{
  "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": 44,
  "pageCount": 58,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "The chart uses a bridge/waterfall structure to show the cumulative impact of different value-creation levers.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "waterfall_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-25fc98d95c50/44",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.94,
        "x": 0.03,
        "y": 0.23
      },
      "kind": "callout",
      "text": "We believe our Proposal can potentially increase McDonald's share price to $50 per share. In addition, we believe McDonald's strong management team, running a world-leading brand, can create significant additional value based only on incremental operating improvements.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1560bb40-a81a-496d-a042-757cbc96b0fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.52,
        "w": 0.94,
        "x": 0.03,
        "y": 0.38
      },
      "kind": "chart",
      "text": "Waterfall chart showing share price progression from $34 to $61",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1d03d7f-6b2e-4b80-825e-94e833e8a0b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock price: $61",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a329-2fc6d9f37289",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "(1) See Appendix page 55 for more detail regarding our assumptions on operating improvements.\n(2) Total savings denotes consolidated G&A, of which 75% is allocated to Brand McDonald's and 25% is allocated to McOpCo.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "81eb5ece-b7c9-4330-ba5e-ede9a6426a19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.34,
        "y": 0.08
      },
      "kind": "title",
      "text": "Further Upside to Our Valuation (cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7c2ed170-9e75-4552-8510-5162d25b110d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "f61b6e67-10a1-464d-9cf1-f8d00c6df231",
      "evidence": "Waterfall chart showing share price progression from $34 to $61",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "ec84ea16-d2c3-4f5e-a728-e5eb83371387",
      "evidence": "The slide uses a bridge chart to decompose the total valuation increase into discrete components.",
      "confidence": 1
    }
  ],
  "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": 44,
      "from": 43,
      "name": "So What Cascade",
      "slug": "41-so-what-cascade",
      "bestFor": "Data presentations, executive summaries, driving to recommendations",
      "matchId": "d77ec5d5-bba2-446b-9567-0d094d80826a",
      "evidence": "The document cascades the implications of the proposal by highlighting the potential increase in McDonald's share price.",
      "position": 2,
      "objective": "Cascade the implications of the proposal",
      "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)",
      "confidence": 0.8,
      "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}