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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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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
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  "pageNumber": 43,
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  "notes": "The slide serves as a conservative disclaimer for the primary valuation model presented elsewhere in the deck.",
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      "text": "We also see potential G&A improvement as an additional opportunity. Standalone McDonald's LTM 9/30/05 G&A per systemwide unit of $68k versus YUM! Brands LTM 9/30/05 G&A per systemwide unit of approximately $35k.",
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      "text": "We have not included an IPO / potential spin-off of Chipotle as part of our analysis. IPO and potential spin-off of Chipotle will create additional value for investors.",
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      "text": "Pershing believes that creating a publicly traded arm's-length McOpCo will substantially improve both top-line and bottom-line performance of McDonald's. We believe that McOpCo has EBITDA margins of roughly 7.3%. Based on comparable restaurant businesses, we believe McOpCo is capable of achieving at least 10% EBITDA margins. However, Pershing has assumed no incremental operational improvements as part of its valuation.",
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      "text": "Pershing's valuation is based on the business as it exists today, assuming no further operational improvements.",
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      "text": "(1) McOpCo EBITDA margins are after adjusting for a market rent and franchise fee and allocating 25% of McDonald's consolidated G&A to McOpCo.",
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      "kind": "title",
      "text": "Further Upside to Our Valuation",
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