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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 20 slides",
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  "notes": "Includes both debt-funded and cash-funded scenarios for both repurchase and dividend options.",
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      "text": "As a result of the difference between Opal'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), Opal 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. 1 Assumes $2.0 billion of new debt issuance...",
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