{
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  "docSlug": "efa1e3364cf3c45817ab08658260e7f9",
  "documentTitle": "Perella Weinberg Partners | Investment Banking Pitch Book | 68 slides",
  "authorId": "perella-weinberg-partners",
  "authorName": "Perella Weinberg Partners",
  "documentKindSlug": "consulting-deck",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2012-11-01 00:00:00",
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  "pageNumber": 9,
  "pageCount": 68,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 42,
  "notes": "The slide highlights the correlation between earnings performance (comps) and P/E multiple compression.",
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  "slideHref": "/slides/019de06f-4589-77ed-b018-c583d8ed8c7c/9",
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      "kind": "chart",
      "text": "P/E ratio time series chart",
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      "kind": "paragraph",
      "text": "Heat was awarded a \"high growth\" multiple at the time of its IPO when the company was posting high single digit comps. Beginning in August 2010, the Company's multiple has come under pressure as Heat posted negative to low single quarterly digit comps; Company currently trades above its mature peers, but at a discount to high growth peers.",
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      "kind": "source-note",
      "text": "Source: Factset market data as of October 31, 2012, represents price to next twelve months' EPS estimates. Notes: Growth Teen Peers include: ZUMZ and TLYS. Other Teen Peers include: ANF, ARO and AEO. Mid-Cap Specialty Retail Peers include BEBE, CMRG, CATO, CBK, CTRN, DEST, HOTT, JOSB, PSUN and WTSLA. High Growth Retail Peers include LULU, UA, FRAN, VRA, TUMI and FOSL. Off-Price Peers include: ROST, ASNA and TJX",
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      "text": "Peer group P/E comparison table",
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      "kind": "title",
      "text": "HEAT P/E RATIO SINCE IPO",
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      "beatName": "Problem & Complication",
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      "evidence": "The pitch book reviews Apax's proposal and provides financial analysis",
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