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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The slide compares four scenarios: Leveraged Repurchase, Dividend Recap, Cash-Financed Repurchase, and Cash-Financed Dividend.",
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      "text": "As a result of the difference between Denali's current P / E multiple and the cost of newly issued debt or the cost of holding cash on the balance sheet (even factoring for a potential 35% repatriation tax), Denali could potentially deliver value accretion to shareholders through a debt or cash-funded one-time share repurchase or cash dividend",
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      "text": "Source: Management and company reports. Note: Illustrative analysis assumes a 21.0% non-GAAP tax rate, a pre-tax interest rate on cash balances of 0.5%, a 35.0% tax rate on repatriated offshore cash balances.",
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      "text": "Four tables comparing Share Repurchase vs Cash Dividend under Debt vs Cash funding scenarios.",
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      "text": "Illustrative Return of Capital Analysis",
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