{
  "docId": "019dd923-622c-750b-8b9b-f01208f020ff",
  "docSlug": "02ebfca8ede5",
  "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": "2020-02-05 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 62,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide uses a classic activist investor thesis structure: strong fundamentals + valuation gap = upside.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-f01208f020ff/42",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-f01208f020ff#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.16,
        "y": 0.16
      },
      "kind": "callout",
      "text": "QSR is a high-quality business with significant long-term growth potential trading at a discounted valuation",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf560de8-335a-43d4-bbfe-b00a652b6380",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "As results at Tim Hortons improve, investor focus will likely turn towards the company’s long-term growth opportunity and lead to share price appreciation",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba8a-f7e6668f7a90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.75,
        "x": 0.16,
        "y": 0.27
      },
      "kind": "list",
      "text": "Continued strong business performance in 2019: Net unit growth +5%, Burger King same-store sales +4%, Popeyes +5%, Organic EBITDA growth +7%",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37d35898-19f8-42eb-8a82-5c47b00e5a8b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.16,
        "y": 0.65
      },
      "kind": "list",
      "text": "Remains cheap relative to intrinsic value and peers: Trades at <20x 2020 FCF, 25% discount to peers",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6aeac613-abce-454e-8752-39c014bcf999",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "free cash flow per share: 20x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba8a-fbcbc86c4cac",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "As results at Tim Hortons improve, investor focus will likely turn towards the company's long-term growth opportunity and lead to share price appreciation",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "44235472-9ea0-4959-ae22-8c4bca3f095e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "(1) Financial results for 2019 represent YTD results for the nine months ended 9/30/19 (2) Peers include McDonald's, Yum! Brands, Domino's Pizza and Dunkin' Brands",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2dc9214a-193f-42c3-8125-cef46cd9e3c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Restaurant Brands International (\"QSR\")",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a812a61-3d1e-4a4b-971d-baeb860c4631",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "executive-summary",
      "slug": null,
      "matchId": "c76c47d4-fd2b-4c15-bd37-5b888b6d781b",
      "evidence": "The slide provides a high-level summary of the investment thesis.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 60,
      "from": 36,
      "beatId": "fee6afa2-b432-4fee-84ea-3a5ba4491f22",
      "arcName": "AIDA",
      "arcSlug": "aida",
      "beatName": "Action",
      "beatSlug": "aida-action",
      "evidence": "The document concludes with a portfolio update, new investments, and exits, encouraging action from investors.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}