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  "documentTitle": "Duff & Phelps | Investment Banking Pitch Book | 26 slides",
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  "authorName": "Duff & Phelps",
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  "presentationDate": "2015-09-01 00:00:00",
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  "notes": "This slide details the approach taken by Duff & Phelps for valuation, emphasizing the lack of direct comparability and the reliance on DCF analysis due to specific company constraints.",
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      "text": "None of the companies utilized for comparative purposes are directly comparable to the Company. Valuation involves complex considerations and judgments; analysis is subject to limitations.",
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      "text": "Selected Public Companies Analysis: Duff & Phelps selected nine publicly traded companies in the Wi-Fi and outdoor advertising industry. Analyzed financial performance and trading multiples. Due to limited comparability, DCF analysis was preferred.",
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      "text": "Selected M&A Transactions Analysis: Selected precedent transactions in outdoor and online advertising. Computed LTM revenue and EBITDA multiples. Noted limited direct comparability; details in Appendix 2.",
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