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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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  "notes": "The slide uses a mix of checkmarks for positive performance and an 'x' for the negative FX impact.",
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      "kind": "callout",
      "text": "QSR's intrinsic value meaningfully increased in 2015, despite substantial headwinds from strengthening USD",
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      "text": "We took advantage of price declines at the beginning of the year to add to our position and believe QSR remains a compelling long-term investment",
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      "text": "Restaurant Brands International",
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      "text": "Strong financial performance in 2015: 21% EBITDA growth before FX\nImpressive SSS growth at both Burger King (+5%) and Tim Hortons (+6%)\nContinued progress on Burger King US turnaround (SSS +6%)\nSignificantly reduced Tim Hortons expenses and capex\nOverhead costs reduced by more than 30% and significantly improved franchise and distribution margins\nMaintained high level of net unit growth (4%) at both Burger King and Tim Hortons\nStrengthening of the USD has materially reduced reported financial results\nFX reduced reported EBITDA growth by ~13%",
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