◆ Contrarian Corpus
Campaigns / Pershing Square → Target Corporation
Pershing Square vs. Target Corporation

Target Corporation · TGT

3 decks published between 2008-10-29 and 2009-05-11 — 324 pages, 324 analysed slides total. Outcome: lost.

initial thesis follow up proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2008-10-29 initial thesis

    2008 10 Pershing Square Target First Presentation Oct 2008

    164pp · full_deck

    Target's owned real estate is a $39bn hidden asset; a tax-free land-only REIT spin (TIP REIT) with a 75-year master lease unlocks ~$30/share and 74% upside.

    N 5 V 3 C 3
    ⌂ ◫ ⇌
  2. 2008-11-19 follow up

    2008 11 Pershing Square Target Second Presentation Nov 2008

    80pp · full_deck

    Target's land is mispriced inside a 5.8x retail multiple; a <20% IPO of 'TIP REIT' followed by a tax-free spin re-rates the real estate at REIT multiples and lifts the stock from $37 to $67 now, $80 by 2010.

    N 5 V 3 C 3
    ⌂ ◫ ”
  3. 2009-05-11 proxy fight

    2009 05 Pershing Square Target Board Nominees Presentation May 2009

    80pp · full_deck

    Target's insular board lacks CEO-level retail, credit-card, and real-estate expertise — replace four incumbents with Pershing's slate to close the 62-point performance gap versus Wal-Mart.