{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-5ca1-7489-b633-d538e18344be", "slug": "0a69d862df0691e5", "title": "A&M Valuation Insights November 2023", "subtitle": "A&M", "author": "A&M", "pageCount": 12, "kind": "consulting-deck", "orientation": "landscape", "aspectRatio": 1.333, "document": { "id": "019dd923-5ca1-7489-b633-d538e18344be", "slug": "0a69d862df0691e5", "title": "A&M Valuation Insights November 2023", "rawTitle": "A&M Valuation Insights November 2023", "authorId": "AlvarezMarsal", "authorName": "A&M", "authorDisplay": "A&M", "kind": { "slug": "consulting-deck", "label": "Consulting deck" }, "sourceType": { "slug": "strategy_consulting", "label": "Strategy consulting" }, "fileName": "AM-Valuation-Insights-November-2023.pdf", "sourceUrl": "https://www.alvarezandmarsal.com/sites/default/files/2023-11/Valuation%20Insights%20November%202023.pdf", "sourceDate": "2023-11-15 00:00:00", "presentationDate": null, "ingestedAt": "2026-04-23 20:51:27+00", "status": "ready", "pageCount": 12, "orientation": "landscape", "aspectRatio": 1.333, "targetCompany": null, "targetTicker": null, "metadata": { "local_root": "/tmp/legacy-images/0a69d862df0691e5", "origin_corpus": "consulting" } }, "coverage": { "pageCount": 12, "pagesIndexed": 12, "pagesWithImages": 12, "pagesWithMetadata": 12, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 90, "chartCount": 22, "metricSlides": 8, "toolMatches": 61, "documentToolMatches": 0, "frameworkMatches": 0, "arcMatches": 2, "beatMatches": 8, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": true, "scoreAvailable": true, "reviewAvailable": true, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Onion", "slug": "onion", "status": "active", "bestFor": "Root cause analysis, diagnostics", "canonId": "019dd956-627f-76b1-b286-0c575846d572", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Surface Observation -> First Layer -> Deeper Layer -> Core Insight -> Implications", "description": null, "familyLabel": null, "categoryName": "Analysis & Information", "categorySlug": "analysis-information" }, "matchId": "019dd95a-0542-7728-a78f-347a36fbfbf8", "evidence": "Deck zooms from broad German market signals (p2) through industry multiples (p3-5) into a real-estate spotlight (p6-11) that progressively unpacks symptom→cause→consequence.", "isPrimary": true, "confidence": 72, "extraction": { "at": "2026-04-29 13:07:28.977035+00", "model": "claude-legacy", "runId": null, "seconds": null, "promptVersion": null } }, { "arc": { "name": "The Triple Take", "slug": "triple-take", "status": "active", "bestFor": "Data-driven presentations, research findings", "canonId": "019dd956-6221-73ad-bc12-378f8eb1f018", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Facts (What) -> The Implications (So What) -> The Action (Now What)", "description": null, "familyLabel": null, "categoryName": "Analysis & Information", "categorySlug": "analysis-information" }, "matchId": "019dd95a-0542-7728-a78f-3b1ecb69f720", "evidence": "Each chart pairs data with a so-what callout; deck closes with contacts as a soft 'now what'.", "isPrimary": false, "confidence": 60, "extraction": { "at": "2026-04-29 13:07:28.977035+00", "model": "claude-legacy", "runId": null, "seconds": null, "promptVersion": null } } ], "beats": [ { "to": 2, "arc": { "name": "The Onion", "slug": "onion", "status": "active", "bestFor": "Root cause analysis, diagnostics", "canonId": "019dd956-627f-76b1-b286-0c575846d572", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Surface Observation -> First Layer -> Deeper Layer -> Core Insight -> Implications", "description": null, "familyLabel": null, "categoryName": "Analysis & Information", "categorySlug": "analysis-information" }, "from": 2, "name": "Surface Observation", "beatId": "019dd95a-0682-776c-8e35-d005765bb2c4", "matchId": "019dd95a-0542-7728-a78f-347a36fbfbf8", "beatType": { "name": "Surface Observation", "slug": "onion-surface-observation", "status": "active", "canonId": "019dd9b8-0b39-73c0-b415-6c4cf34cc343", "version": 1, "description": null }, "evidence": "MRP rising — top-line market signal", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 72 }, { "to": 5, "arc": { "name": "The Triple Take", "slug": "triple-take", "status": "active", "bestFor": "Data-driven presentations, research findings", "canonId": "019dd956-6221-73ad-bc12-378f8eb1f018", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Facts (What) -> The Implications (So What) -> The Action (Now What)", "description": null, "familyLabel": null }, "from": 2, "name": "The Facts (What)", "beatId": "019dd95a-0682-776c-8e35-e6d27bf34374", "matchId": "019dd95a-0542-7728-a78f-3b1ecb69f720", "beatType": { "name": "The Facts (What)", "slug": "triple-take-the-facts-what", "status": "active", "canonId": "019dd9b8-092b-754c-8eaa-ede3ffdcb060", "version": 1, "description": null }, "evidence": "Quantitative market data presented", "position": 1, "isPrimaryArc": false, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 60 } ], "loops": [ { "to": 5, "from": 2, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null }, "matchId": "019dd95a-07fe-70ce-8d3e-ccbdd3467537", "evidence": "p2 broad market → p3 industry multiples → p4 US vs DE → p5 M&A vs trading discount.", "position": 1, "objective": "Zoom from broad German MRP into industry- and region-level multiple comparisons", "confidence": 72, "extraction": { "at": "2026-04-29 13:07:29.547081+00", "model": "claude-legacy", "runId": null, "seconds": null, "promptVersion": null } } ], "locked": true }, { "page": 5, "type": "setup", "title": "The chart uses a custom range-bar visualization to compare transaction multiples (red) against trading multiple ranges (blue).", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 6, "textChars": 1812, "nDataPoints": 21, "notes": "The chart uses a custom range-bar visualization to compare transaction multiples (red) against trading multiple ranges (blue).", "elementsJson": [ "action_title", "subtitle_text", "bar_chart_horizontal", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:46:57.716+00", "seconds": 6.968, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-5ca1-7489-b633-d538e18344be/5", "deck": "/decks/019dd923-5ca1-7489-b633-d538e18344be", "deckAnchor": "/decks/019dd923-5ca1-7489-b633-d538e18344be#slide-5", "deckJson": "/decks/019dd923-5ca1-7489-b633-d538e18344be.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In most industries, prices paid imply a discount to LTM European trading pricing levels. This is particularly evident in the Industrials and Consumer Products sectors, where discount of 27.0% and 30.2%, respectively, have been observed.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 07:47:50+00", "model": "claude-code-default", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd951-a671-77dc-a36a-b6a966515211", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "chart", "text": "Comparison of LTM transaction and LTM trading multiple pricing levels (EV/EBITDA) by industry in Europe (S&P Europe 350)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:46:57.716+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eeee3998-73fb-4158-a0f3-a65e95d764ec", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "list", "text": "We compare Last-Twelve-Month (LTM) EV/EBITDA multiples paid in European M&A transactions with LTM European trading pricing levels (S&P Europe 350). The light blue bar represents the range of trading multiples during the observation period.\nIn most industries, prices paid imply a discount to LTM European trading pricing levels. This is particularly evident in the Industrials and Consumer Products sectors, where discount of 27.0% and 30.2%, respectively, have been observed.\nThe highest prices were paid in Healthcare and Information Technology, with transaction multiples just below or within the range of trading multiples. 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Transactions clustered by industry for the October 2022 to September 2023 period. Trading pricing level are based on LTM EV/EBITDA trading multiples for all S&P Europe 350 firms, clustered by industry. The trading pricing range is comprised of the minimum and maximum value as of September 30, 2022, March 30, 2023, and September 30, 2023. Source: S&P Capital IQ, A&M Analysis.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(1) The buried claim: action titles place the conclusion on the page before any analysis is read, so a busy reader doesn't reverse-engineer it from the chart. (2) The spineless deck: because each title is a claim, slides have to ladder up to the governing thought; logical gaps become visible as topic-shaped titles in a sequence that no longer reads as a story.", "antipattern": "Topic labels disguised as titles — Volume by quarter, Key findings, Pricing strategy, Margins have been impacted. No verb, or a passive verb with no agent, or a fact (Revenue grew 12%) without the so-what. 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In the following years, P/FFO multiples are expected to remain low, with only a slight recovery being projected for the year 2025.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:46:56.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13b900e6-b676-4b7c-94d1-a384e29f86bb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.44 }, "kind": "paragraph", "text": "The change in the multiples is driven by the decrease in the companies' market capitalization: While the FFOs remain so far relatively constant over time, the market capitalization of German real estate companies saw a sharp decline. Contrary to the companies' funds from operations, which remain robust, net profits have decreased sharply in 2022 and are even expected to be negative in 2023 as a result of the anticipated revaluation losses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:46:56.86+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e0f7b58-9b4d-495c-9ac8-e0ef138152b2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "For residential real estate companies, a P/FFO multiple of around 20x could be observed throughout the years 2018-21. 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