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  "documentTitle": "BCG Investor Perspectives Series Q4 2023",
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      "text": "In light of the current macroeconomic environment, especially given the higher interest rates, investors have become highly wary of leverage, but they remain open to supporting well-grounded, clearly articulated growth and M&A agendas.",
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      "text": "In contrast, 78% of investors are supportive of companies making focused tuck-in acquisitions (for example, well below 20% of their own market cap) that do not materially increase their leverage, which is very consistent with the typical investor commentary",
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      "text": "Surprisingly, and somewhat inconsistent with what BCG hears in investor conversations, the current survey indicates that many investors still are open to debt-funded M&A—73% of investors are supportive of companies making substantial or even transformative acquisitions (clearly above 20% of their own market cap) that have the potential to be strategic and competitive game changers for the company, as long as acquirers are financially healthy and the current environment does not pose a risk for their ability to reduce leverage within the next one to two years",
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      "text": "In light of the current macroeconomic environment, especially given the higher interest rates, investors have become highly wary of leverage, but they remain open to supporting well-grounded, clearly articulated growth and M&A agendas.",
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      "text": "About 73% of investors are actively avoiding or reducing exposure to companies carrying higher leverage (for example, above three times the net debt-to-EBITDA ratio), and 50% of investors are even doing so for companies carrying near-average leverage (for example, about two times the net debt-to-EBITDA ratio)—those results are consistent with investors’ comments that the 1.5 times net debt to EBITDA is the new 2.5 times",
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      "text": "For companies with near-term debt maturities, 82% of investors now consider rollover risk and interest coverage ratios, rather than leverage ratios alone; in conversations, many seasoned investors suggested that it is the first time in 15 years that the interest coverage ratio is an important consideration",
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      "text": "investor sentiment: 82%",
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      "text": "Source: BCG Investor Perspectives Series, Q4 2023, October 10–13, 2023; n = 150. Note: For additional BCG perspectives on resilience, visit https://www.bcg.com/en-ca/capabilities/business-resilience. For BCG's views on macroeconomic topics, visit https://www.bcg.com/en-ca/bcg-henderson-institute/center-for-macroeconomics.",
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      "text": "Key insights from Q4 2023 pulse check (3/3)",
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