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  "docSlug": "c0c1d47eef3b",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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  "density": "balanced",
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  "notes": "The slide uses a sum-of-the-parts approach to arrive at a total NAV range.",
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      "kind": "callout",
      "text": "The implied TIP REIT valuation range on TIPS-based NAV analysis is $26 – $31bn, or $36 – $44/share today",
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      "text": "Existing Lease Valuation\nInflation-indexed rent growth allows for a “TIPS-like” risk/return\nDividend yield range based on theoretical analysis:\nTIPS yield of 3.00% + Target unsecured CDS of 1.65% – 2.15% = Total yield of 4.65% – 5.15%\nImplied valuation at 4.65% – 5.15% dividend yield range\n2008E dividend: $1,354mm\nValuation range of $26bn – $29bn",
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      "text": "Platform Valuation\nBased on 20-year DCF analysis\nImplied valuation at 4.65% – 5.15% cap rate and 10.5% – 12.5% discount rate\n2029E terminal NOI: $2,560mm\nValuation range of $0.0bn – $2.3bn",
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      "text": "NAV: $26 - $31bn",
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      "kind": "title",
      "text": "TIP REIT NAV (TIPS) Analysis",
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