{
  "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": 56,
  "pageCount": 80,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide uses a sum-of-the-parts approach to justify a $38/share valuation.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-307fbe895978/56",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978#slide-56",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.86,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "callout",
      "text": "Based on “TIPS”-based valuation of TIP REIT, the implied TIP REIT valuation is $28bn, or $38/share today",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33640f5e-668a-409b-88a0-881bf5ef110c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "valuation per share: $38/share",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a325-e9ef7c0b4055",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.07,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "(1) At mid-point valuation\n(2) Implied yield calculated based on NOI / Implied value",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f172c023-6b33-4d0b-b192-a247c188dedc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.86,
        "x": 0.07,
        "y": 0.335
      },
      "kind": "table",
      "text": "Sum-of-the-parts valuation table showing Equity Value, Implied Cap Rate, and Valuation details for TIP-like Security, Land Developer, and Total TIP REIT.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c37e7d9-761a-4e7b-aaff-e7ba814abdbf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Valuation: TIP REIT in Total",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf165a54-9d17-4fe9-b009-477a97246d71",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Sum of parts",
      "slug": "sum-of-parts",
      "agent": null,
      "layer": "slide",
      "matchId": "2a718dc1-8ab4-4e70-a6da-05b0873c434a",
      "evidence": "Sum-of-the-parts valuation table showing Equity Value, Implied Cap Rate, and Valuation details",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "d73623ee-8371-4a34-be5f-2fa7aca3d293",
      "evidence": "Sum-of-the-parts valuation bridge",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}