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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes detailed financial projections from 2005PF to 2010PF and sensitivity tables for Enterprise Value.",
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      "text": "Based on these assumptions, the DCF valuation is approximately $43.3 - $49.3 billion ($44.7 - $50.6 billion including the value of the unconsolidated assets).",
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      "text": "(a) Financials exclude the results of the WB Network. (b) Forward OIBDA estimated by assuming a 2011 revenue growth rate of 6.6% and a PF OIBDA margin of 36.0%.",
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      "text": "Enterprise Value: $49.3 billion",
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      "text": "Based on the review of the cost of capital of such comparable companies in Exhibits 4.46 and 4.47, a WACC of 7.5% - 9.0% was derived and incorporated in the DCF analysis for the Networks.",
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      "text": "The DCF analysis assumed terminal multiples of 12.0x - 13.0x trailing pro forma OIBDA... Based on these assumptions, the DCF valuation is approximately $43.3 - $49.3 billion.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Exhibit 4.48: NETWORKS DISCOUNTED CASH FLOW ($ MM)",
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      "text": "CHAPTER 4: VALUATION",
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