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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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      "text": "Midpoint of PF McDonald's Equity Value per Share(2): $48",
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      "text": "This implies a midpoint equity valuation range of $48 per share.",
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      "text": "Equity Value per Share: $48",
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      "text": "Based on a review of the cost of capital of Real Estate holding corporations and Intangible Property / Franchise businesses like Coca Cola and Choice Hotels, we believe that Pro Forma McDonald's levered FCF could have a discount rate in the area 7.25% - 7.75%. As such, we believe PF McDonald's would have a FCF Yield of 4.25% - 5.25%. This implies a midpoint equity valuation range of $48 per share.",
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      "text": "(1) Assumes no dividend paid in FCF calculation. (2) Includes the value of PF McDonald's 35% equity stake in McOpCo (approx. $2 per share). Assumes a 7x EV / FY '06E EBITDA McOpCo valuation multiple.",
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      "text": "Estimated Discount Rate, Implied Perpetuity Growth Rate, Implied FCF Yield, Implied FCF Multiple, FY'06E Free Cash Flow per Share",
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      "text": "Valuation of McDonald's as a Growing Annuity",
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