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  "documentTitle": "Pershing Square | Investor Presentation Deck | 57 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2021-02-01 00:00:00",
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      "kind": "callout",
      "text": "As underlying sales trends continue to improve, QSR's share price should more accurately reflect our view of its business fundamentals",
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      "text": "Management undertook decisive actions to strengthen the business: Supported franchisees with deferrals and liquidity programs; Accelerated digital investments by expanding delivery footprint, modernizing drive-thru experience, driving mobile app adoption, and improving loyalty programs",
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      "text": "QSR's high-quality franchised business model enabled it to navigate extraordinary market conditions while maintaining its long-term growth potential",
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      "kind": "list",
      "text": "Comparable sales have already recovered or are well on their way to recovery: Burger King U.S. returned to positive growth in January; Tim Hortons Canada improved to a high-single-digit decline in December; Popeyes U.S. returned to pre-COVID levels within weeks and increased +16% in 2020",
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      "text": "We believe QSR will emerge even stronger in a post-COVID world: Competitively advantaged in a more budget-conscious and socially-distant environment with robust drive-thru, digital and delivery options; Return to historical mid-single-digit unit growth in 2021 and beyond",
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      "text": "Restaurant Brands International (\"QSR\")",
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