{
  "docId": "019dd923-622c-750b-8b9b-b5e2117e169a",
  "docSlug": "ff2d385c560d",
  "documentTitle": "Pershing Square portfolio (multi-holding LP update: MDLZ, VRX, APD, ZTS, CP, QSR, HHC, PAH, FNMA/FMCC, HLF short)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-01-28 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 23,
  "pageCount": 104,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 9,
  "notes": "Mondelez is highlighted in red, while peers are in blue. The chart uses consensus estimates with specific adjustments for each company.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b5e2117e169a/23",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b5e2117e169a",
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  "components": [
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      "bbox": {
        "h": 0.55,
        "w": 0.84,
        "x": 0.08,
        "y": 0.22
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      "kind": "chart",
      "text": "CY 2015E EBIT Margin",
      "attrs": null,
      "subkind": "bar-vertical",
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      "componentId": "0555a5f0-4bd7-4df7-a8d1-6af8aa24ed77",
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    {
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        "h": 0.1,
        "w": 0.9,
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        "y": 0.84
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, public filings, Pershing Square estimates. Note: Represents calendar year 2015 Capital IQ consensus estimates for all companies except Mondelez which is based on 2015 guidance excluding 20-30bps of stranded overhead costs from the divestiture of their coffee business and Unilever which has already reported full year 2015 results. Kraft Heinz margin is pro forma for $1.5 billion of announced cost savings and merger synergies. Unilever margin is for the Food and Refreshment business only and excludes 50bps of assumed restructuring charges.",
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        "h": 0.04,
        "w": 0.45,
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      "kind": "title",
      "text": "Mondelez EBIT Margins vs. Peers",
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  "metrics": [],
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  "frameworks": [
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      "matchId": "c68403cf-6bc1-438e-8c44-f51137c09573",
      "evidence": "Comparing target company performance against a peer group to highlight a performance gap.",
      "confidence": 0.9
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      "beatId": "315c54ce-3989-425d-99d9-079d23ddcb41",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Complication",
      "beatSlug": "complication",
      "evidence": "Discussion of challenges faced by portfolio companies",
      "position": 2,
      "confidence": 0.8,
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  ],
  "loops": [
    {
      "to": 30,
      "from": 20,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "dd33ab9a-e9db-46a0-97c5-96fa77f7e2f4",
      "evidence": "Comparison of current and potential performance for portfolio companies",
      "position": 0,
      "objective": "Highlighting the contrast between current and potential performance",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 0.6,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
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