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  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2016-04-26 00:00:00",
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      "kind": "callout",
      "text": "Mondelez has invested ~$1.5 billion to upgrade its manufacturing base, which should expand gross margins by ~250 bps by 2018",
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      "text": "We are looking forward to substantial increases in gross margins increase as the new Salinas, Mexico facility ramps up\nWe believe the potential for long-term gross margin expansion is strong",
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      "text": "gross margin expansion: 250 bps",
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      "text": "Source: Management commentary, Pershing Square estimates.\n(1) Based on management commentary during 2015 Back to School breakout session that advantaged assets provide a gross margin uplift of between 400-1,000 bps.",
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      "text": "Gross Margin Impact of Advantaged Assets\n% of Power Brands on Advantaged Assets - 2018 ~70%\n% of Power Brands on Advantaged Assets - 2015 ~25%\nPower Brands as % of Total Sales in 2018 ~70%\n% of Sales Moved to Advantaged Assets 32%\nAdvantaged Assets Margin Uplift(1) 8%\nMargin Increase from Move to Advantaged Assets 2.5%",
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