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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 bridge-like comparison to show the accretion of Maintenance FCF/share.",
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      "kind": "callout",
      "text": "The Transaction achieves significant cash flow savings given the tax-efficient structure for owning land",
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      "text": "(1) Assumes sale of remaining 53% interest on credit card receivables... (2) Assumes interest rate... (3) Assumes tax rate of 38%...",
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      "text": "Financial table showing EBITDA, Capex, Interest, Taxes, NWC, Other, FCF, Shares, and FCF/Share for Target, TIP, Combined, and Standalone.",
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