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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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  "function": "compare_peers",
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  "notes": "The slide uses a comparison frame to highlight the valuation gap between the company's current trading multiple and comparable asset classes.",
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      "kind": "callout",
      "text": "The Transaction creates immense and instant value because 22% of Target's current EBITDA will be valued at a significantly higher multiple than where Target trades today",
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      "text": "EV/EBITDA: 6.0x",
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      "text": "REITs, private market ground leases, and inflation-protected securities all trade at much higher valuation multiples than Target's multiple, at only 6.0x '09E EV/EBITDA, based on a 20-day trading average stock price of $40",
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      "text": "(1) Based on a 20-day trading average as of 10/24/08 (2) Based on mid-point precedent cap rate of 5.9% (3) Based on current 20-year TIP yield of 3.0%",
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      "text": "Target's Market Valuation (1) 2009E EV / EBITDA 6.0x $40/Share (1)",
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      "text": "Inflation Protected Securities / REIT Market Valuations 2009E EV / EBITDA 15.7x Large Cap REITs (1) 17.0x Recent \"Big Box\" Ground Lease (2) 33.3x Inflation Protected Treasury Securities (TIPS) (3)",
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      "kind": "title",
      "text": "Unlocking Immense Real Estate Value",
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