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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "notes": "The table compares current valuation metrics against a post-IPO scenario for McOpCo, showing an implied share price premium.",
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      "text": "Set forth herein is a table which details our sum-of-the-parts valuation.",
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      "text": "Implied Share Price: $50",
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      "text": "Note: Assumes $1.25bn of proceeds from IPO and $1.75bn of existing cash on hand used to repurchase shares. Analysis is pro forma for a McOpCo spin-off and McDonald's share buyback, as proposed, occurring on 12/31/05. (1) Based on 10/31 closing price of $31.60.",
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