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  "documentTitle": "Wendy's International (WEN)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2008-05-21 00:00:00",
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      "text": "Based on the P&L assumptions below and a valuation multiple of 10.5x EBITDA, Wendy's Franchise business alone is worth over $2.3bn",
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