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  "documentTitle": "Family Dollar Stores (FDO)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-05-25 00:00:00",
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  "notes": "Uses a 'Value-Price' framing to argue for investment.",
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      "text": "Nothing – FDO trades at nearly the same consensus forward EBIT multiple as DG (~9x), a company with similar growth prospects, excluding the productivity gap",
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      "text": "Stable, secular sales growth; The opportunity to invest in an existing store base at high rates of return; 10+ years of high return new unit growth",
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      "text": "A modest forward multiple on consensus numbers (7.6% EBIT margin); 14.7x FY2012 EPS (August)",
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      "kind": "title",
      "text": "FDO Shares are Cheap",
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