{ "docId": "019dd923-622c-750b-8b9b-fcabb447f6c1", "docSlug": "93546af35138", "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)", "authorId": "01_Pershing_Square", "authorName": "Pershing Square Holdings", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2023-02-09 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 46, "pageCount": 62, "prevPage": 45, "nextPage": 47, "slideType": "key_takeaways", "function": "summarize", "density": "overcrowded", "nDataPoints": 2, "notes": null, "elementsJson": [ "headline_text", "logo_grid", "bullet_list", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-fcabb447f6c1/46", "deckHref": "/decks/019dd923-622c-750b-8b9b-fcabb447f6c1", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-fcabb447f6c1.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-fcabb447f6c1#slide-46", "components": [ { "bbox": { "h": 0.04, "w": 0.84, "x": 0.08, "y": 0.87 }, "kind": "callout", "text": "Hilton is trading at an inexpensive multiple in light of its long-term earnings growth prospects", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82dd43a4-4d5e-44ae-bd67-9605255f7598", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.73, "x": 0.19, "y": 0.21 }, "kind": "callout", "text": "Hilton is a high-quality business with a long runway of strong earnings growth and an exceptional management team", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b7b22181-175b-417f-9936-ab8fabd24189", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "Hilton is trading at an inexpensive multiple in light of its long-term earnings growth 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}, { "bbox": { "h": 0.04, "w": 0.73, "x": 0.19, "y": 0.58 }, "kind": "list", "text": "HLT is well positioned for attractive long-term performance", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "45bd989e-7496-4db3-9df6-aeb77f402a13", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.73, "x": 0.19, "y": 0.53 }, "kind": "list", "text": "Near-term RevPAR growth supported by easy first-half 2022 comparable period", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "56808b9f-1b1b-4ef0-b4a4-625126f48632", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.73, "x": 0.19, "y": 0.35 }, "kind": "list", "text": "Average daily revenue per room (\"RevPAR\") now above pre-COVID levels despite occupancy still below pre-COVID levels, as business transient and group are still recovering", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5df321fb-9eaa-436a-b023-ddc585de02d7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.73, "x": 0.19, "y": 0.82 }, "kind": "list", "text": "Substantial capital return over time", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b2f98bd6-7bb3-4051-8735-b775ee73c881", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.73, "x": 0.19, "y": 0.63 }, "kind": "list", "text": "Best-in-class value proposition drives market share increases over time", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d0db26d1-fc34-4f98-96ac-8951a6b215b5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.73, "x": 0.19, "y": 0.78 }, "kind": "list", "text": "Higher long-term structural margins and cash flow following productivity actions", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "dcbc83ed-d420-4ede-bd3e-94a474b1ad74", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.73, "x": 0.19, "y": 0.3 }, "kind": "list", "text": "Industry conditions continue to be supportive", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f09674e2-d7e1-4fbb-a73f-d3c86877fcd5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.73, "x": 0.19, "y": 0.49 }, "kind": "list", "text": "Industry data indicates continued strong desire for consumers to travel", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f87429dd-77bd-4c2c-8f2c-e6a374f64b1b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.22, "y": 0.44 }, "kind": "list", "text": "Average daily rate has stabilized 10% to 15% 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