{
  "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": 14,
  "pageCount": 164,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/14",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-14",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "In considering alternatives for the Company, Pershing Square’s objective was to eliminate the stock market’s ascribed discount to the intrinsic value of Target’s real estate and allow the Company to:",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-8708-2a8ec0777ad0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.8,
        "x": 0.1,
        "y": 0.035
      },
      "kind": "list",
      "text": "Retain complete control of its buildings and its brand\nRetain 100% flexibility with respect to its construction, remodeling, and relocation plans\nImprove the Company’s free cash flow and access to capital\nIncrease the Company’s ROIC and lower its cost of capital\nMaintain an investment grade credit rating\nIncrease the Company’s EPS growth rate\nMinimize tax leakage and friction costs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1acf549-ff60-4b33-83be-9632ea14c8a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.88,
        "x": 0.06,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "In considering alternatives for the Company, Pershing Square’s objective was to eliminate the stock market’s ascribed discount to the intrinsic value of Target’s real estate and allow the Company to:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec715b01-f732-4c17-86ed-9eca12b57c66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.23,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Objectives",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "363ac6cc-8fe4-47f8-9fda-ab7902618979",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Audience Definition",
      "slug": "audience-definition",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "86ad4215-7de3-4373-97bb-4499fbdccb1e",
      "evidence": "The slide mentions 'Pershing Square's objective was to eliminate the stock market's ascribed discount to the intrinsic value of Target's real estate and allow the Company to:' which indicates defining the audience's goals.",
      "confidence": 0.6
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}