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  "docSlug": "bb5ffbd460bf",
  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-11-09 00:00:00",
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  "pageNumber": 48,
  "pageCount": 53,
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  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 5,
  "notes": "The slide calculates valuation multiples for 2008E based on a $36 share price, adjusting for specific equity value components.",
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      "kind": "callout",
      "text": "At a $36 share price (adjusting for ~$4 of equity value ascribed to the NWC at the Mall and International Stores), Borders would trade at 7x '08E EBITDA, 7.5x '08E EBITDAR and approximately 11x '08E Maintenance Free Cash Flow",
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      "text": "BGP Trading Multiple 2008E EV / EBITDA 7.0 x EV / (EBITDA - Maint Capex) 8.4 x Adj EV / EBITDAR 7.5 x Price / Earnings 14.7 x Price / Maint Free Cash Flow 10.9 x",
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      "text": "Trading Multiples at Target Valuation",
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