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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-01 00:00:00",
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  "nDataPoints": 2,
  "notes": "The slide uses a provocative headline to reframe the company's business model.",
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      "kind": "callout",
      "text": "Why is it valued as such?",
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      "kind": "callout",
      "text": "McDonald's is fundamentally Not a restaurant company",
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      "text": "McDonald's FY 2005E EBITDA – Maintenance CapEx, Adjusted for a Market Rent and Franchise Fee",
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      "text": "(1) FY’05E EBITDA- Maintenance CapEx contribution is based on Pershing’s estimates. CapEx is net of proceeds from restaurant closings. We note that the Company does not provide EBITDA and Maintenance CapEx allocation by segment.",
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      "text": "Objective 3: Unlock Shareholder Value at McDonald's (cont'd)",
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