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  "documentTitle": "Wendy's International (WEN)",
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  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-21 00:00:00",
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      "text": "Highly stable, royalty-like businesses of this nature typically trade in the range of 10x – 12x EBITDA, depending on growth",
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      "text": "Collects ~4% royalty on Wendy’s system sales; Collects rent checks for approximately $1bn of owned real estate; ~ 60% estimated EBITDA Margins (1); Low maintenance capital requirements; No commodity cost pressures; Highly leverageable; High earnings stability / recurring revenue base; High ROIC; Valuable real estate; Geographically diverse franchisee base",
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      "text": "Brand Wendy’s is a combination of a Franchise business and a Real Estate company. The Franchise business is a stable, high-margin business that can grow with minimal capital required. Highly stable, royalty-like businesses of this nature typically trade in the range of 10x – 12x EBITDA, depending on growth",
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      "text": "(1) For the Franchise business. Assumes Wendy’s OpCo pays a market rent and franchise fee.",
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      "text": "Brand Wendy’s: An Attractive Business",
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