{
  "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": 39,
  "pageCount": 58,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a waterfall-like logic to bridge current valuation to a revalued state based on sum-of-the-parts.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-25fc98d95c50/39",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "callout",
      "text": "We believe a minority IPO of McOpCo would force a market revaluation of McDonald's.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c18515b8-4d29-439e-82e1-e3e88d47492b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Implied Share Price: $46-$50",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a328-b6b538b4592a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Note: Assumes $1.25bn of proceeds from IPO and $1.75bn of existing cash on hand used to repurchase shares. Capital structure assumptions are detailed on page 56 of the Appendix. Analysis is pro forma for a McOpCo spin-off and McDonald's share buyback on 12/31/05. (1) Based on 10/31 closing price of $31.60.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37a154dc-7d86-41ec-8f02-7905988fd12b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "table",
      "text": "Table showing EBITDA, multiples, and enterprise value for McOpCo and Brand McDonald's across three scenarios.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48a6988f-ce0c-4486-9453-ca35047b1b10",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.25,
        "y": 0.7
      },
      "kind": "table",
      "text": "Recent Stock Price vs Implied Share Price and Premium.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf84bf4f-b8bc-423e-b348-a1fd495b3a1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.35,
        "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": "8d1cf013-02c3-4bc6-b1be-8307a13c8ac2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "70b9ea47-8684-4f6c-83fc-7a4a78cb002a",
      "evidence": "The slide bridges current valuation to a target valuation through specific adjustments.",
      "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
}