{
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  "docSlug": "bb5ffbd460bf",
  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-11-09 00:00:00",
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  "pageNumber": 47,
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  "notes": "The slide uses a sum-of-the-parts valuation approach to derive a target share price.",
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      "kind": "callout",
      "text": "With no multiple expansion, Borders could be worth $36 in the next 18 months, a 72% premium to the current price (of $21).",
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      "text": "share price: $36.17",
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      "text": "$ in millions, except per share data. (1) Assumes $130mm of proceeds from Net Working Capital improvement and $30mm of FCF generated between 2007 – 2008 used to repurchase shares at $30 per share. Fully diluted calculation based on the treasury stock method and assumes ~7mm of options outstanding by FYE 2008.",
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      "text": "FD shares outstanding expected at year end 2006, 55. Less: Shares repurchased, (4). Equals: FD shares outstanding, 51. Share price, $36.17. Premium to current price, 72.2%.",
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      "text": "Segment, Methodology, Commentary, Value. Superstores, 7.0x '08E EBITDA of $322, Assumes no multiple expansion, $2,257. Mall Stores, Value of Net Working Capital, The least it's worth, 90. International, Value of Net Working Capital, The least it's worth, 110. Unallocated G&A, 7.0x '08E EBITDA of ($25), ($175). Enterprise Value, $2,282. Less: Net Debt, (450). Equals: Equity Value, $1,832.",
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      "kind": "title",
      "text": "Borders Group: What's It Worth?",
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      "name": "Quick Win Big Bet",
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