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  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2006-11-09 00:00:00",
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      "kind": "callout",
      "text": "We believe our valuation assumptions are conservative",
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      "text": "The least these segments are worth\nUpside at International segment -- it was generating $40mm of EBITDA in 2004 (versus ~$10mm in 2006E)\nCurrent rate of ~$250mm/year\nWe assume $80mm/year (proceeds from Superstores net working capital improvements and FCF after capex)\nNo incremental leverage to fund share repurchases",
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      "text": "No EV / EBITDA multiple expansion\nMall and International Segments value based on NWC\nReduced share repurchase rate",
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      "name": "Quick Win Big Bet",
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      "bestFor": "Transformation planning, 100-day plans, resource allocation",
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