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  "documentTitle": "Deutsche Bank | Investment Banking Pitch Book | 30 slides",
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  "authorName": "Deutsche Bank",
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      "text": "As a public company, Dawn has limited strategic options: Recent strategic actions have only had limited beneficial effect on stock price; Dawn's focused portfolio and small size limits further divestiture alternatives; Sales of non-core assets are longer-term options that are already factored into the share price; Investment needs and leverage limit near-term flexibility to invest for growth",
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      "text": "As a public company, Dawn would suffer, in the foreseeable future, from: A challenging operating environment; Continued growth and margin pressure; Volatile earnings in a market focused on short-term performance",
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      "text": "Operating Dawn as a private company is the best alternative: Dawn will continue to operate in a challenging, volatile and competitive environment for the foreseeable future; Investments and operational restructurings are needed to continue to ensure competitive advantage and to position Dawn for future growth, some of which will not show immediate returns; In this context, Dawn will benefit from operating in a private environment with access to patient, committed capital that is not subject to short-term market demands; In a private setting, Dawn may also be able to realize tax savings to further enhance cash flows and investment capacity",
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