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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": "Includes two sensitivity tables with highlighted rows for the $160mm cost savings scenario.",
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      "text": "Assuming $160mm of cost savings and a valuation multiple of 10x – 10.5x EBITDA, Wendy's would be worth $49 - $52 per share, a return of 75% - 85% percent from current levels",
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      "text": "Valuing the Wendy's / Arby's Combination",
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