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  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "documentKindLabel": "Activist deck",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Includes a specific footnote regarding the McOpCo stake valuation.",
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      "kind": "callout",
      "text": "Midpoint of PF McDonald's Equity Value per Share(2): $48",
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      "text": "Based on a review of the cost of capital of Real Estate holding corporations and Intangible Property / Franchise businesses like Coca Cola and Choice Hotels, we believe that Pro Forma McDonald's levered FCF could have a discount rate in the area 7.25% - 7.75%. As such, we believe PF McDonald's would have a FCF Yield of 4.25% - 5.25%. This implies a midpoint equity valuation range of $48 per share.",
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      "text": "(1) Assumes no dividend paid in FCF calculation. (2) Includes the value of PF McDonald's 35% equity stake in McOpCo (approx. $2 per share). Assumes a 7x EV / FY '06E EBITDA McOpCo valuation multiple.",
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      "text": "Estimated Discount Rate: 7.75% / 7.25%; Implied Perpetuity Growth Rate: 2.50% / 3.00%; Implied FCF Yield: 5.25% / 4.25%; Implied FCF Multiple: 19.0x / 23.5x; FY'06E Free Cash Flow per Share: $2.17",
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      "kind": "title",
      "text": "Valuation of McDonald's as a Growing Annuity",
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