{
  "docId": "019dd923-622c-750b-8b9b-cf2aa45d96dd",
  "docSlug": "76c9a698803d",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-24 00:00:00",
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  "pageNumber": 13,
  "pageCount": 86,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "before_after",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": "The slide uses a 'before-after' framing to argue that current progress is insufficient compared to potential.",
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      "kind": "callout",
      "text": "While the company has made steady progress in boosting margins, we believe that optimized margins are far higher",
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      "text": "EBIT margin progression from 2013 to 2018 target and optimized state",
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      "kind": "metric",
      "text": "EBIT margin: 17-18%",
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      "kind": "source-note",
      "text": "Source: MDLZ public filings, Pershing Square estimates. 2013-2015 margins are pro forma for the coffee JV transactions and the deconsolidation of MDLZ's Venezuelan operations.",
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      "kind": "title",
      "text": "Progress on Business Transformation",
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      "kind": "title",
      "text": "Mondelez EBIT Margin",
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      "evidence": "Compares current progress against a higher 'optimized' future state to highlight a gap.",
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      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Desire",
      "beatSlug": "aida-desire",
      "evidence": "Detailed analysis of key portfolio companies, such as Mondelēz International, Restaurant Brands International, and Chipotle, aims to create desire for the investment opportunities.",
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      "confidence": 0.8,
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      "name": "Before After",
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      "evidence": "The 'before-after' comparison illustrates the current state and potential future state of MDLZ's margins.",
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      "objective": "To highlight the potential for margin improvement in Mondelēz International.",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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