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  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
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  "authorName": "William Ackman",
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  "notes": "EPS dilution assumes $50/share; excludes real estate, other, qualified pension expense, $230mm interest expense, and 37% tax rate.",
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      "text": "Leverage to additional improvement",
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      "text": "Notes: All EPS dilution assumes $50/share. EPS excludes: Real estate and other, and qualified pension expense, $230mm of interest expense and 37% tax rate.",
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      "text": "Every 5% increase in sales adds ~80c of EPS\nEvery $100mm of SG&A reduction adds ~30c to EPS",
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      "text": "Sales/sf: 177 to 200; Cost Saves: 900 to 1,250; 2015 EPS: 6.00 to 9.25",
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      "text": "What Could the New JCP Earn?",
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