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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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      "kind": "callout",
      "text": "There are very few businesses in the world with all the attractive business characteristics of Brand McDonald's",
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      "text": "Brand McDonald's: Collects a royalty of 13% of systemwide sales. Real Estate & Franchise segments.",
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      "text": "World-leading brand; ~60% EBITDA Margins; Low maintenance capital requirements; ~55% EBITDA – maintenance capex margins; Low operating leverage / high earnings stability; High ROIC; Low cost of capital; Valuable fixed asset base; 50 year track record; Global and diverse customer base",
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      "text": "(1) Based on Pershing's estimates. Assumes McOpCo pays a market rent and franchise fee.",
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      "kind": "title",
      "text": "Objective 3: Unlock Shareholder Value at McDonald's (cont'd)",
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