{
  "docId": "019de06f-40cc-752d-8c4f-4df95c66f67e",
  "docSlug": "3b6692fad4a697b699d7189211363e42",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 26 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2012-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 8,
  "pageCount": 26,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 60,
  "notes": "Includes sensitivity analysis for discount rates, perpetuity growth rates, EBIT margins, and revenue growth rates.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-40cc-752d-8c4f-4df95c66f67e/8",
  "deckHref": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e",
  "deckJsonHref": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e.json",
  "deckAnchorHref": "/decks/019de06f-40cc-752d-8c4f-4df95c66f67e#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.13,
        "y": 0.4
      },
      "kind": "paragraph",
      "text": "Denali's current share price implies lower growth and margins than in management's financial projections and potentially flat to negative perpetuity growth",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4301c15d-9453-4edf-bae7-622f3add9379",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.13,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "High unlevered free cash flows implied by management's financial projections result in illustrative DCF share price values that are significantly higher than Denali's current share price",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "649631e8-b41e-41be-a08b-5bfba01b7891",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.75,
        "x": 0.13,
        "y": 0.59
      },
      "kind": "paragraph",
      "text": "An illustrative present value of future share price analysis results in share prices similar to the current share price assuming Denali trades at a consistent multiple to today.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea7cc720-466a-4f83-81b5-4e9904eaa56d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.13,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Management and IBES. Note: Please refer to Appendix A pages 14 and 15 for additional assumptions and detail.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b70e0311-0590-434f-be9c-28c806809762",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.13,
        "y": 0.28
      },
      "kind": "table",
      "text": "DCF sensitivity table showing Implied Share Price and Implied Terminal Year EBITDA Multiple across discount rates and growth rates.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "211e9bde-32a1-45f5-90cf-624fcb10cc1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.75,
        "x": 0.13,
        "y": 0.68
      },
      "kind": "table",
      "text": "Historical and projected EPS data with PV of Future Share Price calculations.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d8be6c2-8d6d-4d9f-b292-0a98b29d6f39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.75,
        "x": 0.13,
        "y": 0.46
      },
      "kind": "table",
      "text": "Sensitivity analysis table for Implied Share Price and Implied FY2018 EBITDA based on EBIT margin and Revenue growth rate changes.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1d45c7a-cb3d-4d16-8ead-6358b50c5b4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.13,
        "y": 0.07
      },
      "kind": "title",
      "text": "Illustrative Status Quo Financial Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4de85c4-18b1-40db-a47f-347f72d9467a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}