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  "documentTitle": "Keynote address",
  "authorId": "JPMorgan",
  "authorName": "J.P. Morgan",
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  "density": "dense",
  "nDataPoints": 96,
  "notes": "The slide uses two line charts to demonstrate the valuation gap between large-cap (S&P 500) and mid/small-cap (S&P 400/600) companies.",
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  "slideHref": "/slides/019dd923-5e88-73ef-bd5a-f3ebd9e50adb/11",
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      "kind": "callout",
      "text": "Represents relative % premium for each index (e.g. median S&P 500 firm trades at a 17% higher EV / EBITDA multiple to the median S&P 400 firm)",
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      "text": "VALUATION PREMIUM FOR SCALE OVER TIME",
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      "kind": "chart",
      "text": "MEDIAN EV/NTM EBITDA MULTIPLES OVER TIME",
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      "kind": "disclaimer",
      "text": "Source: Bloomberg, FactSet; Current as of 12/31/2023. Note: Sample set consists of S&P 400, 500, 600 constituents as of 12/31 of each year; 1 Growth measured as 2-yr forecasted revenue growth CAGR; 2 Excludes Financials",
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      "text": "EV/NTM EBITDA multiple: 13.2x",
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      "kind": "title",
      "text": "Scale matters as large companies trade at a significant premium to smaller companies",
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      "arcName": "The Sparkline",
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