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  "documentTitle": "Pershing Square | Activist Presentation Deck | 43 slides",
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  "authorName": "Pershing Square",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "Includes historical context at the bottom to frame the sensitivity analysis.",
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      "text": "We estimate that SBUX will generate a three-year IRR of at least 12% if annual EPS growth is ≥ 9% and its P/E multiple is ≥ 21x",
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      "text": "Over the last five years, EPS growth has averaged 17% and SBUX's P/E multiple has averaged 26x",
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      "text": "Valuation Range: Downside Sensitivity",
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