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  "docSlug": "e8ed5b303558509d41c1162984588b13",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
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  "pageNumber": 31,
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  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 60,
  "notes": "Part of Pershing Square's McOpCo IPO proposal.",
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      "kind": "callout",
      "text": "PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical mature QSR.",
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      "text": "Stock prices as of 11/11/05. Projections based on Wall Street estimates. (1) Typical mature QSR based on YUM! Brands and Wendy's. (2) Adjusted for unconsolidated assets. (3) FCF denotes Net Income plus D&A less CapEx.",
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      "text": "Publicly Traded Comparable Companies",
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      "arcName": "The Consultant's Gambit",
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      "beatName": "Solution & Approach",
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      "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis",
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