{
  "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": 24,
  "pageCount": 48,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 45,
  "notes": "The slide uses a 'build-up' approach to adjust the headline return metric down to a more realistic after-tax FCF return.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "kpi_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-c1be3336de12/24",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12#slide-24",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe the true \"cash-on-cash\" returns to equity holders on new stores fail to clear management's 20% return hurdle",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a38f-a828b6cfb52a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "After-Tax Return: 9.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a38f-afe3ff8cf9b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.28,
        "x": 0.04,
        "y": 0.215
      },
      "kind": "paragraph",
      "text": "Buffalo Wild Wings' store growth plan is based on the notion that its new stores earn 20%+ \"cash-on-cash\" returns. However, \"cash-on-cash\" returns do not fully account for: Incremental corporate-level G&A; and \"Maintenance CapEx\" for periodic remodels, normalized on an annual basis; Income tax expense.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c29ecce1-53be-4d6e-bc3b-b75cac26601c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Company filings, MCM estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0502582-4cfb-4ab7-8485-24734b4cdb08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.75,
        "w": 0.65,
        "x": 0.33,
        "y": 0.2
      },
      "kind": "table",
      "text": "Table comparing 2015 Franchisee Acquisitions, New Company-Owned Store, and New Franchised Store across investment, EBITDA, G&A, and tax adjustments to arrive at After-Tax Return.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f88ef75-bd2f-4751-900f-9ee8d3614870",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.03,
        "y": 0.12
      },
      "kind": "title",
      "text": "EVALUATING BWLD'S \"CASH-ON-CASH\" RETURNS",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df86daf9-3839-4894-a5a7-91b64d666b68",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "000b4e3c-6609-4d5b-8e39-8367a1903075",
      "evidence": "Table comparing 2015 Franchisee Acquisitions, New Company-Owned Store, and New Franchised Store across investment, EBITDA, G&A, and tax adjustments to arrive at After-Tax Return.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "2229bd12-024d-46c9-bdfa-f746ff800d1b",
      "evidence": "The slide evaluates the return on capital for new store investments.",
      "confidence": 0.85
    }
  ],
  "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
}