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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
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  "presentationDate": "2025-02-01 00:00:00",
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  "notes": "This slide outlines the core investment thesis for UMG, likely from a Pershing Square presentation.",
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      "text": "Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a discount to its intrinsic value",
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      "text": "Music is in the early stages of higher monetization. Streaming 2.0 era will be driven by subscriber growth and higher prices. New tiers for superfans and bundles will allow for better customer segmentation.",
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      "text": "We believe the upcoming U.S. listing and new CFO will lead to a higher valuation. U.S. listing will lead to greater liquidity, broader investor base, and index eligibility. Search underway for a new CFO.",
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      "text": "Management’s targets have further upside. Management outlined mid-term targets of 7%+ revenue growth, underpinned by 8% to 10% subscription revenue growth, and double-digit profit growth. We expect the company will outperform these targets.",
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      "text": "Source: Company filings. 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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