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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "Goldman Sachs investment banking slide discussing market sentiment and valuation drivers.",
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      "kind": "disclaimer",
      "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
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      "text": "Companies at the center of industries undergoing major structural changes often suffer from depressed valuations: Shift to mobile computing; Secular headwinds.",
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      "text": "Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances: Cash is offshore; Potential for acquisitions with limited near-term P&L benefit.",
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      "text": "Denali's current valuation is likely attributable to a range of potential factors, including, but not limited to: Expectations of lower Denali growth; EUC segment financials (~50% of revenues); Market outlook; Stock underperformance.",
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      "text": "Public Market Perspectives on Denali (Cont'd)",
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