slide uses a three-column layout to categorize management's objections and concludes with a summary statement that these are not gating issues.preempt_rebuttal
43
The slide highlights a specific qualitative judgment from advisors regarding market perception of the spun-off entity.summarize
46
Uses the 'skin in the game' concept to challenge the necessity of corporate-owned units.expose_contradiction
49
The slide uses a provocative thesis to reframe the company's business model.frame_situation
50
The slide argues for a valuation re-rating of McDonald's based on its business model characteristics.compare_peers
51
The slide uses a scenario table to demonstrate how yield changes as the stock price increases, assuming a constant FCF per share.analyze_data
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 argue for the attractiveness of the proposed McDonald's restructuring.compare_peers
54
The slide uses a comparison table to highlight the yield advantage of the proposed McDonald's restructuring over risk-free government debt.compare_peers
55
The slide uses a comparative framework to highlight the yield advantage of McDonald's stock over government bonds.compare_peers
56
Includes a specific footnote regarding the McOpCo stake valuation.show_valuation_bridge
64
The slide calculates taxable gain based on equity market value, IPO percentage, and adjusted basis, then applies a 38% tax rate to determine final after-tax disanalyze_data
65
The slide breaks down property value and leasehold value to arrive at a total collateral value of $46.4 billion.quantify_opportunity
67
Includes WACC sensitivity tables against Equity Risk Premium and Debt/TEV.analyze_data
69
Page number 68. Includes specific financial ratios and growth assumptions.analyze_data
70
The slide highlights that McOpCo is not paying market rent or franchise fees, as evidenced by the allocation of costs.analyze_data
73
The slide includes a yellow callout box explaining the derivation of Free Cash Flows and the impact of proceeds from restaurant closures.analyze_data
75
Includes EBITDA, various cash flow deductions, FCF per share, and debt metrics.appendix
78
Includes CAGR calculations and key financial metrics like EBITDA, EBIT, and EPS.analyze_data