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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2018-01-29 00:00:00",
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      "kind": "callout",
      "text": "QSR remains an attractive investment opportunity despite significant share price appreciation in 2017",
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      "text": "Restaurant Brands International",
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      "text": "Continued Strong Business Performance: Net unit growth of 6% at Burger King and 4% at Tim Hortons; Margin enhancement from continued efficiencies and Popeyes integration; Increased EBITDA margins ~250bps at Burger King and >1,000bps at Popeyes; Same-store-sales growth at Burger King (+3%) more than offset flat results at Tim Hortons",
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      "text": "Cheap Relative to Intrinsic Value and Peers: Trades at ~21x our estimate of 2018 free cash flow per share; Peers(1) trade at an average of ~25x 2018 free cash flow per share based on analyst estimates; QSR trades at a discount to peers despite higher long-term growth potential; Free option on future value-creating acquisitions",
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      "text": "free cash flow per share: 21x",
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      "text": "(1) Peers include McDonald's, Yum! Brands, Domino's Pizza and Dunkin' Brands.",
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      "text": "Restaurant Brands International (\"QSR\")",
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