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  "docSlug": "4688728b59a1",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Mick McGuire",
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  "presentationDate": "2017-04-20 00:00:00",
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  "notes": "The slide uses a scatter plot with color-coded markers representing EBITDA growth tiers to demonstrate the valuation premium of highly franchised business models.",
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      "kind": "callout",
      "text": "Even with fewer “high growth” concepts in the category, restaurants with 70+% franchise mixes trade categorically higher than less-franchised peers",
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      "text": "EV/EBITDA vs % Franchised",
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      "text": "Franchise Mix = Margin = ROIC = Multiple",
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      "text": "Even with fewer “high growth” concepts in the category, restaurants with 70+% franchise mixes trade categorically higher than less-franchised peers. BWLD is one of the few peers “in the middle”, and could trade at a much higher multiple given its strong growth potential if it increased its franchise mix.",
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      "kind": "source-note",
      "text": "Source: Company filings, CapitalIQ. Market data as of 4/7/17. EBITDA multiples shown on an “NTM” basis, based on Wall Street consensus estimates.",
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      "kind": "title",
      "text": "HIGHLY FRANCHISED COMPANIES TRADE AT HIGHER MULTIPLES",
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      "evidence": "The document provides a solution: REITERATING MARCATO'S MULTI-LEVEL PLAN TO CREATE VALUE FOR BWLD SHAREHOLDERS",
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      "evidence": "The document suggests refranchising as a potential solution",
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