{
  "docId": "019dd923-5e88-73ef-bd5a-f3ebd9e50adb",
  "docSlug": "2539d2b8693f15da",
  "documentTitle": "Keynote address",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan",
  "documentKindSlug": "consulting-deck",
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  "sourceTypeSlug": "equity_research",
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  "orientation": "landscape",
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  "pageNumber": 10,
  "pageCount": 22,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 45,
  "notes": "The slide uses two charts to demonstrate that companies with higher predictability and growth command valuation premiums.",
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      "kind": "chart",
      "text": "PREMIUM / (DISCOUNT) TO THE MEDIAN S&P 500 MULTIPLE FOR TOP QUARTILE EBITDA CERTAINTY AND REVENUE GROWTH FIRMS",
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      "kind": "chart",
      "text": "MEDIAN EV / NTM EBITDA MULTIPLES OVER TIME",
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      "subkind": "line",
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      "kind": "metric",
      "text": "EV / NTM EBITDA multiple: 40%",
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      "kind": "source-note",
      "text": "Source: Bloomberg, FactSet; Note: Sample set consists of S&P 500 constituents as of 12/31 of each year; Annual reflects 12/31 data for each respective year; Current as of 12/31/2023 and reflects reported data as of this date. Excludes Financials; Certainty for EBITDA is the difference between the high and low consensus estimates as a percentage of the median; Growth measured as 2-yr forecasted revenue growth CAGR",
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      "kind": "title",
      "text": "...and in this uncertain market backdrop, businesses that offer steady growth and predictability trade at a premium",
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      "beatId": "72a65f04-975e-47ea-b17d-dfbd18b6092f",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Challenges and Opportunities",
      "beatSlug": "sparkline-what-could-be-2",
      "evidence": "Slides 6-10 discuss the challenges and opportunities in the M&A market, including valuation gaps, antitrust reviews, and growth premium.",
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      "name": "Benchmark Gap",
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      "evidence": "Slides 9-10 use peer benchmarks to illustrate the growth premium and valuation gaps.",
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      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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