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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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      "text": "While management is making progress with their plan to increase margins to 17-18% by 2018, we believe optimized margins are far higher",
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      "text": "Source: Mondelez public filings, Pershing Square estimates. 2013-2015 margins are pro forma for the Coffee JV and the deconsolidation of MDLZ's Venezuelan operations.",
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