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  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Includes detailed footnotes explaining debt allocation, McOpCo stake, and share repurchase assumptions.",
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      "text": "The valuation of PF McDonald's suggests a valuation range of $45–$50 per share. Based on the midpoint of the valuation analysis, PF McDonald's could be worth $47.50 per share, a 44% premium over where it trades today.",
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      "text": "Assumes $1.35 billion of net debt allocated to McOpCo and $5.0 billion of net debt allocated to PF McDonald's. In addition, assumes $9.7 billion of incremental leverage placed on PF McDonald's.",
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      "text": "Pro Forma McDonald's: Valuation Summary",
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