Morgan Stanley | Investment Banking Pitch Book | 33 slides — playbook

Morgan Stanley | Investment Banking Pitch Book | 33 slides

Morgan Stanley · 2016-05

arc beats above · slides in the middle · loops below · scroll → 2 LOOPS

Deck intelligence map

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coverage by narrative range · generated from this deck JSON

Narrative range 16 total

Metadata

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Situation & Context 2 slides 100% 2/2 slides 100% 2/2 slides · 16 hits

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Problem & Complication 1 slides 100% 1/1 slides 100% 1/1 slides · 5 hits

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Evidence & Proof 11 slides 100% 11/11 slides 100% 11/11 slides · 70 hits

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36.4% 4/11 slides · 6 hits 27.3% 3/11 slides 100% 11/11 slides 100% 11/11 slides Impact & Next Steps 2 slides 100% 2/2 slides 100% 2/2 slides · 9 hits

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Slide inventory

33

every slide · same image gating as the playbook

01

Includes standard regulatory filing confidentiality markings.front_matter

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front_matter

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03

transition

Open slide detailBeat · Situation & Context

04

Project Roosevelt, Morgan Stanley deck, page 4.summarize

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05

This slide serves as a formal disclosure of the M&A process history for Project Roosevelt.establish_context

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06

The slide uses a vertical list of categories on the left mapped to detailed descriptions on the right.frame_situation

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07

Includes detailed footnotes explaining the derivation of specific financial figures.analyze_data

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08

transition

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09

Includes data from Capital IQ and PKF Hospitality Research.analyze_data

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10

Includes footnotes detailing the composition of peer groups and data sources.compare_peers

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transition

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12

Includes annotations for specific corporate events (lawsuits, board changes, asset sales) mapped to stock price fluctuations.analyze_data

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13

The slide outlines key risks for Project Roosevelt, highlighting significant financial distress and operational headwinds.diagnose_problem

Open slide detailBeat · Problem & Complication

14

Includes specific assumptions regarding contract terminations and licensing fees for 2016.analyze_data

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15

The slide provides a bridge from EBITDA to Levered Cash Flow, incorporating specific adjustments for litigation, debt yield, and restructuring costs.analyze_data

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16

Includes specific assumptions regarding litigation, asset management terminations, and debt refinancing.analyze_data

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17

Includes details on cash trap conditions and specific termination fees.analyze_data

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transition

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19

Includes operational update and specific caveats regarding the relevance of current projections due to performance deterioration.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

20

Project Roosevelt, Morgan Stanley, confidential exhibit.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

21

Confidential exhibit marked with [*]. Includes market check and operational updates alongside detailed DCF and valuation tables.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

22

Includes detailed assumptions regarding IRS Section 382 limitations and WACC calculation methodology.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

23

Includes detailed footnotes regarding JV interests, EBITDA calculations, pipeline PV, NOL assumptions, and preferred dividends.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

24

Starwood is excluded from the Tier 1 average, min, and max calculations due to its pending merger with Marriott.compare_peers

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

25

Includes detailed adjustments for debt, preferred stock, and share dilution.analyze_data

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

26

Includes specific methodology notes for WACC components and capital structure.analyze_data

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

27

Includes detailed assumptions on discount rates, exit multiples, and debt/equity adjustments.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

28

Includes assumptions regarding PIK equity, cost of equity, and exit multiples.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

29

Includes specific valuation assumptions like discount rates, exit multiples, and NOL values for each methodology.show_valuation_bridge

Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown

30

transition

Open slide detailBeat · Impact & Next Steps

31

The slide details specific bid amounts, valuation estimates, and qualitative feedback from anonymous third parties.compare_peers

Open slide detailBeat · Impact & Next StepsLoop · Voice Of Customer

32

Includes detailed footnotes regarding director retainer grants and vesting schedules.analyze_data

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33

front_matter

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