{
  "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": 25,
  "pageCount": 48,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Includes a quantitative valuation bridge and a qualitative comparison matrix.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "valuation_table",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-c1be3336de12/25",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12#slide-25",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Company-owned stores earn higher \"dollar\" profits, but the superior multiples achieved by franchise earnings, coupled with the substantial capital savings, result in greater value creation from franchising.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a38f-14e60c7e611e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.3,
        "x": 0.03,
        "y": 0.2
      },
      "kind": "list",
      "text": "Company-owned stores earn higher \"dollar\" profits, but the superior multiples achieved by franchise earnings, coupled with the substantial capital savings, result in greater value creation from franchising. We believe franchising would also allow BWLD to return more capital to shareholders, achieve a more appropriate capital structure, and reduce execution risk by partnering with local, knowledgeable franchisees. Management has created a strong brand, and can continue to be its custodian while maintaining capital flexibility.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5580dd3e-3271-4f18-a3c4-d837ce90e255",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Value per New System Store: $4,600",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a38f-1a3227dc1acb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.03,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Company filings, MCM estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c5397ff-0bfb-42c9-95a0-9553d2ec1e8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.6,
        "x": 0.34,
        "y": 0.2
      },
      "kind": "table",
      "text": "Comparative Economic Value per System Store table showing EBITDA, multiples, and qualitative advantages.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4590dcb6-96d7-49d7-9337-964c43a6a016",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.03,
        "y": 0.12
      },
      "kind": "title",
      "text": "FRANCHISING CREATES MORE ECONOMIC VALUE WITH LESS RISK",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b9e1fb9-27e3-4370-b8df-beb946a9991d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "dd47272c-11b0-4cfe-9113-a5493fdb17df",
      "evidence": "Comparative Economic Value per System Store table showing EBITDA, multiples, and qualitative advantages.",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "c3e42e45-73e6-42fa-8268-f855ed2b704a",
      "evidence": "Compares economic value creation and capital return strategies between franchise and company-owned models.",
      "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
}