{
  "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": 37,
  "pageCount": 79,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "Part of Pershing Square's proposal for a McOpCo IPO.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/37",
  "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e",
  "deckJsonHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e.json",
  "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-37",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.07,
        "y": 0.27
      },
      "kind": "chart",
      "text": "Total Debt / '05E EBITDA",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60223d3e-1ce9-48e7-b392-dfbacef5917b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.85,
        "x": 0.07,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Debt / Enterprise Value",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bfe0893f-a15d-4830-9011-8370afde4ae1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.07,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) Based on Wall Street research estimates. Pro Forma McDonald's EV assumes a valuation multiple of 13x EV/FY'06 EBITDA. (2) Assumes an average 5% fixed rate on PF McDonald's debt.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4da00239-9c80-4e14-a39b-fe9110727ece",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.85,
        "x": 0.07,
        "y": 0.79
      },
      "kind": "table",
      "text": "EBITDA/Interest and Rating rows",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de8602e9-5a10-469b-9010-276b72ebd101",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.36,
        "y": 0.15
      },
      "kind": "title",
      "text": "Comparing PF McDonald's Credit Stats with Comparable Real Estate Holding C-Corporations",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8efafd89-dc2b-4482-abf4-353a2097b21e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}