{
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  "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",
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  "pageNumber": 15,
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  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The chart highlights a valuation gap between M&A activity in the coffee sector and Starbucks' public market valuation.",
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      "kind": "callout",
      "text": "Over $100bn in coffee-related acquisitions have been completed since 2012, at valuations that average ~20% more than where SBUX now trades",
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        "h": 0.55,
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      "kind": "chart",
      "text": "TEV / EBITDA for Coffee-Related Transactions",
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      "kind": "disclaimer",
      "text": "Source: Public filings, broker research, Pershing Square estimates. Represents all coffee-related transactions with a TEV of at least $1bn completed since 2012. Note: SBUX trading multiple represents TEV excluding the capitalized value of JV income at 20x earnings divided by Pershing Square 2019E EBITDA. (1) Total TEV includes transactions with a TEV less than $1bn.",
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      "kind": "table",
      "text": "Target, Acquirer, and TEV ($bn) for each transaction listed below the chart.",
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      "kind": "title",
      "text": "Strategic Investment in Coffee is Accelerating",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck highlights the potential causes of U.S. SSS weakness and proposes actions to address it",
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      "objective": "What are the consequences of not addressing U.S. SSS weakness?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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