{
  "docId": "019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "docSlug": "70a313a8c0c3",
  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2005-11-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 15,
  "pageCount": 79,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide uses a hierarchical structure to categorize business units and then compares them across four key financial metrics.",
  "elementsJson": [
    "process_diagram",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-296b2ce8c9e2/15",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.21,
        "y": 0.238
      },
      "kind": "diagram",
      "text": "McDonald's business structure hierarchy",
      "attrs": null,
      "subkind": "hub-spoke",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fafd6df5-5708-4046-ac41-5d7ba2e626ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 70%-90%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ec-5e0c3de3d5ac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.07,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) Typical margins are illustrative restaurant EBITDA margins and assume the payment of a market rent and franchisee fee, similar to a franchisee. (2) Typical betas are Pershing approximations based on selected companies' Barra predictive betas.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b6521eb-888d-448d-951c-aacb4d2af873",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.07,
        "y": 0.48
      },
      "kind": "table",
      "text": "Comparison table of Landlord, Franchisor, and McOpCo segments across four metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73165ddd-e21a-4069-8d77-72bbb7f4880d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.42,
        "x": 0.36,
        "y": 0.15
      },
      "kind": "title",
      "text": "Characteristics of Cash Flow Streams",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d0f9056-7ce3-42c5-b5aa-594b174c009a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Comparison frame",
      "slug": "comparison-frame",
      "agent": null,
      "layer": "slide",
      "matchId": "3a0de7c8-7ae2-4455-8e10-250c625da43c",
      "evidence": "The slide compares characteristics of cash flow streams across Landlord, Franchisor, and McOpCo segments.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "4d73d6b8-542d-445b-bb8b-cad1fc92ea3b",
      "evidence": "The slide uses a structured table to compare business segments across specific financial attributes.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 15,
      "beatId": "04971b0e-b324-458c-9286-3cd6ef335c7c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides data and analysis to support the proposal, including financial metrics and valuation multiples.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}