{
  "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": 136,
  "pageCount": 164,
  "prevPage": 135,
  "nextPage": 137,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 85,
  "notes": "Includes detailed footnotes regarding assumptions for credit card receivables, EBITDA growth, mid-year convention, and debt/cash adjustments.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/136",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-136",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.86,
        "x": 0.07,
        "y": 0.185
      },
      "kind": "callout",
      "text": "The implied Target Corp valuation range based on DCF analysis is $26 – $35bn, or $37 – $49/share today",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4dd786b0-3817-4ef7-9adf-4b67d8614b8d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.82
      },
      "kind": "disclaimer",
      "text": "Notes: 1 Assumes sale of remaining 53% interest on credit card receivables for $4.4bn; ongoing royalty stream of $150mm 2 Assumes 2014E EBITDA growth equal to 2013E growth 3 Assumes mid-year convention 4 Assumes $4.4bn of proceeds from sale of remaining 53% interest on credit card receivables used to pay down debt 5 Assumes capital expenditures equal to depreciation and amortization in perpetuity",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a22937ef-43e2-4443-8f19-fe7bf43be128",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "implied equity value: $37 – $49/share",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b66f-9dfb0eef8537",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.7,
        "x": 0.15,
        "y": 0.27
      },
      "kind": "table",
      "text": "Projected Calendar Year 2009E-2013E cash flow build-up",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdd3b90d-419f-48d4-a676-ea268cc821b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.58,
        "y": 0.7
      },
      "kind": "table",
      "text": "Implied Perpetuity Growth Rate sensitivity table",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06fb2235-c59b-48c4-868e-8219a2751d06",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.3,
        "x": 0.58,
        "y": 0.53
      },
      "kind": "table",
      "text": "Implied Equity Value sensitivity table",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "849b6650-55dc-4ba6-abb1-5841cd43e22f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.35,
        "x": 0.15,
        "y": 0.53
      },
      "kind": "table",
      "text": "Illustrative Valuation summary",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b29531e7-c435-46fb-9b6a-2922b752ea9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Target Corp Discounted Cash Flow Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b0280c1-4880-4ae7-a540-f153440a4c91",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation_table",
      "slug": null,
      "matchId": "0f69520c-1e1b-40d8-bc57-648ca680269c",
      "evidence": "DCF model structure with sensitivity analysis",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}