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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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      "text": "The implied value per TWX share represents a 30.2% - 48.5% premium to the current TWX stock price - implying aggregate incremental value of approximately $25 - $40 billion or $5.23 - $8.39 per TWX share.",
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      "text": "Note: Share price data as of January 27, 2006. (a)-(f) detailed footnotes regarding pro forma adjustments and assumptions.",
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      "text": "Implied Equity Value: $101,272",
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      "text": "The SOTP analysis, incorporating the assumed cost reductions and loss of value from the slower utilization of the NOLs, is shown in Exhibit 4.24 and yields an implied equity value for TWX of $22.52 - $25.68 per share.",
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      "text": "The implied weighted average fully distributed multiple for the SeparateCos, based on the analysis, is 9.7x - 10.9x 2006PF OIBDA.",
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      "text": "Source: Information and estimates based on various Wall Street research reports and company filings.",
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      "text": "SOTP valuation table showing divisions (AOL, Content, Publishing, Cable), multiples, enterprise values, and adjustments to arrive at implied equity value per share.",
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      "text": "CHAPTER 4: VALUATION",
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