Pershing Square Activist Presentation Deck
(1)
III. Pershing's Proposal to McDonald's:
McOpCo IPO
McOpCo would likely be valued at $6.0 billion to $7.1 billion of equity market value or 6.5x-7.5x EV/'06E EBITDA.
McOpCo Valuation Summary
and Potential IPO Proceeds
$ in millions
McOpCo Financial Summary
Company operated revenues
Segment EBITDA, pre G&A
EBITDA Margin, pre G&A
Assumed G&A for McOpCo
Assumed G&A as a Percentage of Total G&A
EBITDA post G&A
EBITDA Margins
Net Income
EPS
McOpCo Financial Summary
See appendix for McOpCo IPO after-tax proceeds schedule.
FY 2006E
$15,429
1,690
11.0%
560
25.0%
$1,130
7.3%
$308
$0.24
33
McOpCo Valuation Summary
$ in millions
EV/'06E EBITDA Multiple Range
McOpCo Enterprise Value
Net Debt (12/31/05)
Equity Value of McOpCo
Ending Shares Outstanding
Price per share
Estimated After-Tax IPO Proceeds (¹)
See appendix for after-tax IPO proceeds schedule
Low
6.5x
$7,343
1,350
$5,993
1,274
$4.70
$3,042
High
7.5x
$8,472
1,350
$7,122
1,274
$5.59
$3,497View entire presentation