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  "docSlug": "4688728b59a1",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Mick McGuire",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-04-20 00:00:00",
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  "notes": "Uses a quote from Jim Sanderson (Arthur Wood) to frame the operational inefficiency of the company-owned stores.",
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      "text": "What this tells us is that BWLD could improve its valuation if operations were adapted to run like efficient franchise units – potentially increasing dollar EBITDA double-digits",
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      "text": "4-Wall Margin: 669 bps",
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      "kind": "quote",
      "text": "[Franchisees] generate much stronger store margins even after paying royalties and advertising fees to BWLD corporate. More efficient labor utilization is the key driver... Additional savings from lower food and other expenses are the result of tighter cost management.",
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      "kind": "quote",
      "text": "\"What this tells us is that BWLD could improve its valuation if operations were adapted to run like efficient franchise units – potentially increasing dollar EBITDA double-digits\" — Jim Sanderson, Arthur Wood, 3/28/17",
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      "kind": "source-note",
      "text": "Source: Company filings, Wall Street research. Note: Food, beverage & packaging refers to 'cost of sales' line item for BWLD...",
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      "kind": "table",
      "text": "Restaurant operating expenses as a % of sales table comparing Largest BWLD Franchisee vs BWLD",
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      "kind": "title",
      "text": "WALL STREET ANALYST: \"[FRANCHISEES] CURRENTLY GENERATE STORE MARGINS THAT ARE UP TO 1000BP STRONGER THAN BWLD COMPANY STORES\"",
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      "kind": "title",
      "text": "BWLD'S LARGEST FRANCHISEE'S \"4-WALL\" MARGINS ARE MATERIALLY HIGHER THAN BWLD'S",
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      "evidence": "The document agitates the problem by highlighting underperformance, margin deficiencies, deteriorating guest experience, and poor capital deployment",
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