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  "docSlug": "06bee195e08c",
  "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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      "text": "WE BELIEVE A 90% FRANCHISED SYSTEM WOULD SIGNIFICANTLY IMPROVE OPERATING METRICS WITH SIMILAR NET INCOME",
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      "text": "NET INCOME | 2021E",
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      "text": "CUM. FCF + PROCEEDS | '16E - '21E",
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      "kind": "disclaimer",
      "text": "Source: Company filings, MCM estimates. Status quo case assumes no refranchising and no recapitalization. ROIC calculated as after-tax EBIT divided by the average of year-end sums of net PP&E, reacquired franchise rights & other assets, goodwill and net working capital.",
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      "text": "Status Quo vs 90% Franchised",
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