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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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  "notes": "The table uses EBITDA multiples to derive enterprise value, then subtracts net debt to arrive at equity value per share.",
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      "text": "After appropriately valuing its high quality franchise and real estate cash flows, even \"unfixed\" Wendy's is worth $35 today. If the Company improves its company-operated store margins, the business is worth $42",
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      "text": "After appropriately valuing its high quality franchise and real estate cash flows, even “unfixed” Wendy’s is worth $35 today. If the Company improves its company-operated store margins, the business is worth $42",
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      "text": "Equity Value Per Share: $42",
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      "text": "(1) Franchise business segment includes approximately $18mm of rent income... (2) Owned real estate segment assumes a 7.25% cap rate... (3) Based on Q1 2008 balance sheet.",
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      "kind": "title",
      "text": "Wendy's: Summing it Up",
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