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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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      "text": "The Transaction enables Target Corp to generate more free cash flow after growth capex than Target today. As such, Target Corp will not need to access the capital markets because TIP REIT will provide future growth capital and taxes will be reduced",
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      "text": "Target Corp would have approximately $200mm of incremental FCF after growth capex versus Target Standalone as a result of not funding new land development and reduced taxes",
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      "text": "(1) Assumes sale of remaining 53% interest on credit card receivables for $4.4bn on 01/01/09 with Target retaining $150mm of credit card EBITDA in '09E",
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      "text": "Decreases Target Corp's Capital Needs (cont'd)",
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