{ "kind": "all", "value": "all", "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations", "filters": { "documentKinds": [], "sourceTypes": [], "orientations": [] }, "total": 319975, "page": 2401, "pageSize": 60, "pageCount": 5333, "rows": [ { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 13, "slideType": "other", "function": "present_framework", "notes": "The slide uses a value-chain style breakdown to explain the economic model of McDonald's real estate and franchise operations.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/13", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-13", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 14, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a structural diagram to contrast the high-value real estate/franchise business with the lower-margin restaurant operator business.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/14", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-14", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 15, "slideType": "comparison_table", "function": "compare_peers", "notes": "The slide uses a hierarchical structure to categorize business units and then compares them across four key financial metrics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/15", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-15", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 16, "slideType": "before_after", "function": "analyze_data", "notes": "Uses a before-after bridge diagram to illustrate the shift in EBITDA contribution.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/16", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-16", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 17, "slideType": "before_after", "function": "analyze_data", "notes": "Uses a before-after bridge to illustrate the shift in business contribution profile.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/17", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-17", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 18, "slideType": "valuation_table", "function": "analyze_data", "notes": "Includes specific arrows pointing to inter-company eliminations; mentions 75/25 G&A allocation assumption.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/18", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-18", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 19, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses a specific G&A allocation assumption (75% to Real Estate/Franchise) to derive the EBITDA split.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/19", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-19", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 20, "slideType": "kpi_overview", "function": "analyze_data", "notes": "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 total.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/20", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-20", "loopMatches": [ { "to": 20, "from": 13, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "184a7ddd-434f-44f6-b9dd-737f7ac16cc9", "evidence": "The deck presents a detailed analysis of McDonald's business model and financials", "position": 0, "objective": "To demonstrate the complexity of McDonald's business model and financials", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 21, "slideType": "appendix_data", "function": "analyze_data", "notes": "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 sales and rent of 9% of sales.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/21", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-21", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 22, "slideType": "cite_precedent", "function": "cite_precedent", "notes": "The slide uses historical context to frame the current McOpCo (McDonald's Company-Operated) model as a deviation from the original franchise-focused strategy.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/22", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-22", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 23, "slideType": "comparison_table", "function": "compare_peers", "notes": "Includes a quote from Fred Turner to support the thesis that owner-operators are more effective than corporate managers.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/23", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-23", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 24, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/24", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-24", "loopMatches": [], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 25, "slideType": "roadmap", "function": "plan_implementation", "notes": "Outlines specific financial mechanics for a corporate spin-off/restructuring proposal.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/25", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-25", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 26, "slideType": "propose_solution", "function": "propose_solution", "notes": "Uses a before-after transition diagram to illustrate the structural change.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/26", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-26", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 27, "slideType": "thesis_headline", "function": "summarize", "notes": "The slide uses a callout box for the thesis and bulleted lists for the supporting arguments.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/27", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-27", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 28, "slideType": "comparison_table", "function": "compare_peers", "notes": "The slide uses a 'before-after' comparison structure to justify a corporate restructuring proposal.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/28", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-28", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 29, "slideType": "key_takeaways", "function": "summarize", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/29", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-29", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 30, "slideType": "propose_solution", "function": "propose_solution", "notes": "The slide uses a yellow callout box to summarize the thesis of the proposal.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/30", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-30", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 31, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "Part of Pershing Square's McOpCo IPO proposal.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/31", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-31", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 32, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a weighted average for the industry total to provide a benchmark for the proposed McOpCo IPO valuation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/32", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-32", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 33, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes detailed footnotes explaining the derivation of net debt, McOpCo stake, and share buyback assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/33", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-33", "loopMatches": [ { "to": 33, "from": 25, "name": "The Reveal", "slug": "05-the-reveal", "bestFor": "Product launches, strategic pivots, unexpected findings", "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6", "evidence": "The deck presents valuation tables and financial analysis to support the proposal", "position": 1, "objective": "To reveal the potential value creation of a McOpCo IPO", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "confidence": 0.8, "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion" } ], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 34, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a footnote reference (1) regarding after-tax IPO proceeds.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/34", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-34", "loopMatches": [], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 35, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes detailed footnotes explaining debt allocation, McOpCo stake, and share repurchase assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/35", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-35", "loopMatches": [], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 36, "slideType": "valuation_table", "function": "quantify_opportunity", "notes": "The slide outlines a $14.7bn financing plan to recapitalize McDonald's, resulting in a 3.5x Total Debt/EBITDA ratio.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/36", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-36", "loopMatches": [], "arcBeatMatches": [ { "to": 36, "from": 24, "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Solution & Approach", "beatSlug": "consultants-gambit-solution-approach", "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 37, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "Part of Pershing Square's proposal for a McOpCo IPO.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/37", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-37", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 38, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses peer data to justify the financial feasibility of the proposed McDonald's spin-off structure.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/38", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-38", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 39, "slideType": "key_messages", "function": "compare_peers", "notes": "Part of a section on the McOpCo IPO proposal.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/39", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-39", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 40, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/40", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-40", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 41, "slideType": "transition", "function": "transition", "notes": "The slide acts as a section divider or transition to the detailed analysis of the four areas.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/41", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-41", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 42, "slideType": "preempt_rebuttal", "function": "preempt_rebuttal", "notes": "The slide uses a three-column layout to categorize management's objections and concludes with a summary statement that these are not gating issues.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/42", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-42", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 43, "slideType": "valuation_table", "function": "summarize", "notes": "The slide highlights a specific qualitative judgment from advisors regarding market perception of the spun-off entity.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/43", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-43", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 44, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/44", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-44", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 45, "slideType": "key_messages", "function": "preempt_rebuttal", "notes": "Part of a section titled 'Developing a Response to the Company'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/45", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-45", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 46, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses the 'skin in the game' concept to challenge the necessity of corporate-owned units.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/46", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-46", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 47, "slideType": "key_messages", "function": "present_solution", "notes": "Part of a section titled 'Developing a Response to the Company'.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/47", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-47", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 48, "slideType": "transition", "function": "transition", "notes": "Part of section V: Developing a Response to the Company.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/48", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-48", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 49, "slideType": "thesis_headline", "function": "frame_situation", "notes": "The slide uses a provocative thesis to reframe the company's business model.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/49", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-49", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 50, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide argues for a valuation re-rating of McDonald's based on its business model characteristics.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/50", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-50", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 51, "slideType": "scenario_table", "function": "analyze_data", "notes": "The slide uses a scenario table to demonstrate how yield changes as the stock price increases, assuming a constant FCF per share.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/51", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-51", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 52, "slideType": "thesis_headline", "function": "quantify_opportunity", "notes": "The chart distinguishes between 'Based on Pershing Assumptions' (1990-1999) and 'Based on Reported Financials' (2000-2004).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/52", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-52", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 53, "slideType": "scenario_table", "function": "compare_peers", "notes": "The slide uses a comparison frame to argue for the attractiveness of the proposed McDonald's restructuring.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/53", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-53", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 54, "slideType": "scenario_table", "function": "compare_peers", "notes": "The slide uses a comparison table to highlight the yield advantage of the proposed McDonald's restructuring over risk-free government debt.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/54", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-54", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 55, "slideType": "scenario_table", "function": "compare_peers", "notes": "The slide uses a comparative framework to highlight the yield advantage of McDonald's stock over government bonds.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/55", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-55", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 56, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "Includes a specific footnote regarding the McOpCo stake valuation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/56", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-56", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 57, "slideType": "key_takeaways", "function": "summarize", "notes": "Part of section V: Developing a Response to the Company.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/57", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-57", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 58, "slideType": "closing_ask", "function": "state_next_steps", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/58", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-58", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 59, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/59", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-59", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 60, "slideType": "appendix", "function": "appendix", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/60", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-60", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 61, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/61", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-61", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 62, "slideType": "appendix_data", "function": "summarize", "notes": "Part of Pershing Square's proposal for McDonald's.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/62", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-62", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 63, "slideType": "propose_solution", "function": "propose_solution", "notes": "Part of Pershing Square's activist proposal for McDonald's.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/63", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-63", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 64, "slideType": "valuation_table", "function": "analyze_data", "notes": "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 distributions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/64", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-64", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 65, "slideType": "valuation_table", "function": "quantify_opportunity", "notes": "The slide breaks down property value and leasehold value to arrive at a total collateral value of $46.4 billion.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/65", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-65", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 66, "slideType": "appendix_data", "function": "analyze_data", "notes": "Part of Pershing Square's proposal analysis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/66", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-66", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 67, "slideType": "valuation_table", "function": "analyze_data", "notes": "Includes WACC sensitivity tables against Equity Risk Premium and Debt/TEV.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/67", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-67", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 68, "slideType": "section_divider", "function": "transition", "notes": null, "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/68", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-68", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 69, "slideType": "appendix_data", "function": "analyze_data", "notes": "Page number 68. Includes specific financial ratios and growth assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/69", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-69", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 70, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide highlights that McOpCo is not paying market rent or franchise fees, as evidenced by the allocation of costs.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/70", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-70", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 71, "slideType": "appendix_data", "function": "analyze_data", "notes": "Includes a footnote regarding D&A allocation assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/71", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-71", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019de06f-7b6a-7599-b88b-e5db756b283e", "docSlug": "e8ed5b303558509d41c1162984588b13", "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides", "authorId": "pershing-square", "authorName": "Pershing Square Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2016-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.2938006, "pageNumber": 72, "slideType": "appendix_data", "function": "analyze_data", "notes": "Part of a Pershing Square activist deck regarding McDonald's.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/72", "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e", "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-72", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }