{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9b-2147ff221cca", "slug": "bb5ffbd460bf", "title": "Borders Group, Inc. (BGP)", "subtitle": "William Ackman · 2006-11", "author": "William Ackman", "date": "2006-11-09 00:00:00", "pageCount": 53, "kind": "conference-presentation", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Borders Group, Inc.", "targetTicker": "BGP", "document": { "id": "019dd923-622c-750b-8b9b-2147ff221cca", "slug": "bb5ffbd460bf", "title": "Borders Group, Inc. (BGP)", "rawTitle": "Borders Presentation Nov 2006", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "authorDisplay": "William Ackman", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2006-11-Pershing-Square-Borders-Presentation-Nov-2006.pdf", "sourceUrl": null, "sourceDate": "2006-11-09 00:00:00", "presentationDate": "2006-11-09 00:00:00", "ingestedAt": "2026-04-22 23:32:04+00", "status": "ready", "pageCount": 53, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Borders Group, Inc.", "targetTicker": "BGP", "metadata": { "local_root": "/tmp/legacy-images/bb5ffbd460bf", "activist_firm": "Pershing Square Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 223.82421612739563 } }, "coverage": { "pageCount": 53, "pagesIndexed": 53, "pagesWithImages": 53, "pagesWithMetadata": 53, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 242, "chartCount": 10, "metricSlides": 0, "toolMatches": 17, "documentToolMatches": 3, "frameworkMatches": 9, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "afa0a493-d6f6-4b71-af7d-c9c24b40315f", "evidence": "The presentation follows a clear problem-agitate-solution structure, highlighting the company's challenges and proposed solutions", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:02:11.682405+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 8, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Problem", "beatId": "cc484b8b-f97f-409c-a471-7afead0c1221", "matchId": "afa0a493-d6f6-4b71-af7d-c9c24b40315f", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The presentation identifies the traditional sentiment on Borders as a problem", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 16, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 14, "name": "Agitate", "beatId": "3667b883-0d23-4c4f-9286-ff11c8a738d5", "matchId": "afa0a493-d6f6-4b71-af7d-c9c24b40315f", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The presentation agitates the problem by highlighting the impact of money-losing businesses on financial performance", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 27, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 20, "name": "Solution", "beatId": "8cfecc1a-2b55-4d08-a2b3-2d1e69f9b9a3", "matchId": "afa0a493-d6f6-4b71-af7d-c9c24b40315f", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The presentation provides a solution by highlighting strategic initiatives and opportunities for growth", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 16, "from": 14, "loop": { "name": "21_before_after", "slug": "21-before-after", "status": "active", "bestFor": "Product demos, process improvements, ROI justification", "canonId": "019dd956-6e68-73fd-a295-fe90145c2da8", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta", "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "99306f98-0196-47c2-a119-537cb0bca5d5", "evidence": "The presentation uses a before-after loop to illustrate the impact of Superstores on Borders' financial performance", "position": 0, "objective": "Show how Superstores have increased share in tandem with Amazon", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:02:11.859522+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } }, { "to": 47, "from": 46, "loop": { "name": "47_quick_win_big_bet", "slug": "47-quick-win-big-bet", "status": "active", "bestFor": "Transformation planning, 100-day plans, resource allocation", "canonId": "019dd956-790d-708d-983e-ef9bbc68f741", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap", "description": "Separate initiatives into immediate wins and longer-term strategic bets", "familyLabel": null, "categoryName": "Consulting Framework", "categorySlug": "consulting-framework" }, "matchId": "78897b25-0ba4-48f3-a87b-7c649b0f9dc2", "evidence": "The presentation uses a quick-win-big-bet loop to emphasize the investment potential", "position": 1, "objective": "Highlight the potential for Borders to achieve a 72% premium to the current price", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:11.896685+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. 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"layer": "slide", "agents": null, "matchId": "59bc0d4f-106c-4031-8a89-c4cb02d1048b", "evidence": "table/data: Ticker: BGP, Recent price: $21, metric/primary: EV / '06 EBITDA: 6.9x", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:12:38.726191+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "cba1c07c-d0b4-469e-a94b-75d083b81bf6", "evidence": "list/bullet: Mall Stores: Waldenbooks, Small 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"whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:12:38.88024+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "f5d5114e-8a6d-490a-aab5-c1d7457d4605", "evidence": "chart/bar-vertical: Bar chart showing EBITDA in millions from 2001-2005", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:12:38.9573+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Problem Statement Canvas", "slug": "problem-statement-canvas", "status": "active", "bestFor": null, "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18", "version": 1, "bodyDocId": null, "description": "Structured definition of the problem: What? Who? Where? When? Scale?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "0d36922a-20d7-4bc0-9e29-e4306e0f4434", "evidence": "list/bullet: Unattractive industry", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:12:39.032333+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8d466c4c-8cc3-43aa-a687-22928fc767db", "evidence": "comparison_table with Reported Superstore SSS, Estimated Music SSS, Music % of Sales, Music Impact on Reported SSS, Est. Superstore SSS (ex-music), Difference", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:12:32.45348+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "93bcdb1a-cc24-49ec-9fc6-3464fb4a6e39", "evidence": "chart/waterfall-bridge with Waterfall chart showing EBITDA growth from $228M to $322M", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:12:32.723887+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "068485a2-6258-4b45-b03d-bf0ba47879fc", "evidence": "Assuming $150,000 of Net Working Capital on average per Waldenbooks store, we believe there is $90mm of total Net Working Capital trapped in the Mall segment", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:13:01.125821+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "80bdea8e-3ba7-4fb0-87c8-7ebeaabdff8c", "evidence": "Based on our assumptions, we believe there is approximately $110mm of Net Working Capital in the International Stores", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:13:01.326568+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d3e2ecc9-ff01-4eed-b8fe-a5549b09613d", "evidence": "table/data: Transaction: Linens 'n Things, Burlington Coat Factory, The Sports Authority, Michael's Stores. 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Title 'Don't Judge a Book By Its Cover' is a strong thematic hook tied to the company. Explicit SCQA structure: starts with 'Traditional Sentiment on Borders' (unattractive industry, 2nd-place operator, limited FCF) then rebuts each point. 'Mini Mall with tenants' reframing (Books / Café / Paperchase / Music / DVD) on p.21 is a memorable mental model. Clean sum-of-parts reveal on p.46. 'Worth more dead than alive' used twice (Mall Stores, International). Cover names only the firm; authorship attributed to William Ackman (presented at Value Investing Congress 2006). Outcome: thesis ultimately did not play out — Borders filed Chapter 11 in Feb 2011 and liquidated.", "kpisCited": [ { "detail": "6.9x at current $21 stock price", "metric": "EV/2006E EBITDA" }, { "detail": "Steady 9.6%-10.3% from 2001-2005", "metric": "Superstores EBITDA margin" }, { "detail": "~29% stabilized unlevered ($700k 4-wall EBITDA / $2.4mm invested capital)", "metric": "Superstore unit ROI" }, { "detail": "Fell from 7.5% in 2003 to 3.0% in 2005 (~60% decline)", "metric": "Mall segment EBITDA margin" }, { "detail": "Dropped from 22% in 2001 to ~11% in 2006", "metric": "Music as % of Superstore sales" }, { "detail": "Averaged 2.2% vs. 0.7% reported (2001-2005)", "metric": "Ex-Music Superstore SSS" }, { "detail": "92% of LTM EBITDA from 68% of LTM revenue", "metric": "Superstore segment share of EBITDA" }, { "detail": "Superstores rose from 5% (1993) to 27% (2005) even as Amazon rose", "metric": "U.S. book industry share" }, { "detail": "78mm (Mar 2004) to 55mm (Jan 2007E) — ~30% reduction", "metric": "Share count reduction" }, { "detail": "~$200mm combined ($90mm Mall + $110mm International) vs. ~$15mm EBITDA contribution", "metric": "Trapped NWC in Mall + International" }, { "detail": "22.5% Year-1 return on remodel capex with 2.6% sales lift and 40bps margin benefit", "metric": "Remodel ROIC" }, { "detail": "40%+ increase possible by 2008 via mix shift and removal of one-time costs", "metric": "Superstore EBITDA upside" } ], "closingAsk": "Take a long-term view on Borders — rationalization of Mall and International, the Superstore remodel, and continued buybacks will unlock the misunderstood value even though it will take management time to realize the full opportunity.", "extraction": { "at": "2026-04-22 23:32:04+00", "model": "unknown-legacy", "runId": null, "seconds": 223.82422, "promptVersion": null }, "scqaReward": "Sum-of-parts at 7x 2008E Superstores EBITDA plus trapped NWC in Mall and International yields $36/share — a 72% premium to today's $21 within 18 months, assuming no multiple expansion.", "thesisTypes": [ "undervaluation", "breakup_spinoff", "operational_turnaround", "capital_return" ], "top3Reasons": [ "Superstores are a misunderstood franchise with stable ~10% EBITDA margins and ~29% unit ROI", "Mall Stores and International hold ~$200mm of trapped NWC — 'worth more dead than alive'", "~30% share-count reduction since 2004 plus new CEO George Jones compound value creation" ], "scqaSituation": "Borders is the #2 U.S. book retailer with 13% market share, $4.1bn of 2006E revenue and $235mm of EBITDA, trading at $21 (6.9x EV/EBITDA) after falling from $27.47 in early 2005 on weakening margins and same-store-sales.", "thesisSummary": "Borders (BGP) trades at $21 because the market lumps a high-quality Superstores segment with two money-losing businesses — Waldenbooks mall stores and underperforming International operations. Pershing argues Superstores are a misunderstood franchise with stable 9.6-10.3% EBITDA margins, ~29% unit ROI and ~6% annual unit growth, whose earnings are temporarily masked by declining Music sales, a new Rewards-program accrual, and one-time distribution-center and remodel costs. Mall Stores (70% of leases expiring in 2006) and International are 'worth more dead than alive,' with ~$200mm of combined trapped net working capital that can be freed with minimal disruption as leases roll. Combined with a ~30% share-count reduction since 2004 and new CEO George Jones focused on returns, a sum-of-parts valuation at 7x 2008E EBITDA yields $36/share within 18 months — a 72% premium with no multiple expansion assumed.", "primaryDemands": [ "Close unprofitable Waldenbooks Mall Stores as leases expire and free ~$90mm of trapped NWC", "Sell or rationalize the International segment to unlock ~$110mm of trapped NWC", "Continue Superstore remodel program to reduce Music exposure and grow Paperchase and Seattle's Best Coffee", "Continue the aggressive share repurchase program", "Let new CEO George Jones drive operational focus on returns" ], "scqaResolution": "Rationalize Mall Stores as 70% of leases expire in 2006, sell or fix International, complete Superstore remodels replacing Music with higher-margin Paperchase and Seattle's Best Coffee, and keep repurchasing shares under new CEO George Jones.", "thesisOneLiner": "Borders' high-quality Superstores franchise is obscured by money-losing Mall and International segments; rationalizing those while remodeling stores and buying back stock unlocks $36 vs. $21 today.", "precedentsCited": [ "Linens 'n Things LBO (7.7x EV/EBITDA, 6.2x total leverage)", "Burlington Coat Factory LBO (7.4x / 6.5x)", "The Sports Authority LBO (7.7x / 6.8x)", "Michael's Stores LBO (11.0x / 7.8x)" ], "scqaComplication": "Consolidated margins mask the truth: profitable Superstores are bundled with money-losing Mall Stores (EBITDA margins collapsed from 7.5% to 3% since 2003) and deteriorating International, while Music decline, Rewards accruals, and one-time remodel costs further obscure Superstore earnings power.", "narrativeInterest": 4, "notableSlidePages": [ 1, 13, 21, 34, 46 ], "peerCompaniesCited": [ "Barnes & Noble", "Amazon", "Waldenbooks", "Linens 'n Things", "Burlington Coat Factory", "The Sports Authority", "Michael's Stores" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions", 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(\"Pershing\") regarding Borders Group, Inc. (\"Borders\" or the \"Company\") are based on publicly available information. Pershing recognizes that there may be confidential information in the possession of the Company that could lead the Company to disagree with Pershing’s conclusions.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:06:53.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "550f9819-bb7f-42c0-a54c-3b2662c96052", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.41 }, "kind": "disclaimer", "text": "The analyses provided include certain estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the Company. Such statements, estimates, and projections reflect various assumptions by Pershing concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein. 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(1) Assumes $130mm of proceeds from Net Working Capital improvement and $30mm of FCF generated between 2007 – 2008 used to repurchase shares at $30 per share. Fully diluted calculation based on the treasury stock method and assumes ~7mm of options outstanding by FYE 2008.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Premium to current price, 72.2%.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:06:55.156+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfbafcf9-00e4-4df3-8fc7-637cee04a563", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "table", "text": "Segment, Methodology, Commentary, Value. Superstores, 7.0x '08E EBITDA of $322, Assumes no multiple expansion, $2,257. Mall Stores, Value of Net Working Capital, The least it's worth, 90. International, Value of Net Working Capital, The least it's worth, 110. Unallocated G&A, 7.0x '08E EBITDA of ($25), ($175). Enterprise Value, $2,282. Less: Net Debt, (450). 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