{
  "docId": "019dd923-622c-750b-8b9b-2dc82567e925",
  "docSlug": "d7c37d317649",
  "documentTitle": "Wendy's International (WEN)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 30,
  "pageCount": 31,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "other",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 3,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-2dc82567e925/30",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.2
      },
      "kind": "callout",
      "text": "Beyond “fixing” the business, there are several additional levers which can create significant shareholder value at Wendy’s. We have not included any of these in our analysis",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "800e50a7-a953-42b9-9670-8aa49f8f49e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.92,
        "x": 0.04,
        "y": 0.38
      },
      "kind": "list",
      "text": "Breakfast offering at Wendy’s\nCould be worth an incremental $5 per share depending on success of rollout\nShare repurchase opportunity\nManagement has the ability to sell real estate or sale-leaseback stores and repurchase over 40% of Wendy’s current standalone market cap\nCombined company has only 1.9x Net Debt / “Unfixed” EBITDA\nSizable share repurchase before “fixing” the business could create significant incremental returns\nInternational growth opportunity for Wendy’s concept",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d2a74d2-c0ad-4aec-993b-818e437abba0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: $5",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60d-d191cb9c4afa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.47,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Potential Future Upside",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b686c2f4-3520-4b55-8399-807612edc494",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "AIDA Model",
      "slug": "aida-model",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "e2004a8c-034b-4098-83a3-f8af2d9628a3",
      "evidence": "Beyond “fixing” the business, there are several additional levers which can create significant shareholder value at Wendy’s.",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}