Pershing Square Activist Presentation Deck
Wendy's / Arby's Combination
Based on the assumptions below, the Pro Forma combined Company
would have $473mm of '08E EBITDA without any cost savings.
Assuming cost savings, the Pro Forma combined Company would
have $633mm of EBITDA and is trading at 6.3x EBITDA
$ in millions except per share data
Wendy's diluted shares outstanding
Incremental shares issued
Pro Forma diluted shares
Recent equity price
Pro Forma equity market value
Wendy's existing net debt
Plus: Triarc existing net debt (4)
Equals: Pro Forma net debt
Pro Forma Enterprise value
89
21
111
$28
$3,095
$335
580
$915
$4,010
Wendy's EBITDA
Triarc EBITDA (Arby's segment)
Combined EBITDA
PF EV / EBITDA (no savings)
26
(3)
G&A savings
Operating efficiencies at Wendy's OpCo
Total costs savings
Pro Forma EBITDA w/ savings
PF EV / EBITDA (w/ savings)
FY 2008E
(1) 2008E EBITDA estimates exclude non-recurring and one-time items.
(2) Fully diluted shares based on all options outstanding and the treasury stock method.
(3) Triarc EBITDA is based on Triarc Restaurant segment EBITDA and excludes $128mm of FY 2007A corporate expense, which is expected to be non-recurring.
(4) See footnote 1 on page 23.
$313
160
$473
8.5x
$60
100
$160
$633
6.3xView entire presentation