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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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      "text": "McOpCo's Estimated Average Unit EBITDA margins versus U.S. Franchisees' Estimated Average Unit EBITDA margins(1)",
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      "text": "Note: See page 57 of the Appendix for Pershing's detailed assumptions. 1) Analysis is based on Pershing's estimates using 2004 financial data. 2) Based on $260k of average EBITDA per franchised store.",
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