{
  "docId": "019dd923-622c-750b-8b9b-3606a0ca899b",
  "docSlug": "c0c1d47eef3b",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 104,
  "pageCount": 164,
  "prevPage": 103,
  "nextPage": 105,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "comparison_table",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/104",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-104",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "As such, Target Corp will not need access to long-term capital because it will generate $2bn of FCF after all capex in the first two years alone",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-870f-69be9a3efca8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.585,
        "y": 0.45
      },
      "kind": "list",
      "text": "The Transaction's tax efficiencies improve free cash flow at Target Corp (ground lease is expensed while land is not depreciable)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ab0d0cc-6dd2-4085-931d-427b873f3dad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.585,
        "y": 0.62
      },
      "kind": "list",
      "text": "As such, Target Corp will not need access to long-term capital because it will generate $2bn of FCF after all capex in the first two years alone",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a5c80278-eb9c-4812-9d6d-359bf39afe10",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.585,
        "y": 0.8
      },
      "kind": "list",
      "text": "Cash flow will be primarily used to de-lever to an “A” category rating after two years",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2ac5471-c4cf-47c9-8d5c-37843fe1dce0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.35,
        "x": 0.585,
        "y": 0.29
      },
      "kind": "list",
      "text": "First two years of land development capital will be contractually funded by TIP REIT. Thereafter, TIP REIT will be the preferred land developer",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9970097-b895-4941-aee0-f0b23e50433a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "credit rating: $2bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-870f-6eeed0c7f42a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.275,
        "y": 0.29
      },
      "kind": "paragraph",
      "text": "Target Corp's rating could be temporarily lowered to a mid-to-high BBB category",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be6a3097-fa27-4268-88fd-cfca6ea73922",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.92,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "table",
      "text": "Concern vs Mitigating Factor table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b20c2e2-504b-4906-8a1a-55910447f2bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Potential Concerns: Credit Ratings",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0123b0aa-73a8-4e83-94ce-7ca6c928caf3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "2df732bf-4db4-467e-a443-6fcdf4240c69",
      "evidence": "The slide explicitly structures a 'Concern' and 'Mitigating Factor' to address a potential objection.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}