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  "documentTitle": "Pershing Square | Activist Presentation Deck | 43 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 9,
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  "slideType": "valuation_reveal",
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  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Uses a waterfall-style logic to show value creation from initial investment.",
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      "kind": "callout",
      "text": "We estimate that every dollar Starbucks spends building a new store in the U.S. or China is worth $10 to $15 shortly after the store opens",
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      "text": "Illustrative Value of Each New Store at SBUX Base Case Valuation Multiple ($'000s)",
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      "text": "Source: Store build costs as per prior page. Run-rate EBITDA for the U.S. store calculated as run-rate AUV of $1.6mm as per December 2016 investor day times a 30% assumed run-rate EBITDA margin. Run-rate EBITDA for the China store calculated as run-rate AUV of $0.8mm as per May 2018 China investor day times a 37.5% assumed run-rate EBITDA margin. SBUX base case valuation multiple of 15.5x EBITDA is as per Pershing Square assumptions.",
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      "kind": "title",
      "text": "Exceptional Returns on New Unit Capex",
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