{
  "docId": "019dd923-622c-750b-8b9b-3606a0ca899b",
  "docSlug": "c0c1d47eef3b",
  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-10-29 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 77,
  "pageCount": 164,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide uses a stacked bar to illustrate that the $38 valuation is a conservative subset of the total $70 value.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/77",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-77",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.53,
        "y": 0.46
      },
      "kind": "callout",
      "text": "Using a “TIPS”-based valuation analysis, our mid-point valuation price of $38/share excludes the value of TIP REIT’s development platform",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50f419be-a30e-40ba-9c1a-5bc2c1ee106a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.2,
        "x": 0.25,
        "y": 0.41
      },
      "kind": "chart",
      "text": "TIP REIT Spin-off Equity Value / Share",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9136a487-a56b-43dc-990c-f2f44f5ae17a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Equity Value / Share: $70",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-870d-5360e53d9494",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "Our mid-point valuation price for TIP REIT of $38 (1) implies a 4.9% dividend yield for the TIPS-like security and (2) excludes the value of the Land Developer",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "58b500c5-5136-4622-96ec-72aa3eaf1241",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Conservative Approach to Valuation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9e3c975-8a5d-4231-ab35-1c63c8fe9e9b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "e8e8f536-410e-4266-bfe1-18244d5de4b0",
      "evidence": "The slide explicitly discusses a 'TIP REIT Spin-off' and valuation of components.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}