{
  "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": 35,
  "pageCount": 48,
  "prevPage": 34,
  "nextPage": 36,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 120,
  "notes": "The slide uses a 6x post-royalty EBITDA multiple to calculate the value of the store base.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "data_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-c1be3336de12/35",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-c1be3336de12#slide-35",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "At a market multiple of 6x post-royalty EBITDA per Company store, we believe BWLD could release over $1.4 billion of after-tax proceeds from its existing store base, representing ~52% of BWLD's current market value.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a391-4a41b7b67a3f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "list",
      "text": "Marcato proposes that BWLD refranchise its existing stores, targeting a 90% mix of franchised restaurants by 2020. At a market multiple of 6x post-royalty EBITDA per Company store, we believe BWLD could release over $1.4 billion of after-tax proceeds from its existing store base, representing ~52% of BWLD's current market value, which could be redeployed to higher-returning activities. BWLD would need to articulate an explicit framework to investors for evaluating its intended uses for deploying this capital, including considerations surrounding tax leakage.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a884304-4332-4ddc-86d2-f2ed9e713926",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cumulative Refranchising Proceeds: $1.4BN",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6eb-753a-a391-4e5a3a0244cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Company filings, MCM estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f4426b3-6c45-4ba9-abb4-40d7432246f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.4
      },
      "kind": "table",
      "text": "Consolidated Economics of Company-Owned Stores and Refranchising Proceeds table",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "812bd105-b92b-488f-9cfd-ffbdc0c8d0dc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "title",
      "text": "$1.4BN OF EXCESS CAPITAL IS TRAPPED IN COMPANY-OWNED STORE BASE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3442288-65d5-4e84-8320-3087c96390b7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "ebc3ec50-e766-47a9-bc45-31fd556d4599",
      "evidence": "The slide explicitly discusses redeploying capital from refranchising into higher-returning activities.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 35,
      "from": 33,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "215292e2-9b27-4c8e-abce-b96a629001f2",
      "evidence": "Funding growth through 100% equity is dilutive to ROE",
      "position": 2,
      "objective": "Highlighting the costs of not changing the capital allocation strategy",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}