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  "docSlug": "026aa39efc5ddd02b246ab06000ae2aa",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 20,
  "pageCount": 31,
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  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 14,
  "notes": "The slide uses a 'before-after' comparison to highlight the potential value creation from operational improvements.",
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      "kind": "paragraph",
      "text": "Based on the assumptions below, Wendy's OpCo is operating at a 1% EBITDA margin, adjusted for market rents and franchise fees. Franchised Wendy's restaurants are believed to be generating 600 bps of higher margin. If Wendy's company-operated restaurants could increase profitability by 400bps, EBITDA would increase by approximately $86mm",
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      "kind": "source-note",
      "text": "(1) Includes sales of sandwich buns and kids meal toys to franchisees. (2) Assumes ~$50mm, or roughly 25% of Wendy's Consolidated 2008E G&A of $200mm is allocated to Wendy's OpCo.",
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      "text": "Wendy's OpCo 2008E P&L table comparing 'As is' vs 'Fixed' scenarios.",
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      "kind": "title",
      "text": "Wendy's OpCo: Almost No Profitability",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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