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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": "Uses a simple additive model to demonstrate accretion.",
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      "kind": "callout",
      "text": "The Transaction allows for greater free cash flow generation for Target's shareholders than the Standalone company provides",
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      "text": "Using Target’s ’09 P/E multiple of 11.8x (based on $40/share), the incremental earnings accretion from this Transaction creates $7 per share of value ignoring other valuation benefits",
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      "kind": "list",
      "text": "Most D&A remains at tax-paying entity (Target Corp)\nGround lease expense at Target Corp is tax deductible\nREIT does not pay taxes",
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      "text": "EPS: $7",
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      "text": "Using Target's '09 P/E multiple of 11.8x (based on $40/share), the incremental earnings accretion from this Transaction creates $7 per share of value ignoring other valuation benefits",
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      "text": "(1) Assumes sale of remaining 53% interest on credit card business is sold in both Standalone and Transaction scenarios\n(2) Normalized to exclude $112mm (approximately $0.16/share) of incremental expense due to CY2009 cash E&P distribution",
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      "text": "2009E Maintenance FCF/Share: $2.68 + $1.86 = $4.54 vs $3.92 (Diff $0.62)\n2009E EPS: $2.23 + $1.79 = $4.02 vs $3.40 (Diff $0.62)",
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      "kind": "title",
      "text": "Increases Total FCF via REIT Conversion",
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