{
  "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": 7,
  "pageCount": 31,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "comparison_table",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a historical precedent to frame Wendy's current situation as a turnaround opportunity similar to McDonald's past.",
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "icon_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-2dc82567e925/7",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / Fwd EBITDA: 8.9x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60c-02483915d813",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "(1) Assumes Wendy's standalone \"unfixed\" 2008E EBITDA.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "769ba645-652f-460b-8dbf-c6aee973e4c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.72,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "table",
      "text": "Comparison of McDonald's 2002-2003 vs Wendy's Today across System Problems, Strengths, and financial metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db9155f2-5d28-47ec-bac6-af9bb7d5c871",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.88,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "McDonald's Reminds Us Of Another Situation...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36bcf73d-8e23-4be1-a2c4-45f4e93f0a21",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "ab654a36-5297-4f98-b80a-465b7bfb4b1c",
      "evidence": "The slide uses a table to compare system problems, strengths, and financial metrics.",
      "confidence": 0.5
    },
    {
      "name": "Comparison frame",
      "slug": "comparison-frame",
      "agent": null,
      "layer": "slide",
      "matchId": "894b5651-1a22-41e3-9969-711a2fcb1b09",
      "evidence": "The slide sets up a comparison between McDonald's and Wendy's.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "7591e624-09d6-4bd5-bcf2-5cfb25e7ea4c",
      "evidence": "Side-by-side comparison of two entities to establish a precedent.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}