{
  "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": 9,
  "pageCount": 80,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a comparison frame to highlight valuation arbitrage potential.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-307fbe895978/9",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-307fbe895978#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.75
      },
      "kind": "callout",
      "text": "The Transaction creates immense and instant value because 22% of Target's current EBITDA will be valued at a significantly higher multiple than where Target trades today",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05de3fbb-1202-4dfc-a7c3-8bbae3a313fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV/EBITDA: 5.8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-64cf-7128-a322-f88a58f1e563",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "REITs, private market ground leases, and inflation-protected securities all trade at much higher valuation multiples than Target's multiple, at only 5.8x '09E EV/EBITDA, based on a 20-day trading average stock price of $37",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a52c1f76-ca92-4e09-8114-0685efb16f83",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Note: Target valuation assumes sale of remaining 53% interest on credit card receivables for $4.4bn, with Target retaining $150mm of credit card EBITDA (1) Based on a 20-day trading average as of 11/14/08 (2) Based on mid-point precedent cap rate of 5.9% (3) Based on current 20-year TIP yield of 2.8% as of 11/14/08",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9813b5ed-633c-4af5-95f5-050f8ef3a13c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.42,
        "x": 0.07,
        "y": 0.375
      },
      "kind": "table",
      "text": "Target's Market Valuation (1) 2009E EV / EBITDA 5.8x $37/Share (1)",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "385025cb-0ddf-4731-b0a4-06850eda4b1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.42,
        "x": 0.54,
        "y": 0.375
      },
      "kind": "table",
      "text": "Inflation Protected Securities / REIT Market Valuations 2009E EV / EBITDA 14.5x Large Cap REITs (1) 17.0x Recent \"Big Box\" Ground Lease (2) 35.7x Inflation Protected Treasury Securities (TIPS) (3)",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b29effa2-4ab3-4cca-8798-6db7443d873a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Unlocking Immense Real Estate Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b491062-da5a-4c8b-a4f6-051204f645f5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "5075a6ae-f5b7-4019-9939-ed6423523757",
      "evidence": "Direct comparison of Target's valuation multiple against peer asset classes to demonstrate value unlock.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 9,
      "from": 5,
      "beatId": "f626d0d7-2b47-4952-a237-8b264aedf2a6",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document presents the limitations of the current transaction structure and Target's concerns regarding it.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}