{
  "docId": "019dd923-622c-750b-8b9b-25fc98d95c50",
  "docSlug": "5ae5957203aa",
  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 38,
  "pageCount": 58,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 48,
  "notes": "The slide argues for a valuation multiple of 12.5x-13.5x EV/2006E EBITDA based on peer similarity.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-25fc98d95c50/38",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50#slide-38",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe Brand McDonald's could be worth 12.5x – 13.5x EV/2006E EBITDA.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a328-581b1f50243b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV/2006E EBITDA: 12.5x - 13.5x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a328-5ff18553980e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Brand McDonald's operating metrics and business characteristics are much closer to high branded intellectual property businesses such as PepsiCo, Coca-Cola or Choice Hotels or a typical Real Estate C-Corporation than they are to a typical QSR.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3192f45-4411-41e4-9418-c834e1860fa6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Stock prices as of 1/13/2006. Projections based on Wall Street research estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03de0642-4033-4832-afa9-79f336be901c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.85,
        "x": 0.1,
        "y": 0.4
      },
      "kind": "table",
      "text": "Comparison table of McDonald's vs peers across EBITDA margins, growth, business characteristics, and trading multiples.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50b40dfa-4dc6-43c5-8f81-711ddbc09833",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.34,
        "y": 0.1
      },
      "kind": "title",
      "text": "Revised Proposal: Allows Investors to Value on a Sum-of-the-Parts Basis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b9cc8e8-da81-430e-bcab-89184d3360b4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "d35490db-1158-4e55-83a4-32d1e2de1ad6",
      "evidence": "Comparison table of McDonald's vs peers",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "78786063-0ecd-452c-adc3-947c1fce5029",
      "evidence": "Direct comparison of McDonald's metrics against peer groups to justify valuation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 44,
      "from": 17,
      "beatId": "80372130-4d11-441b-a4bc-6c678b9b2ece",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document proposes solutions to improve McDonald's operating performance and unlock shareholder value.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 40,
      "from": 38,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "7f5871e2-af6b-4896-bb22-349d9b977786",
      "evidence": "The document provides a sum-of-the-parts analysis of McDonald's valuation.",
      "position": 1,
      "objective": "Break down the valuation of McDonald's",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.8,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}