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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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 30,
  "pageCount": 31,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "other",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide highlights upside potential not included in the core analysis.",
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  "metadataConfidence": 0.95,
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  "slideHref": "/slides/019de06f-348e-73d8-928d-dae890b6fefa/30",
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      "kind": "callout",
      "text": "Beyond “fixing” the business, there are several additional levers which can create significant shareholder value at Wendy’s. We have not included any of these in our analysis",
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      "kind": "list",
      "text": "Breakfast offering at Wendy’s\nCould be worth an incremental $5 per share depending on success of rollout",
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      "kind": "list",
      "text": "International growth opportunity for Wendy’s concept",
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      "kind": "list",
      "text": "Share repurchase opportunity\nManagement has the ability to sell real estate or sale-leaseback stores and repurchase over 40% of Wendy’s current standalone market cap\nCombined company has only 1.9x Net Debt / “Unfixed” EBITDA\nSizable share repurchase before “fixing” the business could create significant incremental returns",
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      "kind": "title",
      "text": "Potential Future Upside",
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      "beatName": "Solution",
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      "evidence": "The deck presents a solution by valuing Wendy's standalone and as a combination with Arby's",
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