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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "UMG’s current valuation represents a significant discount to intrinsic value and does not reflect the company’s attractive business characteristics and runway for sustained earnings growth",
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      "text": "Double-digit revenue growth outlook: Massive addressable market, strong customer value proposition, and dominant market position; Global consumer adoption of streaming creates long runway of predictable, recurring revenue growth",
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      "text": "High rate of revenue growth should drive significant margin expansion: Large fixed-cost base creates significant operating leverage; UMG guiding to “mid-twenties” EBITDA margin in the mid-term (vs. ~21% today)",
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      "text": "Universal Music Group: Investment Thesis",
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