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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 35 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
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  "presentationDate": "2016-03-01 00:00:00",
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  "pageNumber": 19,
  "pageCount": 35,
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  "nDataPoints": 80,
  "notes": "Includes detailed adjustments for NOLs, lost contracts, and various debt/preferred instruments.",
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      "kind": "callout",
      "text": "Monroe trades at 14.7x aggregate value / consensus 2016E EBITDA. Consensus EBITDA of $44.5MM is 23% above management's projected $36.2MM EBITDA. Monroe's multiple implied by management's EBITDA estimate is 18.1x",
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      "kind": "disclaimer",
      "text": "Notes: 1. EBITDA represents management projections... 5. Dilution from assumed exercise of 12.5MM warrants...",
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      "text": "Application of peer EBITDA multiples assumes comparable reduction for rent in computing EBITDAR from EBITDAR. The lower practical limit for common equity value would be $0.",
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      "text": "Source: SNL Financial, Capital IQ, Morgan Stanley and Company reports",
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      "text": "Fully Diluted Share Count table",
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      "kind": "table",
      "text": "Implied Monroe Valuation table showing 2016/2017 Low/Mid/High scenarios for EBITDA, adjustments, and final share price.",
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      "text": "Trading Comparables Analysis",
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