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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide uses a waterfall bridge to decompose value drivers.",
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      "kind": "callout",
      "text": "The main sources of value creation are incremental earnings generation via the REIT structure and multiple expansion at TIP REIT and Target Corp",
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      "text": "(1) Normalized to exclude $112mm of incremental interest expense due to CY2009 cash E&P distributions\n(2) Implied P/E multiple of 21.3x based on the mid-point of today's estimated market value of $27.5bn, implying a 20.5x 2009E AFFO multiple, 4.9% dividend yield and 5.3% cap rate",
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