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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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  "notes": "The slide argues for a valuation re-rating of McDonald's based on its business model characteristics.",
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      "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 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": "Comparable Companies",
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