{
  "docId": "019de06f-4168-71ae-834f-401a18887572",
  "docSlug": "a23cda95eab29ce2b89b9412cb102078",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 20 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": 12,
  "pageCount": 20,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "strategic_options",
  "function": "compare_options",
  "density": "dense",
  "nDataPoints": 2,
  "notes": "The slide uses a comparative structure to weigh the pros and cons of a business separation.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-4168-71ae-834f-401a18887572/12",
  "deckHref": "/decks/019de06f-4168-71ae-834f-401a18887572",
  "deckJsonHref": "/decks/019de06f-4168-71ae-834f-401a18887572.json",
  "deckAnchorHref": "/decks/019de06f-4168-71ae-834f-401a18887572#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.75,
        "x": 0.13,
        "y": 0.28
      },
      "kind": "list",
      "text": "Client: 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)\nEnterprise: 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)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2db437c8-2505-4ceb-ab5a-f01ae5590b0e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.35,
        "x": 0.13,
        "y": 0.45
      },
      "kind": "list",
      "text": "Potentially \"unlock\" embedded shareholder value through trading multiple re-rating and arbitrage\nAllows each entity to pursue potentially unique strategic, operation and financial objectives\n- Pursue and execute growth strategy\n- Strategic flexibility and optionality\n- Management focus\nIn a public market context, may allow each entity to target potentially different shareholder bases\nEach entity could potentially become an acquisition/merger target",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "59ea6973-46a3-4090-8e18-bcbe31df96b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.35,
        "x": 0.53,
        "y": 0.45
      },
      "kind": "list",
      "text": "The nature, magnitude and impact of potential operating dissynergies, including the loss of:\n- Revenue and cross-selling opportunities\n- Sales organization leverage\n- Entry into emerging markets via Client / PC pull-through of Enterprise\n- COGS / materials sourcing scale and influence\n- Shared corporate overhead and public company costs\n- Scale / credit quality to provide financing services to customers\n- Client cash flows for investment in Enterprise\nPotential customer, supplier and employee reaction and impact\nThe management pipeline to fill senior management positions at both entities\nPotential shareholder dislocation",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9c134e7-b979-48c3-bb86-6df13fc3a974",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.13,
        "y": 0.22
      },
      "kind": "paragraph",
      "text": "For the purposes of evaluating the potential benefits and consideration of a business separation, we consider, based on management guidance, an illustrative separation of Opal into:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd48a05c-d263-4196-8882-1540d5b4276a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.45,
        "x": 0.13,
        "y": 0.07
      },
      "kind": "title",
      "text": "Preliminary Separation Topics for Consideration",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1df09f96-24bc-4659-a4bf-dd12f9787ea8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.13,
        "y": 0.41
      },
      "kind": "title",
      "text": "Potential Benefits",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13e58ffe-e846-4d19-9250-934f5f5f828f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.53,
        "y": 0.41
      },
      "kind": "title",
      "text": "Potential Considerations",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd7a1793-d0d5-4127-b192-5596433cb289",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "ab36c368-6bfc-4b54-9a50-41d2d1b61041",
      "evidence": "Potential Benefits",
      "confidence": 0.6
    }
  ],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "266868c9-b252-45f2-9bb9-a68663fd810d",
      "evidence": "The slide discusses the strategic rationale and considerations for a business separation (spinoff).",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 16,
      "from": 10,
      "beatId": "ce3c58c2-89d8-4c80-8d83-16b402067b2a",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The summary overview of selected potential alternatives, illustrative leveraged buyout analysis, and separation topics slides present potential solutions.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 16,
      "from": 10,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "49065ab7-008f-4248-955b-3189e54d141c",
      "evidence": "The summary overview of selected potential alternatives and illustrative leveraged buyout analysis slides present potential quick wins or big bets.",
      "position": 1,
      "objective": "To evaluate potential strategic options and identify quick wins or big bets",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}