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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 highly discounted valuation",
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      "text": "Burger King U.S. turnaround showing positive results: Burger King's franchisee profitability handily exceeded targets, shifting the advertising investments to franchisees starting this year; Recent acquisition of Carrols for $1bn accelerates remodels and refranchising to smaller operators",
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      "text": "Trading at a highly discounted valuation: Trades at 18x our estimate of next twelve months' earnings, more than a 30% discount to peers",
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      "text": "Largest businesses outperforming peers: Tim Hortons comparable sales of 5% are driven by positive traffic and are above all peers; International business comparable sales of 3% are higher than McDonald's on a one-year basis and relative to pre-COVID levels",
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      "text": "Set to exceed management's 8%+ operating profit growth algorithm this year: Management committed to 8% operating profit growth in 2024 despite sales headwinds; Operating profit growth poised to accelerate this year, as the company laps temporary headwinds, and Burger King advertising investments",
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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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