{
  "docId": "019dd923-622c-750b-8b9b-2147ff221cca",
  "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",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 49,
  "pageCount": 53,
  "prevPage": 48,
  "nextPage": 50,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-2147ff221cca/49",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-2147ff221cca",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-2147ff221cca.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-2147ff221cca#slide-49",
  "components": [
    {
      "bbox": {
        "h": 0.14,
        "w": 0.86,
        "x": 0.07,
        "y": 0.2
      },
      "kind": "callout",
      "text": "At a $36 price, Borders would trade at 7.5x '08E EBITDAR, only a slight premium to 6.8x, the average of total leverage levels used in several recent retail LBO transactions",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e8c807f6-81e2-4120-9094-bd7729b0a5e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Leverage Adj. Debt/EBITDAR: 6.8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-86ec-564284602369",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.43
      },
      "kind": "table",
      "text": "Transaction: Linens 'n Things, Burlington Coat Factory, The Sports Authority, Michael's Stores. Columns: Purchase Price EV/EBITDA, Total Leverage Adj. Debt/EBITDAR.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "339fd4e5-b6aa-4890-a6e9-9588bae459e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.4,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Recent LBO Leverage Levels",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9ab9cfc-d7f1-4aec-a85a-19a87320ede4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "d3e2ecc9-ff01-4eed-b8fe-a5549b09613d",
      "evidence": "table/data: Transaction: Linens 'n Things, Burlington Coat Factory, The Sports Authority, Michael's Stores. Columns: Purchase Price EV/EBITDA, Total Leverage Adj. Debt/EBITDAR.",
      "confidence": 0.5
    },
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "81073d76-3b0d-4667-9f61-6c7015c0d91d",
      "evidence": "table/data: Transaction: Linens 'n Things, Burlington Coat Factory, The Sports Authority, Michael's Stores. Columns: Purchase Price EV/EBITDA, Total Leverage Adj. Debt/EBITDAR.",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "8519a097-eef0-48a2-80a2-e5be782a8c17",
      "evidence": "Compares Borders' valuation and leverage metrics against a set of recent retail LBO transactions.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}