{
  "docId": "019de06f-6789-7795-a45c-32787cf5acee",
  "docSlug": "17faa0d2963c822bfe54bd46c294bebc",
  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 35 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2016-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 11,
  "pageCount": 35,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide highlights that Monroe has historically traded at a premium but has recently seen increased volatility and lower multiples compared to its historical averages.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-6789-7795-a45c-32787cf5acee/11",
  "deckHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee",
  "deckJsonHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee.json",
  "deckAnchorHref": "/decks/019de06f-6789-7795-a45c-32787cf5acee#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.1,
        "x": 0.585,
        "y": 0.325
      },
      "kind": "callout",
      "text": "Average: Monroe: 15.0x, Comps: 12.4x",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f929874-5683-42a8-bc84-048c399689fd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.65,
        "x": 0.293,
        "y": 0.265
      },
      "kind": "chart",
      "text": "AV / NTM Consensus EBITDA",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da9ca609-9edd-4edf-8f29-40d60f9b69f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.245,
        "x": 0.033,
        "y": 0.218
      },
      "kind": "list",
      "text": "Since 2009, Monroe has been valued at a premium to its peers as a multiple of EBITDA. Monroe's multiple has been more volatile than the peers over the last six months. Current AV / Consensus EBITDA multiples are lower than the 3-year and 7-year average multiples.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c57fc10-1c3f-423c-8fd3-0abce9d92050",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.1,
        "x": 0.293,
        "y": 0.515
      },
      "kind": "source-note",
      "text": "Source: Capital IQ",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7b13497-2d34-402b-bc97-bb7813a02bee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.335,
        "x": 0.293,
        "y": 0.135
      },
      "kind": "title",
      "text": "Historical Lodging Valuation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed4f82d3-02b5-4d6a-b2a8-e8fa164ec3d0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "8f4d377e-29c2-435d-9d10-f70119050277",
      "evidence": "Current AV / Consensus EBITDA multiples",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 7,
      "beatId": "3722d9b3-5e20-4e15-a80a-631bd563a383",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Slides 7-20 provide financial analysis and data to support the argument.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}