{
  "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": 95,
  "pageCount": 164,
  "prevPage": 94,
  "nextPage": 96,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "The slide uses a pro-forma analysis to justify a higher valuation/growth trajectory based on capital structure changes.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-3606a0ca899b/95",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-3606a0ca899b#slide-95",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.19
      },
      "kind": "callout",
      "text": "Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp's EPS growth will exceed that of Target Standalone",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fe3c9e9-5cc7-40f7-a3d8-d5012e7a36d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-870e-df0333208439",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EPS CAGR: 17.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b61-7647-870e-e08e5e00aa3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "(1) Assumes remaining 53% interest of credit card business sold for $4.4bn on 01/01/09 and all proceeds used to pay down debt (2) Assumes Target Standalone maintains existing dividend policy",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ae5d15c-1ec6-4c54-a527-3303ea93bdfe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.34
      },
      "kind": "table",
      "text": "Earnings per Share table comparing PF Target Corp and Target Standalone from 2008-2013 with CAGR",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1afb86e-309f-4148-8050-5daaf1662535",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.73
      },
      "kind": "table",
      "text": "Memo: Operating Assumptions",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b06ad970-dc50-4ba7-aebd-c2ab4c1eb1ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Increases Target Corp's EPS Growth Rate",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37b35a1d-0263-4e46-9113-ac0d9f79a61b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Comparison frame",
      "slug": "comparison-frame",
      "agent": null,
      "layer": "slide",
      "matchId": "2e3984cb-d8e6-4829-9abe-ab7153b2aa3e",
      "evidence": "Earnings per Share table comparing PF Target Corp and Target Standalone from 2008-2013 with CAGR",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}