Pershing Square Activist Presentation Deck
a
A Revised Proposal for Creating Value
at McDonald's
There are very few
businesses in the
world with all the
attractive business
characteristics of
Brand McDonald's
(1)
Based on Pershing's estimates. Assumes
McOpCo pays a market rent and franchise
fee.
Objective 3: Unlock Shareholder Value at
McDonald's (cont'd)
McDonald's Brand McDonald's
Final Revised Proposal.ppt
Collects a royalty of 13% of systemwide sales
Real Estate
Franchise
✓ World-leading brand
✓ ~ 60% EBITDA Margins (1)
✓ Low maintenance capital requirements
✓ ~ 55% EBITDA - maintenance capex margins (1)
Low operating leverage / high earnings
stability
✓ High ROIC
✓ Low cost of capital
✓ Valuable fixed asset base
✓ 50 year track record
✓ Global and diverse customer base
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