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  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-11-09 00:00:00",
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  "notes": "Includes a small calculation box for ROI.",
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      "text": "$700 / $2,400 = 29%",
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      "text": "~29% “stabilized” unlevered ROI",
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      "text": "Unit economics:\n$2.4mm of invested capital ($1.2mm of fixed assets, $1.2mm of NWC)\nAverage unit sales of $5.7mm\nAvg. 4-Wall EBITDA – Maint. Capex contribution of ~$700k\n~29% “stabilized” unlevered ROI",
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      "text": "Typical store has 25,000 sq. ft\nUp to 200,000 titles of books, music, movies plus a Cafe",
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      "text": "Attractive unit growth\n476 superstores\nCurrent plan is to grow 30 units / year (~6% annually)",
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      "text": "Based on Pershing estimates.",
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      "text": "Superstores: Operating Data",
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