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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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  "notes": "The slide uses a 'preempt_rebuttal' strategy by explicitly stating that the current valuation is conservative and does not account for these potential improvements.",
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      "text": "Pershing's valuation is based on the business as it exists today, assuming no further operational improvements.",
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      "text": "We believe that McOpCo has EBITDA margins of roughly 7.3% (post corporate allocation); Based on comparable restaurant businesses, we believe McOpCo is capable of achieving at least 10% EBITDA margins",
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      "text": "However, Pershing has assumed no incremental operational improvements as part of its valuation",
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      "text": "Standalone McDonald's LTM 9/30/05 G&A per systemwide unit of $68k versus YUM! Brands LTM 9/30/05 G&A per systemwide unit of approximately $35k",
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      "text": "Pershing believes that creating a publicly traded arm's-length McOpCo will substantially improve both top-line and bottom-line performance of McDonald's",
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      "text": "IPO and potential spin-off of Chipotle will create additional value for investors",
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      "text": "(1) McOpCo EBITDA margins are after adjusting for a market rent and franchise fee and allocating 25% of McDonald's consolidated G&A to McOpCo.",
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      "kind": "title",
      "text": "Further Upside to Our Valuation",
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