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  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
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  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 21,
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  "notes": "The slide uses a sum-of-the-parts valuation approach to justify a higher stock price based on operational improvements.",
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      "kind": "callout",
      "text": "After appropriately valuing its high quality franchise and real estate cash flows, even \"unfixed\" Wendy's is worth $35 today. If the Company improves its company-operated store margins, the business is worth $42",
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      "text": "(1) Franchise business segment includes approximately $18mm of rent income... (2) Owned real estate segment assumes a 7.25% cap rate... (3) Based on Q1 2008 balance sheet.",
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      "kind": "title",
      "text": "Wendy's: Summing it Up",
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