{
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  "docSlug": "0a69d862df0691e5",
  "documentTitle": "A&M Valuation Insights November 2023",
  "authorId": "AlvarezMarsal",
  "authorName": "A&M",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
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  "orientation": "landscape",
  "aspectRatio": 1.333,
  "pageNumber": 5,
  "pageCount": 12,
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  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 21,
  "notes": "The chart uses a custom range-bar visualization to compare transaction multiples (red) against trading multiple ranges (blue).",
  "elementsJson": [
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  "slideHref": "/slides/019dd923-5ca1-7489-b633-d538e18344be/5",
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  "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,
      "subkind": null,
      "toolName": "Visual emphasis",
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    {
      "bbox": {
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        "w": 0.9,
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        "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)",
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      "subkind": "bar-horizontal",
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        "w": 0.9,
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      },
      "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. The only industry where transaction multiples imply a premium to trading pricing levels was evident in Construction.",
      "attrs": null,
      "subkind": "bullet",
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      "confidence": null,
      "componentId": "83e0fae4-f1a9-4fd8-a70f-e031cc444219",
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    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "LTM EV/EBITDA transaction multiple: 16.2x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd951-a671-77dc-a36a-baf0ff50ac27",
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    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Note: Transaction pricing levels are defined as Last-Twelve-Months (LTM) EV/EBITDA at closing and consist of all closed M&A transactions in Europe with sufficient data availability. 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,
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      "componentId": "c403354f-241c-4d77-acc2-5d76a61a0f09",
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      "bbox": {
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        "w": 0.9,
        "x": 0.05,
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      },
      "kind": "title",
      "text": "Over the last year, price tags in European M&A transactions mostly imply discounts to LTM trading pricing levels",
      "attrs": null,
      "subkind": "headline",
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  "metrics": [
    {
      "metricRaw": "LTM EV/EBITDA transaction multiple",
      "numberRaw": "16.2x",
      "numberKind": "multiplier",
      "actionTitle": "Over the last year, price tags in European M&A transactions mostly imply discounts to LTM trading pricing levels",
      "calloutText": "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.",
      "numberScale": null,
      "numberValue": 16.2,
      "metricFamily": "margin_return",
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    }
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      "slug": "action-titles",
      "agent": "Architect",
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      "evidence": "Title states 'price tags ... mostly imply discounts to LTM trading pricing levels'",
      "confidence": 90
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      "slug": "annotation",
      "agent": "Designer",
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      "matchId": "019dd95a-1055-74e0-a95d-f535adbceb44",
      "evidence": "Every bar carries explicit numeric labels (e.g. 5.7x / 7.1x / 7.9x)",
      "confidence": 80
    },
    {
      "name": "Chart Selection Guide",
      "slug": "chart-selection-guide",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019dd95a-1055-74e0-a95d-f3fbf61e299f",
      "evidence": "Range-with-marker chart (red transaction multiple inside blue trading range)",
      "confidence": 80
    },
    {
      "name": "Contrast Principle",
      "slug": "contrast-principle",
      "agent": "Designer",
      "layer": "slide",
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      "evidence": "Red transaction marker visually contrasts with blue trading range",
      "confidence": 70
    },
    {
      "name": "So What? Test",
      "slug": "so-what-test",
      "agent": "Architect",
      "layer": "slide",
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      "evidence": "Bullet block under chart spells out implications by industry",
      "confidence": 75
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      "arcSlug": "onion",
      "beatName": "First Layer",
      "beatSlug": "onion-first-layer",
      "evidence": "Industry/region multiples comparisons",
      "position": 2,
      "confidence": 72,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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      "beatId": "019dd95a-0682-776c-8e35-e6d27bf34374",
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      "beatName": "The Facts (What)",
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      "evidence": "Quantitative market data presented",
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      "parentBeatName": "Setup",
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      "from": 2,
      "name": "Zoom In",
      "slug": "06-zoom-in",
      "bestFor": "Technical deep-dives, case studies, detailed analysis",
      "matchId": "019dd95a-07fe-70ce-8d3e-ccbdd3467537",
      "evidence": "p2 broad market → p3 industry multiples → p4 US vs DE → p5 M&A vs trading discount.",
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      "objective": "Zoom from broad German MRP into industry- and region-level multiple comparisons",
      "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
      "confidence": 72,
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