{
  "docId": "019dd923-622c-750b-8b9c-1c236b5335d8",
  "docSlug": "ded99bd7e3eb",
  "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": "2025-02-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 45,
  "pageCount": 75,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "This slide serves as a summary of the investment case for UMG, likely from a Pershing Square activist presentation.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-1c236b5335d8/45",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-1c236b5335d8#slide-45",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.86
      },
      "kind": "callout",
      "text": "Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a discount to its intrinsic value",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93a72973-030b-4ebc-bbc8-e8c8ef14a8e5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.8,
        "x": 0.16,
        "y": 0.44
      },
      "kind": "list",
      "text": "Management targets highlight strong future growth potential. Management outlined mid-term targets of 7%+ revenue growth, underpinned by 8% to 10% subscription revenue growth, and double-digit profit growth. UMG outperformed management’s mid-term revenue growth target from prior analyst day.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ae60734-5a6e-40c9-bc35-0474f3a09414",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.16,
        "y": 0.17
      },
      "kind": "list",
      "text": "UMG is a high-quality, capital-light, rapidly growing royalty on greater music consumption",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d12435b-d186-48b2-90d4-53bbcc49d293",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.16,
        "y": 0.66
      },
      "kind": "list",
      "text": "We believe the upcoming U.S. listing and new CFO will be positive catalysts. U.S. listing will lead to greater liquidity, broader investor base, and index eligibility. Search underway for a new CFO, which offers the potential for improvement in shareholder communication and engagement.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "818634a9-73fd-466c-a8f2-64aa7d8e7d7e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.16,
        "y": 0.28
      },
      "kind": "list",
      "text": "Music is in the early stages of higher monetization. “Streaming 2.0” era will be driven by both subscriber growth and higher prices. New tiers for superfans and bundles will allow for better customer segmentation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9eba8ecd-0b24-4e51-a4e8-6fc129dfc5a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue growth: 7%+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-5370-75b3-9c5d-3e05934c370a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.75,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Company filings. 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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0203175-fcad-43e0-a1a7-cf725f9490d1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Universal Music Group (“UMG”)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5df5c167-5db6-4d75-9dff-9a54f5ec29ca",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 45,
      "beatId": "99d0d049-fe2a-4378-ac31-ac602ad0a01f",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Product",
      "beatSlug": "sequoia-pitch-product",
      "evidence": "The document provides detailed updates on the portfolio companies, highlighting their growth potential and attractive valuations.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 60,
      "from": 45,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "9a743561-f9d3-4645-a71b-1658b1a53364",
      "evidence": "The document provides a comprehensive breakdown of the portfolio companies, highlighting their attractive valuations and growth potential.",
      "position": 2,
      "objective": "To provide a detailed breakdown of the portfolio companies and their growth potential",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}