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  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2023-02-01 00:00:00",
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  "notes": "This slide uses a structured list format to present three core pillars of the investment thesis.",
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      "kind": "callout",
      "text": "QSR is a high-quality business with significant long-term growth potential trading at a highly discounted valuation",
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      "text": "Remains cheap relative to intrinsic value and peers; Trades at less than 20x our estimate of 2023 free cash flow; Current valuation represents a discount of 24% to peers.",
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      "text": "Comparable sales trends continue to improve; Tim Hortons Canada same-store sales improved to mid-single-digits; Burger King U.S. launched $400 million program; Burger King International, Popeyes, and Firehouse continue to generate strong growth.",
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      "text": "Patrick Doyle, who previously led Domino’s turnaround, named Executive Chairman; Under Mr. Doyle’s eight-year tenure as CEO of Domino’s Pizza, the company’s share price appreciated by 21x; Mr. Doyle has purchased $30 million of QSR shares.",
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      "kind": "source-note",
      "text": "Source: Company filings, PSCM estimates, Wall Street research. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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      "text": "Restaurant Brands International (\"QSR\")",
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