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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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  "notes": "The slide argues for a valuation re-rating of McDonald's by comparing it to higher-multiple sectors.",
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      "text": "PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical mature QSR.",
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      "text": "EBITDA Margins: 60%",
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      "text": "Stock prices as of 11/11/05. Projections based on Wall Street estimates. (1) Typical mature QSR based on YUM! Brands and Wendy's. (2) Adjusted for unconsolidated assets. (3) FCF denotes Net Income plus D&A less CapEx.",
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