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  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2006-11-09 00:00:00",
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  "notes": "The slide provides a snapshot of the company's market share, 2006 estimated financials, and valuation multiples.",
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      "text": "Forward estimates based on Pershing estimates. (1) Based on management's guidance for Net Debt and shares outstanding at year end 2006. Assumes a $21 current stock price for BGP throughout this presentation.",
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      "text": "2nd largest U.S. book retailer\n13% of U.S. retail book market (versus Barnes and Noble at 17% and Amazon at 10%)\n2006E Rev of $4.1bn and EBITDA of $235mm\nYear-end Enterprise Value of $1.6bn and Equity Value of $1.1bn (1)\nEV / '06 EBITDA: 6.9x\nEV / '06 EBITDA – Maint. Capex: 8.8x\nP / '06 EPS: 27.2x",
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      "text": "Note: BGP fiscal year ends on January 31. Presentation based on a Calendar year.",
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      "text": "Ticker: BGP\nRecent price: $21",
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