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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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  "notes": "Includes a memo line for implied forward PF OIBDA multiples.",
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      "text": "The DCF Analysis, assuming a terminal exit multiple of 9.5x - 11.0x trailing 2010E OIBDA, generates an enterprise value range of $12.7 - $15.4 billion which translates in a 1.8% - 4.4% perpetuity growth rate.",
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      "text": "Note: Analysis excludes $110 million of other assets, net of other liabilities. (a) Forward OIBDA estimated by assuming a 2010 revenue growth rate of 4.4% and a PF OIBDA margin (post-corporate) of 22.5%.",
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      "text": "Enterprise Value: $15.4 billion",
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      "text": "The DCF Analysis, assuming a terminal exit multiple of 9.5x - 11.0x trailing 2010E OIBDA, generates an enterprise value range of $12.7 - $15.4 billion which translates in a 1.8% - 4.4% perpetuity growth rate.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Sensitivity tables for PV of Terminal Value, Total Enterprise Value, Implied Perpetual Growth Rate, and Enterprise Value to 2006E OIBDA",
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      "text": "CHAPTER 4: VALUATION",
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