{
  "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": 116,
  "pageCount": 164,
  "prevPage": 115,
  "nextPage": 117,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "Uses a bridge chart to illustrate the 74% value uplift from a REIT spin-off.",
  "elementsJson": [
    "headline_text",
    "bar_chart_stacked",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/116",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-116",
  "components": [
    {
      "bbox": {
        "h": 0.55,
        "w": 0.72,
        "x": 0.19,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Bridge chart showing Target Standalone ($40) to Target REIT Spin-Off ($70) and 12-Month Price Target ($83)",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "314a6723-5472-44ac-b8cc-2d82fa9dd973",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.04,
        "y": 0.9
      },
      "kind": "disclaimer",
      "text": "For illustrative purposes, assumes Transaction occurs on 01/01/09. (1) Based on 20-day trading average as of 10/24/08... (2) Based on mid-point of valuation analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "89008bb5-aadd-4e3a-9d54-691bad1290f9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Price per share: $83",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b66d-5becb4f9d3d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.88,
        "x": 0.06,
        "y": 0.66
      },
      "kind": "table",
      "text": "Financial metrics table comparing Target Standalone, Target REIT Spin-Off, and 12-Month Price Target",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f10467f-2fe9-487b-848c-8cd8f5686743",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.39,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Valuation Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "33f1d29a-049a-46a2-a76b-6e2a7658cebe",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "ec70e74b-1c23-4ed6-8874-b45acb844ac2",
      "evidence": "chart/waterfall-bridge: Bridge chart showing Target Standalone ($40) to Target REIT Spin-Off ($70) and 12-Month Price Target ($83)",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "1fa01b10-74cc-499e-9d76-bbd3f0dbdf20",
      "evidence": "Bridge chart showing value creation from standalone to spin-off",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}