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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2005-11-15 00:00:00",
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  "pageNumber": 33,
  "pageCount": 79,
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  "notes": "Part of Pershing Square's proposal for a McOpCo IPO.",
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      "text": "Based on relevant publicly traded comparable companies, including several real estate holding C-Corporations, Pro Forma McDonald's would trade in the range of 12.5x–13.5x EV/CY '06E EBITDA. We believe PF McDonald's would trade at a 37%–52% premium over where it trades today.",
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      "text": "We believe PF McDonald's would trade at a 37%–52% premium over where it trades today.",
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      "text": "Assumes $1.35 bn of net debt allocated to McOpCo and $5.0 bn of net debt allocated to PF McDonald's. In addition, assumes $9.7 bn of incremental leverage placed on PF McDonald's. Represents 35% of the market equity value of McOpCo. Assumes incremental leverage and the after-tax proceeds from McOpCo IPO (net of fees and expenses) are used to buy back approximately 316 mm shares at an average price of $40. Assumes a recent stock price of $33. P/FY '06E FCF multiple adjusted for Pro Forma McDonald's 35% stake in McOpCo.",
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      "text": "Price Per Share: $50",
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      "text": "Significant Value Creation for Shareholders",
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