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  "docSlug": "03a523e87675",
  "documentTitle": "Multiple (portfolio-level LP update: MDLZ, APD, ZTS, QSR, CP, HHC, VRX, PAH, NOMD, HLF short)",
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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 visual comparison to frame Mondelez's ZBB implementation as inferior to the 3G benchmark.",
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      "kind": "callout",
      "text": "While management has embraced ZBB to address their high G&A, Mondelez's version of ZBB is much less robust than the 3G approach",
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      "text": "EBIT Margin Comparison",
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      "text": "EBIT margin: 600-700 bps",
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      "text": "Source: Public filings, Pershing Square estimates. (1) Excludes accelerated depreciation... (2) Represents Anheuser-Busch 2007 EBIT... (3) 2013 and 2015 EBIT margins are pro forma...",
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      "kind": "title",
      "text": "Mondelez Zero-Based Budgeting (ZBB)",
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