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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "presentationDate": "2006-01-01 00:00:00",
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  "pageNumber": 18,
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  "nDataPoints": 2,
  "notes": "The slide uses a list of bullet points to enumerate the competitive advantages of the McDonald's business model.",
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      "kind": "callout",
      "text": "There are very few businesses in the world with all the attractive business characteristics of Brand McDonald's",
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      "kind": "list",
      "text": "World-leading brand\n~ 60% EBITDA Margins (1)\nLow maintenance capital requirements\n~ 55% EBITDA – maintenance capex margins (1)\nLow operating leverage / high earnings stability\nHigh ROIC\nLow cost of capital\nValuable fixed asset base\n50 year track record\nGlobal and diverse customer base",
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      "text": "(1) Based on Pershing's estimates. Assumes McOpCo pays a market rent and franchise fee.",
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      "kind": "title",
      "text": "Objective 3: Unlock Shareholder Value at McDonald's (cont'd)",
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