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  "documentTitle": "JPM Corp Fin Advisory Corporate Compass Jan 2024",
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  "notes": "The slide uses two charts to demonstrate the valuation premium for scale (S&P 500 vs 600) and the valuation discount associated with higher leverage.",
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      "text": "Conservatively capitalized firms receive 2-3x more credit for growth",
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      "text": "SCALE VS. VALUATION (S&P 500 VS. S&P 600 MEDIAN EV / EBITDA)",
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      "text": "Higher interest rates amplify the relative ability of larger, more conservatively leveraged firms to pursue their growth plans. Financial conservatism can help promote less volatile / risky equity and earnings accretion.",
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      "text": "Source: FactSet, S&P CapIQ; Market date as of 12/31/2023; Excludes Financials; EV / NTM EBITDA as of specific year end; Multiple defined as NTM EV / EBITDA multiple divided by 2-year forward EBITDA CAGR; Excludes Real Estate, Financials, and Utilities",
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