Pershing Square Activist Presentation Deck
O
A Revised Proposal for Creating Value
at McDonald's
McDonald's Potential Stock Price
$60
$50
$40
$30
ed
We believe our Proposal can potentially increase McDonald's share price to $50 per share. In
addition, we believe McDonald's strong management team, running a world-leading brand, can
create significant additional value based only on incremental operating improvements.(¹)
$61
$50
Further Upside to Our Valuation (cont'd)
Pershing
Proposal:
McOpCo 20%
IPO and Market
Revaluation of
McDonald's
$52
$56
Final Revised Proposal.ppt
McOpCo
improves
EBITDA margins
to 10%
(approx. 275bps
improvement)
See Appendix page 55 for more detail regarding our assumptions on operating improvements.
Total savings denotes consolidated G&A, of which 75% is allocated to Brand McDonald's and 25% is allocated to McOpCo.
44
Improve G&A to
$50k per
systemwide unit
(~$500mm of G&A
savings) (2)
Recent:
$34
Improve G&A to
YUM! levels of
$35k per
systemwide unit
(~$1bn of G&A
savings)(2)
Upside
Pershing
ProposalView entire presentation