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  "documentTitle": "Bear Stearns | Investment Banking Pitch Book | 36 slides",
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      "text": "To the extent that non-operating income is significant and is derived from activities which have a different risk profile from the operations being valued, these non-operating assets should be valued separately.",
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      "text": "The value of non-cash generating assets may be based on appraisals or a liquidation approach. Asset appraisals may be obtained from company management or independent appraisers. Negotiations regarding planned sales of the assets should be considered. Book values of non-cash generating assets may be available in company financials.",
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      "text": "The value of the assets should not already be included in the value of the operations. If the non-cash generating assets are characteristic of the industry, the value of the assets may already be incorporated into the stock prices of selected comparable companies which may have been used as the basis for estimating the terminal value multiple.",
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