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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-02-11 00:00:00",
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      "kind": "callout",
      "text": "We believe the long-term risk from AVs is limited and estimate that Uber's share price is likely to more than double over the next 3 to 4 years",
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      "text": "World's leading rideshare (mobility) and delivery (Uber Eats) marketplace\nUber's business model has strong network effects that reinforce supply and demand growth\n170mm monthly customers and 8mm drivers across 70 countries\nLarge demand increases driver utilization; Large driver supply decreases wait times and user prices\nGross bookings (trip value) of ~$160bn is split between mobility and delivery\nFast-growing international business accounts for more than half of bookings\nIndustry-leading management team, led by Dara Khosrowshahi, has vastly improved operational discipline and capital allocation\nManagement targets imply +30% annual EPS growth over the next several years driven by mid-to-high-teens revenue growth, robust margin expansion, and share repurchases\nCurrently trading at 29x P/E due to concerns regarding the potential long-term threat from autonomous vehicles (AVs)",
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      "text": "Uber\nTicker: UBER\nStock Price: $79\nMarket Cap: $168bn",
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      "text": "Source: Company filings and Pershing Square estimates. 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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