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      "text": "Since being engaged by the Special Committee, Perella Weinberg Partners has conducted a detailed analysis of the Heat business. Review of public filings, due diligence meetings, review of LRP, and developed preliminary views on value.",
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      "text": "Today, the market is awarding Heat a multiple consistent with more mature retail peers despite having superior top-line growth prospects and track record of consistent earnings growth.",
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      "text": "Following a detailed analysis of management's updated long range plan, we have developed an understanding of the key assumptions and drivers of growth in the plan: Multiple sources of revenue growth (Comp store sales 3%, New unit expansion 120 annually, New businesses), Markdown optimization, and Economies of scale.",
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      "text": "After a successful IPO, Heat's trading performance has come under pressure as decelerating comp performance overshadowed profitable square footage growth, consistent earnings beats and margin expansion.",
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