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  "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",
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  "pageNumber": 33,
  "pageCount": 79,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 24,
  "notes": "Includes detailed footnotes explaining the derivation of net debt, McOpCo stake, and share buyback assumptions.",
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  "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/33",
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      "kind": "paragraph",
      "text": "Based on relevant publicly traded comparable companies, including several real estate holding C-Corporations, Pro Forma McDonald's would trade in the range of 12.5x–13.5x EV/CY '06E EBITDA. We believe PF McDonald's would trade at a 37%–52% premium over where it trades today.",
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      "kind": "source-note",
      "text": "(1) Assumes $1.35 bn of net debt allocated to McOpCo and $5.0 bn of net debt allocated to PF McDonald's. (2) Represents 35% of the market equity value of McOpCo. (3) Assumes incremental leverage and after-tax proceeds used to buy back shares. (4) Assumes $33 price. (5) Adjusted for stake.",
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      "text": "Valuation bridge table showing EV, Net Debt, McOpCo stake, Equity Value, and implied share price metrics.",
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      "kind": "title",
      "text": "Significant Value Creation for Shareholders",
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      "evidence": "Standard financial valuation bridge table",
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      "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",
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      "name": "The Reveal",
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      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
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