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  "docSlug": "8a2b56079f523e69bea9092fc1eb3322",
  "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": 44,
  "pageCount": 58,
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  "slideType": "valuation_reveal",
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  "nDataPoints": 5,
  "notes": "The chart uses a waterfall-bridge structure to show the cumulative impact of different strategic initiatives on the stock price.",
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      "text": "Waterfall chart showing share price progression from $34 to $61",
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      "kind": "paragraph",
      "text": "We believe our Proposal can potentially increase McDonald’s share price to $50 per share. In addition, we believe McDonald’s strong management team, running a world-leading brand, can create significant additional value based only on incremental operating improvements.",
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      "kind": "source-note",
      "text": "(1) See Appendix page 55 for more detail regarding our assumptions on operating improvements. (2) Total savings denotes consolidated G&A, of which 75% is allocated to Brand McDonald’s and 25% is allocated to McOpCo.",
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      "kind": "title",
      "text": "Further Upside to Our Valuation (cont'd)",
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      "name": "Value Chain Walk",
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