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  "documentTitle": "Lazard | Investment Banking Pitch Book | 46 slides",
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  "authorName": "Lazard",
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  "presentationDate": "2005-03-01 00:00:00",
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  "notes": "Standard investment banking valuation methodology slide.",
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      "kind": "list",
      "text": "Premiums Paid Analysis: Premiums paid in transactions in excess $1 billion and $5 billion, respectively, were reviewed.",
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      "text": "Precedent Transaction Analysis: Analysis of recent mergers and acquisitions transactions that have occurred in relevant industries and implied multiples paid for comparable companies. ISS/HE/PS and AS businesses analyzed separately. Limited number of recent directly comparable transactions with publicly available financial metrics.",
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      "text": "Comparable Public Company Analysis: The analysis gives weight to several factors, including but not limited to lines of business, relative business risks, growth prospects, size, scale and market positioning in determining the relevant premiums/discounts for Solar businesses versus comparable trading multiples. For the ISS/HE/PS businesses, publicly traded financial outsourcing companies that are generally comparable to Solar were used. For the AS business, IT outsourcing companies were used.",
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      "text": "Discounted Cash Flow Analysis: Discounted cash flow analysis estimates the present value of expected future cash flows and a terminal value of each business. ISS/HE/PS and AS businesses analyzed separately. Utilized discount rates to reflect the appropriate risk of the estimated cash flows as compared to market risk. Terminal values based on perpetual growth rates.",
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      "text": "The valuation analysis relies on the following methodologies:",
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