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  "documentTitle": "J.C. Penney Company, Inc. (JCP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-05-16 00:00:00",
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  "notes": "The table models financial performance (EBIT, EPS, Share Price) across three scenarios of sales per square foot ($250, $300, $350).",
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      "text": "How much would JCP be worth if it had sales per square foot approaching that of a specialty store?",
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      "text": "Additional upside: Store growth, buybacks, dividends",
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      "text": "Assumes: 240mm shares outstanding, $3bn of internet and non-merchandise sales, $230mm of interest expense, 37% tax rate, SG&A: $900 of cost saves, SG&A increases by 10% of incremental revenue, 4yrs of 2% inflation, ex- RE and other, and qualified pension expense",
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      "kind": "title",
      "text": "Think Big",
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