{
  "docId": "019dd923-622b-71dc-a6db-c1be3336de12",
  "docSlug": "06bee195e08c",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-06-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 20,
  "pageCount": 48,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "valuation_table",
  "function": "size_opportunity",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Includes a callout box summarizing the per-share value impact and a source note at the bottom.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-c1be3336de12/20",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.76,
        "x": 0.12,
        "y": 0.795
      },
      "kind": "callout",
      "text": "We believe international franchising could add ~$50-80+ per share in value over time, which would accrete significantly from additional capital allocation efficiencies",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "369bdd67-51bf-403a-875f-23ae27e5c640",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.42,
        "x": 0.53,
        "y": 0.22
      },
      "kind": "list",
      "text": "Based on management's disclosed target of 400 international franchise stores, we believe that BWLD could create substantial value by accelerating its global expansion. We believe this incremental value would materialize gradually over several years. Once BWLD's international presence achieves scale, we believe management could potentially begin to achieve higher margins and grow unit count even higher. This value would compound over time as excess capital is deployed to reduce outstanding shares.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a29effe8-9ced-408f-963e-696a753d0a39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Value per BWLD share: $83.17",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a38e-ff12858e4b80",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Company filings, MCM estimates. AUVs and ~5% effective royalty rate based on LTM metrics for BWLD as of Q1 2016. ~3% royalty case based on precedents from peers. Unit potential and royalty rate based on management guidance. EBITDA margin assumed for illustrative purposes. Analysis excludes impact of development fees, which primarily defer the upfront costs to BWLD of entering a new market, such as training and translation fees.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c6a16fe-d805-4eb5-9bd7-442dbb1983fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "table",
      "text": "Illustrative financial impact table comparing 3% and 5% royalty scenarios",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "152b37dc-9e8f-4431-bf37-92fd05f8a5c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "title",
      "text": "INTERNATIONAL OPPORTUNITY CREATES SIGNIFICANT LONG-TERM VALUE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5419a261-fdb4-40a8-8f6c-16e790bf7f54",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "7958b6df-9bfd-4d53-8804-f4e07019c1a0",
      "evidence": "The slide explicitly mentions 'additional capital allocation efficiencies' and 'excess capital is deployed to reduce outstanding shares'.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 26,
      "from": 16,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "4e8b58cb-755b-4de4-b759-fba778cfdfc5",
      "evidence": "Comparison of growth, profitability, and capital efficiency",
      "position": 0,
      "objective": "Comparing company-owned and franchised business models",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 0.7,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}