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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "QSR is a high-quality business with significant long-term growth potential trading at a highly discounted valuation",
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      "text": "As underlying sales trends recover, QSR’s share price should more accurately reflect our view of its business fundamentals",
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      "text": "Remains cheap relative to intrinsic value and peers; Trades at less than 18x our estimate of 2022 free cash flow per share; The company began repurchasing shares in August.",
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      "text": "Management continuing to make investments for future growth; Digital: G&A investment; New Units: Return to mid-single-digit growth; Brand Acquisitions: Purchased Firehouse Subs for $1bn.",
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      "text": "Comparable sales have recovered or are well on their way to recovery; Tim Hortons Canada improved to a mid-single-digit decline during Q3 relative to 2019; Burger King U.S. under new leadership; Burger King International and Popeyes growing well.",
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      "text": "Restaurant Brands International (\"QSR\")",
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