Pershing Square Activist Presentation Deck
V. Developing a Response to the
Company
Pershing believes the best way to think about Pro Forma McDonald's is as a growing annuity.
Real Estate and Franchise EBITDA
($ in billions)
$4.0
$3.0
$2.0
$1.0
$0.0
Real Estate & Franchise
EBITDA Growth:
P
$1.5
1990
$1.6
4.9%
$1.8 $1.9
Pro Forma McDonald's:
Stable and Growing
Based on Pershing Assumptions
11.7%
8.5%
$2.1
$2.5 $2.6 $2.7
1991 1992 1993 1994 1995 1996 1997 1998 1999
10.4% 15.3%
4.0%
$2.9
4.3%
51
10.1%
Notes:
Assumes McOpCo G&A to be 25% of consolidated G&A and Real Estate and Franchise G&A to be 75% of consolidated G&A.
Assumes McOpCo pays franchise fees of 4% of sales and rent of 9% of sales.
$3.2
7.4%
$3.1
Based on Reported Financials
(0.5%)
$3.1 $3.2
2000 2001 2002
0.1%
0.9%
$3.6
$4.0
2003 2004
12.6%
13.4%View entire presentation