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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide uses a sum-of-the-parts valuation approach to isolate the implied real estate value.",
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      "text": "Assuming Target were to rent its owned real estate and using a 7.0x '08E EBITDA multiple on the pro forma retail business, the 20-day trading average stock price of $40 implies only $13bn of value for Target's owned real estate, a significant discount to book and replacement value",
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      "text": "Assuming Target were to rent its owned real estate and using a 7.0x ’08E EBITDA multiple on the pro forma retail business, the 20-day trading average stock price of $40 implies only $13bn of value for Target’s owned real estate, a significant discount to book and replacement value",
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      "text": "Implied Real Estate Value: $13.4bn",
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      "text": "(1) Based on 2008 Q2 company filings and a 20-day trading average stock price as of 10/24/08 (2) Assumes for illustrative purposes that the remaining 53% interest in credit card receivables is sold to an Investment Partner for $4.4bn and that Target retains $150mm of credit card income",
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      "text": "Replacement Value of Owned Real Estate: $39.1; Discount to Replacement Value: 66%",
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      "text": "Gross Book Value of Land and Buildings: $25.2; Discount to Gross Book Value: 47%",
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      "text": "Current TGT Enterprise Value @ $40/Share: $48.3; Less: PF Target Corp: (26.9); Less: Credit Card Receivables: (8.0); Equals: Implied Real Estate Value: $13.4",
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      "text": "Market Assigns Little Value to Target's Real Estate",
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