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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 20 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "Includes sensitivity table for EV/EBITDA multiples and a breakdown of per-share impact of various dissynergies.",
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      "kind": "disclaimer",
      "text": "PRELIMINARY CONFIDENTIAL DRAFT - SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW",
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      "text": "Summary Dissynergy Assumptions: $580m sourcing, $100m corporate costs, $1b transaction costs, 35% tax rate on offshore cash",
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      "text": "Impact on Value from Various Illustrative Dissynergies: Sourcing $2.34, Corporate Costs $0.40, Corporate Costs $0.23, Tax $0.85, Expenses $0.45, Total $4.27",
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      "text": "Illustrative Sensitivity Analysis: Client EV/FY2014E EBITDA 2.0x, 4.0x, 6.0x; Enterprise EV/FY14 EBITDA 5.0x, 7.0x, 9.0x",
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      "text": "100% Spin-Off w/ No Cash Dividend: Client Equity Stake $5.80, Enterprise Equity Stake $9.33, Total $15.12, Separation Costs ($0.45), Adjusted Total $14.67",
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