{
  "docId": "019de06f-3063-736e-8efe-3c325f18f2f1",
  "docSlug": "8a2b56079f523e69bea9092fc1eb3322",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 38,
  "pageCount": 58,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "valuation_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 48,
  "notes": "Pershing Square activist deck slide. Uses sum-of-the-parts valuation logic to justify a higher multiple.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3063-736e-8efe-3c325f18f2f1/38",
  "deckHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1",
  "deckJsonHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1.json",
  "deckAnchorHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1#slide-38",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "callout",
      "text": "Brand McDonald's operating metrics and business characteristics are much closer to high branded intellectual property businesses... than they are to a typical QSR. We believe Brand McDonald's could be worth 12.5x – 13.5x EV/2006E EBITDA.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7980b5a8-9f36-4223-8e4c-3a89fd74c432",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Stock prices as of 1/13/2006. Projections based on Wall Street research estimates. Analysis assumes a 7x EV/EBITDA valuation multiple for McOpCo.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "48730a36-86b2-4896-a259-6c598d0cadbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.8,
        "x": 0.1,
        "y": 0.4
      },
      "kind": "table",
      "text": "Comparison table of operating metrics, business characteristics, and trading multiples for McDonald's vs peers.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35122a01-c96c-4fe6-ae06-3f6c187739cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.35,
        "y": 0.1
      },
      "kind": "title",
      "text": "Revised Proposal: Allows Investors to Value on a Sum-of-the-Parts Basis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "149b4bad-ec8f-4ac5-981f-1c5a67a94943",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "f565359e-30a5-4d78-ac76-c0da1891cc4b",
      "evidence": "Table compares McDonald's against peers to justify valuation",
      "confidence": 0.9
    },
    {
      "name": "sum-of-the-parts",
      "slug": null,
      "matchId": "4132fd47-2a00-4ee6-a146-18f351ac9cb4",
      "evidence": "Title explicitly mentions 'Sum-of-the-Parts Basis'",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 41,
      "from": 38,
      "beatId": "f4160f3d-3435-463a-99f5-f76efa239047",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Business Model",
      "beatSlug": "sequoia-pitch-business-model",
      "evidence": "The document provides a detailed analysis of McDonald's business model and potential for improvement",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 41,
      "from": 38,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "ac142036-3673-4016-b67f-98f0498a5b53",
      "evidence": "The document provides a detailed analysis of McDonald's business model and potential for improvement",
      "position": 1,
      "objective": "Provide a detailed analysis of McDonald's business model",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}