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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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      "text": "The valuation of PF McDonald's suggests a valuation range of $45–$50 per share. Based on the midpoint of the valuation analysis, PF McDonald's could be worth $47.50 per share, a 44% premium over where it trades today.",
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      "text": "Price Per Share: $47.50",
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      "text": "The valuation of PF McDonald's suggests a valuation range of $45–$50 per share. Based on the midpoint of the valuation analysis, PF McDonald's could be worth $47.50 per share, a 44% premium over where it trades today.",
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      "text": "(1) Assumes $1.35 billion of net debt allocated to McOpCo and $5.0 billion of net debt allocated to PF McDonald's. In addition, assumes $9.7 billion of incremental leverage placed on PF McDonald's. (2) Represents 35% of the market equity value of McOpCo. (3) Assumes incremental leverage and the after-tax proceeds from McOpCo IPO (net of fees and expenses) are used to buy back approximately shares 316 million shares at an average price of $40. (4) Assumes a recent stock price of $33. (5) P/FY '06E FCF multiple adjusted for Pro Forma McDonald's 35% stake in McOpCo. (6) Fees and expenses associated with the IPO and financing transactions.",
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