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      "text": "QSR is a high-quality business with significant long-term growth potential that we believe trades at a highly discounted valuation",
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      "text": "Largest businesses outperforming peers; Tim Hortons comparable sales of 3% are outperforming the broader QSR industry in Canada; International business comparable sales of 5% are outperforming McDonald's",
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      "text": "Remains cheap relative to intrinsic value and peers; Trades at 18x our estimate of next twelve months' earnings, more than a 20% discount to peers",
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      "text": "Consistent 8% operating profit growth; On track to deliver 8% operating profit growth despite lower contribution from unit growth",
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      "text": "Business being simplified and returning to capital-light model; China business has returned to growth; Carrols outperforming broader Burger King system",
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      "text": "operating profit growth: 8%",
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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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