{
  "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": 337,
  "pageCount": 371,
  "prevPage": 336,
  "nextPage": 338,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 150,
  "notes": "Includes sensitivity tables for discount rates vs. exit multiples and implied growth rates.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/337",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-337",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The DCF analysis yielded an implied BAV of $46.1 - $54.2 billion (excluding unconsolidated assets), implying a perpetuity growth rate of 2.4% - 4.3% as shown in Exhibit 4.83.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88bb-be091743d48c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.9
      },
      "kind": "disclaimer",
      "text": "(a) Excludes unconsolidated assets. (b) 2011PF OIBDA is projected to be $7,507 million assuming a revenue growth rate of 6.0% and OIBDA margin of 39.2%. (c) Includes TWC's 50% interest in Texas and Kansas City Cable Partners joint venture.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2bafdc15-333e-4f33-87d7-fac208aa9a97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Broadband Asset Value: $54.2 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-14dc-7419-88bb-c05694e1d83d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "The DCF analysis yielded an implied BAV of $46.1 - $54.2 billion (excluding unconsolidated assets), implying a perpetuity growth rate of 2.4% - 4.3% as shown in Exhibit 4.83.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f82b9691-b399-4817-81eb-0b2cb60c7528",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.45,
        "x": 0.11,
        "y": 0.8
      },
      "kind": "source-note",
      "text": "Source: Information and estimates based on various Wall Street research reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4e68ba5-8b69-4c41-92d0-421864b0f0ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.78,
        "x": 0.11,
        "y": 0.17
      },
      "kind": "table",
      "text": "Exhibit 4.83: DISCOUNTED CASH FLOW ($ MM)",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f682e15-4c4d-4d74-bdc2-85c5eb881b18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.23,
        "x": 0.66,
        "y": 0.07
      },
      "kind": "title",
      "text": "CHAPTER 4: VALUATION",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5087931-28a7-4ef9-b0a7-644bdc5114de",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "8d9660b2-b184-4716-8147-f03d6128e615",
      "evidence": "Exhibit 4.83: DISCOUNTED CASH FLOW ($ MM)",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}