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  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 16,
  "pageCount": 31,
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  "slideType": "thesis_headline",
  "function": "establish_context",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a split-layout to define the business model and list its core value drivers.",
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      "kind": "image",
      "text": "Wendy's Logo",
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      "kind": "list",
      "text": "Collects ~4% royalty on Wendy’s system sales; Collects rent checks for approximately $1bn of owned real estate; ~ 60% estimated EBITDA Margins (1); Low maintenance capital requirements; No commodity cost pressures; Highly leverageable; High earnings stability / recurring revenue base; High ROIC; Valuable real estate; Geographically diverse franchisee base",
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      "text": "Brand Wendy’s is a combination of a Franchise business and a Real Estate company. The Franchise business is a stable, high-margin business that can grow with minimal capital required. Highly stable, royalty-like businesses of this nature typically trade in the range of 10x – 12x EBITDA, depending on growth",
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      "text": "(1) For the Franchise business. Assumes Wendy’s OpCo pays a market rent and franchise fee.",
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      "kind": "title",
      "text": "Brand Wendy’s: An Attractive Business",
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