Pershing Square Activist Presentation Deck
McDonald's Reminds Us Of Another Situation...
McDonald's
McDonald's 2002-2003
System Problems:
Weak new products/innovation
Poorly performing owned stores
Ineffective marketing
Weak same-store sales
Leadership turnover
System Strengths:
✓ Strong value proposition
Premier global QSR brand
✓Great locations
Avg. Stock price: $22
Avg. EV / Fwd EBITDA: ~8.6x
(1) Assumes Wendy's standalone "unfixed" 2008E EBITDA.
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WENDY'S
System
Wendy's Today
Problems:
Weak new products/innovation
Poorly performing owned stores
X Ineffective marketing
X
Weak same-store sales
Lack of leadership
System Strengths:
✓ Strong value proposition
Strong US QSR brand
✓ Great locations
✓Fresh, not frozen, food / fast service
Stock price: $28
EV / Fwd EBITDA: 8.9x (1)View entire presentation