{
  "docId": "019dd923-622c-750b-8b9b-41a495222153",
  "docSlug": "b442fc01b34f",
  "documentTitle": "Corrections Corporation of America (CXW)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-10-20 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 29,
  "pageCount": 40,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide argues that the current multiple (9.8x) is undervalued relative to the historical pre-Lehman average (11.5x) given the improved earnings quality.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-41a495222153/29",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-41a495222153",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-41a495222153.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-41a495222153#slide-29",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.82,
        "x": 0.09,
        "y": 0.21
      },
      "kind": "callout",
      "text": "CXW’s earnings quality has improved since 2007 as its Owned & Managed segment now accounts for more than 90% of Facility EBITDA",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "659b6bb7-c921-44a0-a392-f1004707fcc4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.83,
        "x": 0.08,
        "y": 0.32
      },
      "kind": "chart",
      "text": "TEV / Forward EBITDA",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6f57174-bed7-4ed0-89e9-d4307af72e1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.13,
        "x": 0.55,
        "y": 0.4
      },
      "kind": "legend",
      "text": "Pre-Lehman Average: 11.5x",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e437e466-51d2-4167-84bc-7f2a531b5363",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.06,
        "x": 0.87,
        "y": 0.535
      },
      "kind": "metric",
      "text": "9.8x",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b74a9368-8686-4da2-b57c-28a900d14f64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "TEV / Forward EBITDA: 9.8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-25b6-7431-a281-b3d2e822d5de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.08,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Capital IQ, Pershing Square estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "779ca1e7-4edf-4648-b961-7514f19b3c00",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.83,
        "x": 0.08,
        "y": 0.83
      },
      "kind": "table",
      "text": "Owned & Managed as % of Facility EBITDA (TTM)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56faca85-2232-4cd1-9561-64866158b716",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.12
      },
      "kind": "title",
      "text": "Opportunity for Multiple Expansion",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d24b9f9-79b7-49bf-8e5b-2b6eae093bfc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "valuation-bridge",
      "slug": null,
      "matchId": "9a70fab3-39a5-4d33-984e-60cf3995fc5d",
      "evidence": "Comparing current valuation multiple to historical average to imply upside potential.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 40,
      "from": 24,
      "beatId": "8204b701-6e31-4162-a39f-402d5a721e7f",
      "arcName": "Rags to Riches",
      "arcSlug": "rags-to-riches",
      "beatName": "Ultimate Achievement",
      "beatSlug": "rags-to-riches-ultimate-achievement",
      "evidence": "The presentation concludes with a valuation of the company and an opportunity for multiple expansion.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}