{
  "docId": "019dd923-622c-750b-8b9b-307fbe895978",
  "docSlug": "f2f1130837d1",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-11-19 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 10,
  "pageCount": 80,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "Uses a waterfall-style bridge to illustrate the value creation of a corporate spin-off.",
  "elementsJson": [
    "headline_text",
    "waterfall_chart",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-307fbe895978/10",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.45,
        "w": 0.65,
        "x": 0.18,
        "y": 0.17
      },
      "kind": "chart",
      "text": "Bridge chart showing Target Standalone ($37) vs Spin-off components ($67 and $80)",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5710dd8-bc45-46d0-9cff-560163e168fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "Note: Target valuation assumes sale of remaining 53% interest on credit card receivables for $4.4bn. For illustrative purposes, assumes Spin-off Transaction occurs on 01/01/09. (1) Based on 20-day trading average as of 11/14/08; assumes sale of remaining 53% interest on credit card business with proceeds used to pay down debt (2) Based on mid-point of valuation analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af9b63af-6286-45d7-85c3-0480a1103b2b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price Target: $80",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a322-68c4799b6e8a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.88,
        "x": 0.06,
        "y": 0.65
      },
      "kind": "table",
      "text": "Financial metrics table for Target and TIP REIT",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45d9c6c8-7c47-4cd8-a5a4-35f506bb574e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Valuation Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1119f7e-e667-4227-b36c-f25c71658f61",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "b51141ea-788b-465c-95bf-d1915c2aef70",
      "evidence": "chart/waterfall-bridge: Bridge chart showing Target Standalone ($37) vs Spin-off components ($67 and $80)",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "2dfbc46c-b1ee-4be9-9d1f-1250a1ec11f0",
      "evidence": "Visualizes the value creation of separating a business unit (TIP REIT) from the parent (Target Corp)",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 19,
      "from": 10,
      "beatId": "d9dc9733-1ae4-487a-9c3f-fa38ec47adc5",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The document presents a revised transaction, including a minority IPO of TIP REIT, and highlights its benefits.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 19,
      "from": 10,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "aa3f439d-c7e6-4318-aef6-981286be7083",
      "evidence": "The document presents a clear and logical chain of reasoning to support the revised transaction.",
      "position": 0,
      "objective": "To demonstrate the benefits of the revised transaction",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}