{
  "docId": "019de06f-bcbf-724d-996b-1f5e9f5a2ab6",
  "docSlug": "a7c3404fe6d9b07e562dfbed52ad51d0",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 43 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 43,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "revenue_buildup",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 10,
  "notes": "The chart uses a dual-axis approach with bars for absolute dollar amounts and a line for cumulative percentage of market cap.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-bcbf-724d-996b-1f5e9f5a2ab6/11",
  "deckHref": "/decks/019de06f-bcbf-724d-996b-1f5e9f5a2ab6",
  "deckJsonHref": "/decks/019de06f-bcbf-724d-996b-1f5e9f5a2ab6.json",
  "deckAnchorHref": "/decks/019de06f-bcbf-724d-996b-1f5e9f5a2ab6#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Management has announced a share repurchase plan of ~$14bn over the next two years, nearly 20% of the current market cap",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d027d7c9-8504-4180-8d72-2f79c01691d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.06,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Starbucks Annual Share Repurchases (FYE Sept. 30, $bn)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53bb6936-4806-45dd-a964-4347fc7a0fe6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "disclaimer",
      "text": "Source: 2013-2017 as per SBUX public filings; 2018E-2022E as per Pershing Square estimates based on SBUX management commentary.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "893f69cf-64c3-4b6a-b563-e2cb8c5c3c8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.33,
        "y": 0.04
      },
      "kind": "legend",
      "text": "$5bn in after-tax proceeds from Nestle CPG sale (received 8/28/18)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f2b0765-80ae-40ef-9348-a9e68069bc19",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.63,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Accelerated Capital Return Plan",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60ceda99-d7f4-492f-a70f-c65733d357a0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "5c00c6ce-a353-4cc9-9559-add4e649c8d8",
      "evidence": "The slide features a stacked bar chart showing Starbucks Annual Share Repurchases, which could be a type of waterfall chart.",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "2919a8f1-9ffd-4dbd-bc26-2c729d72d798",
      "evidence": "The slide details a specific capital return strategy (share repurchases) funded by asset divestiture.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}