{
  "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": 41,
  "pageCount": 58,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide uses a specific definition of FCF: After-Tax Levered Operating Cash Flow less Growth and Maintenance Capital Expenditures.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3063-736e-8efe-3c325f18f2f1/41",
  "deckHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1",
  "deckJsonHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1.json",
  "deckAnchorHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "paragraph",
      "text": "Pershing believes that McDonald's, pro forma for the McOpCo 20% IPO, would have a 2006E Free Cash Flow yield of 4.3 % - 4.7% at stock price in the range of $46 - $50 per share. We note our Free Cash Flow calculation is based upon our estimates of 2006E After-Tax Levered Operating Cash Flow less Growth and Maintenance Capital Expenditures. (1)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3b5841c-3456-4025-85b0-7e64c846886f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.88,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "(1) FCF Yield is based on Attributable Free Cash Flow before dividend payments. See Appendix page 54 for a calculation of FY 2006E Attributable Free Cash Flow.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "001ad0e6-fa04-46d1-ac5b-a7eb6097e0ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.92,
        "x": 0.04,
        "y": 0.46
      },
      "kind": "table",
      "text": "McDonald's 2006E FCF/Dividend Yield at Varous Stock Prices",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe043fe6-d97a-4b74-9e83-411429fcf38d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.58,
        "x": 0.348,
        "y": 0.105
      },
      "kind": "title",
      "text": "McDonald's Free Cash Flow Yield Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22a54400-a4d2-44a2-b115-353e5f8103ad",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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
}