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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": "The slide uses a scenario table to demonstrate how yield changes as the stock price increases, assuming a constant FCF per share.",
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      "text": "At McDonald's current price of approximately $33 per share, we estimate Pro Forma McDonald's dividend / FCF yield would be approximately 6.7%. (1)",
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      "text": "(1) Assuming PF McDonald's pays out 100% of its FCF as dividends. (2) Assumes no incremental leverage and an average cost of debt of 5% on the existing $5 bn of net debt at Pro Forma McDonald's.",
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