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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "The slide uses a comparison frame to argue for hidden value in Target's real estate assets.",
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      "kind": "callout",
      "text": "Real estate companies trade at substantially higher multiples of EBITDA compared to Target or other retailers",
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      "text": "EV / EBITDA: 7.2x",
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      "kind": "paragraph",
      "text": "Pershing Square believes that there may be more efficient ways for Target to structure its real estate business in order to highlight its strong value. Pershing Square, however, does not currently have any specific plans or proposals with respect to Target’s real estate",
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      "text": "Note: Target valuation excludes the net book value of the credit card receivables... (1) Based on current stock price as of 05/01/09... (2) Based on mid-point precedent cap rate of 5.9%.",
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      "text": "Target's Market Valuation: 7.2x EV/EBITDA; Real Estate Companies: 14.3x-17.0x EV/EBITDA",
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      "kind": "title",
      "text": "The Market Does Not Appreciate Target’s Real Estate",
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