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  "documentTitle": "Bob Evans Farms, Inc. (BOBE)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2016-08-22 00:00:00",
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  "notes": "Uses a sum-of-the-parts logic to highlight market inefficiency.",
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      "kind": "callout",
      "text": "Based on the above, the Company’s Restaurants business is being ascribed negative value.",
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      "text": "Enterprise Value: $1,068.4",
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      "text": "Based on the above, the Company's Restaurants business is being ascribed negative value. This is made all the more shocking when one considers that the Company still wholly-owns the land and building to 305 of its operating restaurants...",
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      "kind": "paragraph",
      "text": "As an illustration of the skepticism surrounding Bob Evans, the following illustrates the shocking undervaluation of the Company, suggesting that BEF Foods may be worth more than the current enterprise value of the entire Company",
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      "text": "Source: Bloomberg as of 8/22/16, internal estimates",
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      "text": "BEF Foods FY2016 Segment EBITDA $90.8; Current Enterprise Value of Bob Evans $1,068.4; Multiple of EBITDA; Implied Value of BEF Foods; Current Enterprise Value of Bob Evans; Implied Value of Restaurants Business",
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