{
  "docId": "019dd923-622c-750b-8b9b-52396898d5ae",
  "docSlug": "2a9b75eb1f86",
  "documentTitle": "Family Dollar Stores (FDO)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2011-05-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 39,
  "pageCount": 42,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 36,
  "notes": "The slide highlights the potential value creation from financial engineering (leveraged buyback) combined with operational improvements.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-52396898d5ae/39",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-52396898d5ae",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-52396898d5ae.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-52396898d5ae#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.84,
        "x": 0.08,
        "y": 0.87
      },
      "kind": "callout",
      "text": "Trian has sourced $5bn dollars of debt financing for their proposed deal",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1c91f1e-14fa-499c-8a58-cd3f24708bb8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.84,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "callout",
      "text": "If FDO raised an incremental $1.5bn of debt, bought back stock at $60, and closed only half the productivity gap, the company would earn ~$5.50 of 2012 EPS and trade in the high $70s at a 14x P/E",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff0b384e-454c-487c-80ec-a1892562f578",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EPS: $5.50",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87fa-b8f9466d4265",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.56,
        "x": 0.22,
        "y": 0.34
      },
      "kind": "table",
      "text": "Leveraged Buy Back Accretion Analysis table including Base EPS, Pro Forma EPS, and Assumptions.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8f8057e-410b-4371-aa5d-0ed5f9ecc129",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.84,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "How Accretive Would a Leveraged Buy Back be?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03457b8a-3b21-4d61-96e1-a18151115e6e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "a3f2f041-0efe-40d3-8b3d-d15453bc93df",
      "evidence": "Analysis of debt-funded share buybacks and operational productivity improvements.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}