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  "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",
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  "pageNumber": 26,
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  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a table to build up to a 2.5% margin increase estimate.",
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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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      "kind": "list",
      "text": "We are looking forward to a significant gross margin 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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      "kind": "source-note",
      "text": "Source: Management commentary, Pershing Square estimates. (1) Based on management commentary during 2015 Back to School breakout session that advantaged assets provide a gross margin uplift of between 400-1,000bps.",
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      "text": "Gross Margin Impact of Advantaged Assets; % of Power Brands on Advantaged Assets - 2018: 70%; % of Power Brands on Advantaged Assets - Current: 20%; Power Brands as % of Total Sales in 2018: 64%; % of Sales Moved to Advantaged Assets: 32%; Advantaged Assets Margin Uplift: 8%; Margin Increase from Move to Advantaged Assets: 2.5%",
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      "kind": "title",
      "text": "Gross Margin Opportunity: Advantaged Assets",
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