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  "documentTitle": "Corrections Corporation of America (CXW)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2009-10-20 00:00:00",
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      "text": "CXW trades for ~13x free cash flow per share or at an implied cap rate of 12.2%",
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      "text": "(1) Applies an 8.0x multiple to Facility EBITDA from the management business. (2) NOI is defined as Facility EBITDA from CXW's Owned & Managed segment (\"owned only\"). (3) Assumes a 38% cash tax rate. Assumes CXW uses future free cash flow to repurchase shares at a premium to market.",
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