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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "Includes Goldman Sachs branding and standard investment banking disclaimer language.",
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      "text": "Source: Management, company reports and IBES. Note: Please refer to Appendix A pages 17- 19 for additional assumptions and detail. Please refer to Appendix pages 22 and 23 for DFS and tax-related considerations.",
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      "text": "For illustrative purposes, we consider, based on management guidance, a separation into a \"Client\" business and an \"Enterprise\" business",
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      "text": "Client (FY2014 revenues / EBITDA: $36.7 billion / $1.8 billion): Consists of EUC, the consumer business of Services' Support & Deployment (~10% of Services revenue) and the consumer-related portion of S&P (~75% of S&P revenue)",
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      "text": "Enterprise (FY2014 revenues / EBITDA: $23.3 billion / $2.2 billion): Consists of Enterprise Solutions, Software, the corporate business of Services (~90% of Services revenue) and the corporate-related portion of S&P (~25 of S&P revenue)",
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      "text": "Potential benefits may include, but are not limited to, \"unlocking\" embedded shareholder value through potential multiple re-rating of the Company, enhanced strategic, financial and operational flexibility; additionally, separated companies could become M&A candidates",
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      "text": "Potential issues for consideration include, but are not limited to, the nature, magnitude and impact of potential operating dissynergies (e.g. cross-selling, sales organization leverage, materials sourcing, share corporate costs, etc.), potential customer, supplier and employee reaction, and the timing and complexity of execution of such a separation",
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