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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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  "notes": "Includes a callout box explaining the underlying EBITDA assumptions and the resulting stock price range.",
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      "text": "Assuming McOpCo pays a market rent and franchisee fee, we have modeled McOpCo FY '06E EBITDA of $1.1 billion and Brand McDonald's FY '06E EBITDA of $4.5 billion. Based on these assumptions, we believe McDonald's stock price would trade in the range of approximately $46 - $50 per share, as a result of a 20% IPO of McOpCo.",
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      "text": "Based on these assumptions, we believe McDonald's stock price would trade in the range of approximately $46 - $50 per share, as a result of a 20% IPO of McOpCo.",
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      "text": "Equity Value per Share: $46 - $50",
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      "text": "Note: Assumes 75% of consolidated G&A is allocated to Brand McDonald's, with the rest allocated to McOpCo. Assumes McDonald's FY '05E Net Debt of $8.1bn, Minority Interest in McOpCo of $1.3bn, and FY '05E Diluted Shares Outstanding of 1,186mm, all pro forma for Pershing's Revised Proposal.",
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      "text": "Assuming Transparent Segment Financials",
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