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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 analysis for discount rate, perpetuity growth rate, EBIT margin, and working capital changes.",
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      "kind": "paragraph",
      "text": "High unlevered free cash flows during the projection period in the 9/21 Case financial projections drive illustrative DCF share price values that are greater than that of Opal's current share price",
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      "text": "The revenue growth rate and operating margin assumptions in the 9/21 Case financial projections would need to be meaningfully reduced in order to arrive at illustrative DCF values that are more in line with Opal's current share price",
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      "text": "Source: Management and company reports. Note: The illustrative discounted cash flow analysis discounts cash flows to 2013 fiscal year end and assumes management's non-GAAP tax rate estimate of 21.0%. Assuming excess offshore cash of $7.0 billion is repatriated and subject to a 35% tax rate, the impact on implied share price is an approximate reduction of approximately $1.40",
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      "text": "Sensitivity analysis of Implied Share Price and Implied Terminal Year EBITDA Multiple vs Discount Rate and Working Capital changes.",
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      "text": "Illustrative Status Quo Financial Analysis",
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