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  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
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  "presentationDate": "2016-06-13 00:00:00",
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  "notes": "The slide uses a red dashed box to emphasize the 2015 outlier.",
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      "kind": "callout",
      "text": "BWLD's franchisee acquisitions in 2015 valued acquired stores ~80% above prior four-year average and ~50% above replacement cost",
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      "text": "Avg. Purchase Price per Company-Operated Restaurant",
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      "text": "Avg. Purchase Price per Company-Operated Restaurant: $3,478",
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      "text": "Source: Company filings, MCM estimates. Franchise rights for Rusty Taco included in purchase price. 2014 calculation assumes full ownership of all restaurants acquired. (1) 2015 acquisition included franchise rights of $99m.",
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      "text": "QUESTIONS SURROUNDING CAPITAL ALLOCATION",
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