{
  "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",
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  "pageNumber": 23,
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  "density": "dense",
  "nDataPoints": 48,
  "notes": "The slide uses a dual-axis chart (bar for store count, line for stock performance) combined with a data table to demonstrate the correlation between refranchising and valuation.",
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  "components": [
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      "kind": "callout",
      "text": "Domino's Pizza's dividend-adjusted stock price has increased over 17x since 2004, driven by refranchising and international growth of franchisees",
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      "kind": "chart",
      "text": "DPZ TOTAL SHAREHOLDER RETURN SINCE IPO",
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      "text": "Total Shareholder Return: 1,764%",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg. Franchise mix and P/E multiple for 2004 reflect metrics as of DPZ's IPO (7/13/04). Market data as of 6/13/16. ROIC calculated as after-tax EBIT divided by the average of period-end sums of total equity and total debt, less cash and equivalents for the LTM period ended 3/27/16.",
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      "text": "Domino's Pizza's dividend-adjusted stock price has increased over 17x since 2004, driven by refranchising and international growth of franchisees",
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      "kind": "title",
      "text": "REFRANCHISING CREATES SHAREHOLDER VALUE: DOMINO'S PIZZA CASE STUDY",
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      "evidence": "Case studies of Jack in the Box, Burger King, and Domino's Pizza",
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