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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "William Ackman",
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  "notes": "The table highlights the significant margin expansion (EBITDA, EBITDA-Capex, FCF) resulting from the proposed transaction.",
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      "text": "Significantly improves PF McDonald's EBITDA and free cash flow margins\nEnhances return on capital and overall capital allocation for the PF McDonald's\nImproves ability of PF McDonald's to pay significant ongoing dividends",
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      "text": "We note that CapEx projections are net of proceeds obtained from store closures.\n(1) Typical QSR margin based on Wall Street estimates for YUM! Brands and Wendy's.",
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