{
  "docId": "019de06f-7b6a-7599-b88b-e5db756b283e",
  "docSlug": "e8ed5b303558509d41c1162984588b13",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 28,
  "pageCount": 79,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a 'before-after' comparison structure to justify a corporate restructuring proposal.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/28",
  "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e",
  "deckJsonHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e.json",
  "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-28",
  "components": [
    {
      "bbox": {
        "h": 0.13,
        "w": 0.86,
        "x": 0.07,
        "y": 0.27
      },
      "kind": "callout",
      "text": "Improves operating and financial metrics at every level",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4069f7cc-71b9-4bd5-a104-1acba134321f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.07,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "We note that CapEx projections are net of proceeds obtained from store closures. (1) Typical QSR margin based on Wall Street estimates for YUM! Brands and Wendy's.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b21ad36-717f-473b-bccd-96e3656c6e9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.86,
        "x": 0.07,
        "y": 0.044
      },
      "kind": "table",
      "text": "Financial comparison table between Standalone FY 2006E, Pro Forma FY 2006E, and Typical Mature QSR benchmarks.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71e1c1cf-4653-4693-b31d-697c80f8898a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.44,
        "x": 0.36,
        "y": 0.15
      },
      "kind": "title",
      "text": "A Transformational Transaction (Cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c7ba6f8-4ce1-4c80-b55a-c2424a3c6585",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "c44b87b5-f5ff-4fd1-973d-7142f8394f38",
      "evidence": "Compares Standalone vs Pro Forma financial metrics to demonstrate improvement.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 36,
      "from": 24,
      "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 33,
      "from": 25,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6",
      "evidence": "The deck presents valuation tables and financial analysis to support the proposal",
      "position": 1,
      "objective": "To reveal the potential value creation of a McOpCo IPO",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}