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  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
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  "presentationDate": "2022-03-22 00:00:00",
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  "notes": "The slide uses a comparison table to highlight qualitative differences (higher ed exposure, digital transition, NOLs, business mix) to justify a premium valuation.",
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      "text": "Houghton Mifflin is a higher quality business than McGraw Hill's K-12 business and deserves a higher multiple",
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      "text": "Prior transactions point to a fair value for HMHC between 11.5x to 12.0x EBITDA multiple, implying a fair transaction price for HMHC between $24.50 and $25.50 per share",
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      "text": "HMHC implied share price at different EBITDA multiples",
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      "text": "EBITDA multiple: $25",
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      "text": "Houghton Mifflin compares its deal to the McGraw Hill transaction. This comparison is not justified given the difference in quality between the two businesses.",
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      "text": "Notes: (1) Achieve3000 was acquired by McGraw Hill in November 2021 at 11.5x EBITDA (2) McGraw Hill was acquired for 9.2x EBITDA...",
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      "text": "The McGraw Hill transaction points to a $25 per share transaction price for HMHC",
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