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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 uses a 'Memo' table to derive the FCF per share used in the main sensitivity table.",
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      "kind": "callout",
      "text": "At McDonald's current price of approximately $33 per share, we estimate Pro Forma McDonald's dividend / FCF yield would be approximately 6.7%. (1)",
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      "kind": "callout",
      "text": "At McDonald's current price of approximately $33 per share, we estimate Pro Forma McDonald's dividend / FCF yield would be approximately 6.7%.",
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      "text": "Free Cash Flow Yield: 6.7%",
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      "text": "(1) Assuming PF McDonald's pays out 100% of its FCF as dividends. (2) Assumes no incremental leverage and an average cost of debt of 5% on the existing $5 bn of net debt at Pro Forma McDonald's.",
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      "text": "Memo: Pro Forma McDonald's Free Cash Flow calculation",
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      "text": "Significant Free Cash Flow Yield / Dividend Yield Assuming No Incremental Debt",
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