Wendy's International (WEN)

Pershing Square Capital Management · 2008-05

arc beats above · slides in the middle · loops below · scroll → 0 LOOPS

Deck intelligence map

coverage by narrative range · generated from this deck JSON

Narrative range 11 total

Metadata

Components

Metrics

Tools

Frameworks

Beats

Loops

Problem 1 slides 100% 1/1 slides 100% 1/1 slides · 10 hits

— 0/1 slides

100% 1/1 slides · 2 hits

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100% 1/1 slides

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Market Size 2 slides 100% 2/2 slides 100% 2/2 slides · 14 hits

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100% 2/2 slides · 4 hits 100% 2/2 slides 100% 2/2 slides

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Product 2 slides 100% 2/2 slides 100% 2/2 slides · 13 hits

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50% 1/2 slides 50% 1/2 slides 100% 2/2 slides

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Solution 6 slides 100% 6/6 slides 100% 6/6 slides · 35 hits

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16.7% 1/6 slides 50% 3/6 slides 100% 6/6 slides

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Slide inventory

every slide · same image gating as the playbook

front_matter

Open slide detail

other

Open slide detail

The slide uses a historical context to set up a turnaround narrative.frame_problem

Open slide detailBeat · Problem

Uses a before-after framing to challenge the conventional perception of McDonald's business model.expose_contradiction

Open slide detailBeat · Market Size

Uses a before-after framework to illustrate a corporate turnaround.present_solution

Open slide detailBeat · Market Size

The slide uses a causal link between strategic initiatives and stock price performance.analyze_data

Open slide detail

The slide uses a historical precedent to frame Wendy's current situation as a turnaround opportunity similar to McDonald's past.cite_precedent

Open slide detail

front_matter

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Slide 8 of a presentation, likely an investor deck.establish_context

Open slide detail

The slide uses a line chart to visualize stock price volatility alongside annotated key events.frame_situation

Open slide detail

The chart separates Wendy's (labeled 'Standalone Unfixed') from the peer group with a dotted line.compare_peers

Open slide detail

The slide uses a clear contrast between the underperforming subject (Wendy's) and the peer group.compare_peers

Open slide detail

transition

Open slide detail

The slide uses a hierarchical structure to define the business segments.establish_context

Open slide detailBeat · Product

The slide uses a before-after bridge to reclassify EBITDA, highlighting the shift from OpCo-heavy to Brand-heavy profitability.analyze_data

Open slide detailBeat · Product

establish_context

Open slide detailBeat · Solution

The table uses a standard EBITDA multiple valuation approach.show_valuation_bridge

Open slide detailBeat · Solution

The median price of $1.403mm is highlighted with a dashed circle.analyze_data

Open slide detailBeat · Solution

The slide uses a bottom-up approach to value fee simple units and building-only units, then adjusts for tax basis and compares to total enterprise value.show_valuation_bridge

Open slide detailBeat · Solution

The slide uses a before-after table to demonstrate the impact of a 400bps margin improvement on Adjusted EBITDA.analyze_data

Open slide detailBeat · Solution

The table uses EBITDA multiples to derive enterprise value, then subtracts net debt to arrive at equity value per share.show_valuation_bridge

Open slide detailBeat · Solution

transition

Open slide detail

establish_context

Open slide detail

Slide 23 of a presentation deck.establish_context

Open slide detail

The slide highlights the discrepancy between Wendy's trading multiple and the multiple paid for Triarc.show_valuation_bridge

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summarize

Open slide detail

Includes footnotes 1-4 detailing EBITDA adjustments and share calculations.show_valuation_bridge

Open slide detail

The chart highlights the valuation uplift potential for Wendy's when combined with Arby's, assuming cost savings are realized.compare_peers

Open slide detail

Includes two sensitivity tables with highlighted rows for the $160mm cost savings scenario.show_valuation_bridge