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Table Of Contents

Overview of CXW
Strong National Footprint
Tenants Unlikely to Default
Market Leader
Large and Under-penetrated Market
Supply / Demand Imbalance
Competitive Advantage: State vs. Private
Competitive Advantage: State vs. Private (Cont’d)
Increasing Market Penetration
Historical Prison Population Growth
Prison Populations Expected to Rise
Federal Demand Drives Growth
State Demand Drives Growth
Supply / Demand Imbalance Drives Growth
Near-Term Catalysts: Post-Recession Growth
Near-Term Catalysts: Operating Leverage
Near-Term Catalysts: Stock Buyback
Strong Free Cash Flow Generation
Strong Balance Sheet
High Returns on Capital
Culture of Equity Ownership
CXW Capitalization and Multiples
Historical Stock Chart
Opportunity for Multiple Expansion
Key Attributes of Corrections Corp
Illustrative Sum-Of-The-Parts Valuation
Illustrative Sum-Of-The-Parts Valuation (Cont’d)
CXW used to be a REIT…
CXW used to be a REIT…(Cont’d)
Why Did New Prison Realty Fail?
NOLs
Owned vs. Managed
Management Gets It
Conclusions
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Bill AckmanPresentation

Bill AckmanPresentation

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Published by: martinsikl on Jan 22, 2012
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12/09/2012

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