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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": 20,
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  "notes": "Includes specific assumptions for risk-free rate, beta, market risk premium, and capital structure components.",
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      "text": "Cost of equity \"floor\" in Mid and High WACC estimates based on cost of preferred equity. Unquantified execution risks. Assumes 20% preferred equity can be refinanced at between 10% (low WACC) and 15% (high WACC) for forecast period. Monroe's weighted average cost of capital not adjusted to tax-affect the cost of debt due to NOL tax shield",
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      "text": "1. Represents average remaining term of managements contracts for Monroe; yield of 15-year treasury obtained by interpolating the geometric midpoint of the spot rate between the 10-year and 20-year treasury. 2. Per Capital IQ (Long-Term US Predicted Beta). 3. Company capital structure at 3/31/2016 adjusting for debt yield maintenance paydown in Feb. 2016",
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      "text": "Monroe WACC Analysis: CAPM Method table with rows for Risk Free Rate, Predicted Beta, Market Risk Premium, Cost of Equity, Pre-tax Cost of Debt, Post-tax Cost of Debt, Cost of Preferred, Debt/Total Capitalization, and WACC.",
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      "text": "Discounted Unlevered Cash Flow Analysis - Inputs",
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