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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "QSR is a high-quality business with significant long-term growth potential trading at a discounted valuation",
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      "text": "Remains cheap relative to intrinsic value and peers; Trades at 20x our estimate of 2024 free cash flow per share excluding one-time investments at Burger King U.S.",
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      "text": "New reporting highlights crown jewel international business; Pure franchised royalty model with decades-long runway of unit growth; Year-to-date profits have grown by 15%",
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      "text": "Unit growth to accelerate; New unit growth to accelerate to historic mid-single-digit rate in 2024",
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      "text": "Source: Company filings, PSCM estimates, Wall Street research. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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      "text": "Restaurant Brands International (\"QSR\")",
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