{
  "docId": "019de06f-4589-77ed-b018-c583d8ed8c7c",
  "docSlug": "efa1e3364cf3c45817ab08658260e7f9",
  "documentTitle": "Perella Weinberg Partners | Investment Banking Pitch Book | 68 slides",
  "authorId": "perella-weinberg-partners",
  "authorName": "Perella Weinberg Partners",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2012-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 15,
  "pageCount": 68,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 13,
  "notes": "The slide highlights the 'Apax overhang' and its potential impact on liquidity and analyst coverage.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-4589-77ed-b018-c583d8ed8c7c/15",
  "deckHref": "/decks/019de06f-4589-77ed-b018-c583d8ed8c7c",
  "deckJsonHref": "/decks/019de06f-4589-77ed-b018-c583d8ed8c7c.json",
  "deckAnchorHref": "/decks/019de06f-4589-77ed-b018-c583d8ed8c7c#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.35,
        "x": 0.51,
        "y": 0.17
      },
      "kind": "chart",
      "text": "HEAT'S SHAREHOLDER OWNERSHIP PROFILE",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d521a35-c8f3-4051-8d69-1b49ca44a04d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.4,
        "x": 0.07,
        "y": 0.18
      },
      "kind": "list",
      "text": "In considering the impact of the “Apax overhang” / limited float, PWP reviewed the following factors: Average trading volume as a percentage of total shares outstanding since IPO vs. the peer median; Average daily price volatility since IPO vs. the peer median; Number of analysts covering Heat vs. the peer median",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "227a49b5-ce8c-4563-b112-291a124e0872",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.07,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Factset; Notes: (1) Teen peers include AEO, ANF, ARO and ZUMZ",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7b7e79f-248e-43d9-924a-f6c5af6e1685",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.4,
        "x": 0.51,
        "y": 0.54
      },
      "kind": "table",
      "text": "FACTORS CONSIDERED: Heat vs. Median of Teen Peers",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20a80e64-6d50-4337-a6d7-5c06fa85a4de",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "title",
      "text": "IMPACT OF HEAT'S LIMITED FLOAT ON TRADING PERFORMANCE",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ddf9cdd-b1c2-45fa-b409-ee870f668b62",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 6,
      "beatId": "a21da5d2-afcc-4ce9-8563-d128953de3f7",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The pitch book reviews Apax's proposal and provides financial analysis",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 8,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "cd970c6c-9c77-49a5-8a84-9aba9fdb8084",
      "evidence": "The pitch book provides financial analysis and peer benchmarking",
      "position": 0,
      "objective": "What are the key financial metrics and trends for HEAT?",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}