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  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
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  "authorName": "Pershing Square",
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  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 15,
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  "notes": "Uses a before-after bridge to reallocate EBITDA, highlighting the underlying business model.",
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      "kind": "callout",
      "text": "Even more so than McDonald’s, Wendy’s is fundamentally a Franchise and Real Estate business (“Brand Wendy’s”). Wendy’s company-operated restaurants (“OpCo”), once adjusted for market rent and franchise fees, are generating virtually no profits",
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      "text": "2008E Total EBITDA As Reported",
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      "text": "’08E EBITDA: $313mm",
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      "text": "Note: The analysis assumes that approximately 75% of total Wendy’s G&A is allocated to Brand Wendy’s business and 25% is allocated to OpCo. The analysis assumes that rent is charged to OpCo at a 7.25% cap rate. The analysis excludes non-recurring expenses.",
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      "text": "Wendy’s: A Brand Royalty and Real Estate Company",
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