◆ Contrarian Corpus
Campaigns / Pershing Square → McDonald's Corporation
Pershing Square vs. McDonald's Corporation

McDonald's Corporation · MCD

2 decks published between 2005-11-15 and 2006-01-18 — 137 pages, 137 analysed slides total. Outcome: partial win.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2005-11-15 initial thesis

    2005 11 Pershing Square McDonalds First Presentation Nov 2005

    79pp · full_deck

    McDonald's is a hidden real-estate and franchise business trading as a restaurant operator; IPO'ing 65% of McOpCo and re-levering PropCo unlocks $45-50 per share, a 37-52% premium.

    N 5 V 3 C 3
    ⌂ ◫ ”
  2. 2006-01-18 follow up

    2006 01 Pershing Square McDonalds Second Presentation Jan 2006

    58pp · full_deck

    McDonald's is fundamentally a franchise and real-estate royalty company hidden inside an underperforming restaurant operator; a 20% McOpCo IPO and segment financials force a sum-of-parts rerating to $46-$50/share.