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  "documentTitle": "Pershing Square | Activist Presentation Deck | 43 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The chart illustrates a valuation gap, supporting an activist thesis of undervaluation.",
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      "kind": "callout",
      "text": "Starbucks is trading at 22x consensus P/E today, a substantial discount to recent historical averages of ~26x",
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      "text": "NTM Forward P/E From 10/5/2008 to 10/5/2018",
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      "text": "Source: Capital IQ",
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      "text": "Average P/E: 3-Yr 25.9x, 5-Yr 26.7x, 10-Yr 24.4x",
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      "text": "Current P/E at a Discount to Recent History",
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