{
  "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": 38,
  "pageCount": 79,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 36,
  "notes": "Stock prices as of 11/11/2005. PF McDonald's EV assumes a valuation multiple of 13x EV/FY'06 EBITDA. Total Debt includes Preferred.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-296b2ce8c9e2/38",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2#slide-38",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.81,
        "x": 0.095,
        "y": 0.25
      },
      "kind": "callout",
      "text": "A review of large REITs indicates that these businesses support investment grade ratings with a debt to enterprise value of 36% on average, as compared to Pro Forma McDonald's which would have a debt to enterprise value of 25%.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06848d8a-2755-4006-a868-9f365edfeca9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Debt/Enterprise Value: 36%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ee-cf3800fa0c1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.075,
        "y": 0.85
      },
      "kind": "paragraph",
      "text": "Notes: Stock prices as of 11/11/2005. PF McDonald's EV assumes a valuation multiple of 13x EV/FY'06 EBITDA. Total Debt includes Preferred.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7b2e027e-316a-46df-b470-ecb3ba879d4f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.81,
        "x": 0.095,
        "y": 0.37
      },
      "kind": "table",
      "text": "Table of REIT credit metrics",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08186527-fe65-46f3-bafd-24ffad5aaf9d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.4,
        "x": 0.363,
        "y": 0.15
      },
      "kind": "title",
      "text": "Credit Ratings of Large Public REITs",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aacf4ae3-e16c-4a72-8a53-02887e09c37d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "3d9a199a-74af-4260-b318-c43b3292e80a",
      "evidence": "Comparing peer REIT debt ratios to proposed McDonald's debt ratio",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}