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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": "We believe there are clear catalysts for an upward revaluation of MDLZ as key investor concerns that emerged last year are addressed",
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      "text": "Compelling upside from re-rating combined with double-digit EPS growth",
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      "text": "We expect continued acceleration in revenue growth and clarity on the new CEO's strategy will cause MDLZ's gap to intrinsic value to close. 25% US sales, 40% EM, 85% snacks. Improved growth quality. Headwinds to tailwinds. No need to rebase earnings.",
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      "text": "Today, MDLZ trades at 18x our estimate of 2018 earnings per share. Slight discount to S&P 500. ~15% discount to peers. Undervaluation driven by concerns.",
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      "kind": "title",
      "text": "Mondelez International (\"MDLZ\")",
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