{
  "docId": "019dd923-622b-71dc-a6dc-5545fa71721e",
  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 300,
  "pageCount": 371,
  "prevPage": 299,
  "nextPage": 301,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "overcrowded",
  "nDataPoints": 120,
  "notes": "Includes a memo section on implied forward PF OIBDA multiples and a text summary regarding the impact of NOLs on enterprise value.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "valuation_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/300",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-300",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Incorporating the benefit of NOLs, a discounted cash flow analysis indicates an enterprise value range of $17.1 - $21.6 billion.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b7-f9e868181f13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value: $17.1 - $21.6 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88b7-fc68c6470285",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.71
      },
      "kind": "paragraph",
      "text": "An analysis of the impact from the usage of NOLs (generated by AOL) on the potential value of AOL has also been performed. Assuming that approximately $5.6 billion of current NOLs at TWX are carried over to AOL, NOL usage would save cash taxes of about $2.1 billion over several years. Incorporating the benefit of NOLs, a discounted cash flow analysis indicates an enterprise value range of $17.1 - $21.6 billion.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d852f9af-6bff-4055-875a-33d94711b350",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.76,
        "x": 0.12,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "(a) Forward OIBDA estimated by assuming a 2011 revenue growth rate of 0.1% and a PF OIBDA margin (post-corporate) of 29.3%.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9218a04e-5c7a-4f48-a590-6a7118d19f70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.45,
        "x": 0.12,
        "y": 0.67
      },
      "kind": "source-note",
      "text": "Source: Information and estimates based on various Wall Street research reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf3f3450-2ecb-4768-9cdf-df2d8760d6b3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.26,
        "w": 0.76,
        "x": 0.12,
        "y": 0.14
      },
      "kind": "table",
      "text": "DCF projection table from 2005PF to 2010PF",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52a67864-c1f0-4f7f-be3f-24a711d3a1bf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.76,
        "x": 0.12,
        "y": 0.43
      },
      "kind": "table",
      "text": "Sensitivity tables for PV of Terminal Value, Total Enterprise Value, Implied Perpetual Growth Rate, and Enterprise Value to 2006PF OIBDA",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71f01dc7-08e1-4347-bb26-cc58e08b9bd8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.76,
        "x": 0.12,
        "y": 0.11
      },
      "kind": "title",
      "text": "Exhibit 4.32: AOL CONSOLIDATED DISCOUNTED CASH FLOW – EXCLUDING NOLS ($ MM)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91ed514e-dac5-4f49-810b-9c143ecda9df",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: DCF",
      "slug": "dcf",
      "agent": "architect",
      "layer": "slide",
      "matchId": "0221d341-f280-4a1f-aa19-a009d3672200",
      "evidence": "A discounted cash flow analysis indicates an enterprise value range of $17.1 - $21.6 billion.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}