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Matching slides 79,264
Current window 71,701-71,730
Pages 2,643
Rows per page 30
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71,701-71,730 of 79,264

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31
The slide argues for a valuation re-rating of McDonald's by comparing it to higher-multiple sectors.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
32
Part of Pershing Square's proposal for a McDonald's spin-off/IPO.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
33
Part of Pershing Square's proposal for a McOpCo IPO.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
34
The slide presents a valuation model based on 2006E EBITDA multiples.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
35
Includes detailed footnotes explaining debt allocation, stake in McOpCo, and share repurchase assumptions.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
36
The slide outlines a recapitalization strategy involving debt issuance to fund share buybacks.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
37
The slide uses a yellow bar for McDonald's to distinguish it from the blue bars of the peer group.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
38
Stock prices as of 11/11/2005. PF McDonald's EV assumes a valuation multiple of 13x EV/FY'06 EBITDA. Total Debt includes Preferred.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
49
The slide uses a provocative thesis to reframe the company's business model.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
50
The slide argues for a valuation re-rating by comparing McDonald's to higher-multiple sectors.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
51
The slide uses a 'Memo' table to derive the FCF per share used in the main sensitivity table.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
52
The chart distinguishes between 'Based on Pershing Assumptions' (1990-1999) and 'Based on Reported Financials' (2000-2004).McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
53
The slide uses a comparison frame to highlight the superior yield of the proposed McDonald's structure compared to a REIT benchmark.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
54
The slide uses a comparative framework to highlight the yield advantage of McDonald's stock over risk-free government debt.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
55
The slide uses a comparison frame to highlight the superior yield of McDonald's stock over TIPS.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
56
Includes a section divider box in the top left corner.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
63
The slide outlines a financial engineering proposal involving a spin-off/IPO structure with tax and debt considerations.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
64
The slide details the tax impact on the distribution to PF McDonald's based on equity market value, book basis, and net debt.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
65
Part of Pershing Square's activist proposal for McDonald's.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
66
Data as of 11/10/05. Uses treasury stock method.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
67
Includes WACC calculation table and two sensitivity matrices (Equity Risk Premium vs Levered Beta and Debt/TEV vs Levered Beta).McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
70
The slide includes a specific assumption regarding the allocation of G&A (75% to Real Estate/Franchise, 25% to McOpCo).McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
71
The slide details the separation of rent and franchise income/expenses between the two entities.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
72
The table details revenue, operating expenses, EBIT, EBITDA, and Capex across different business segments and inter-company eliminations.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
73
The slide includes a yellow callout box explaining the derivation of Free Cash Flows and the impact of proceeds from closures.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
74
Includes CAGR calculations for the 2006-2011 period.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
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Page 74 of the deck.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
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Page number 77 indicated at the bottom.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
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Page number 78. References assumptions on page 76.McDonald's Corporation (MCD) · William Ackman
Activist deck Activist investor 1 hit
04
Uses a before-after framing to challenge the conventional perception of McDonald's business model.Wendy's International (WEN) · Pershing Square Capital Management
Conference presentation Activist investor Beat · Market Size1 hit