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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 33 slides",
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  "authorName": "Morgan Stanley",
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  "presentationDate": "2016-05-01 00:00:00",
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  "notes": "Includes detailed adjustments for debt, preferred stock, and share dilution.",
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      "text": "Monroe trades at 14.8x aggregate value / consensus 2016E EBITDA. Consensus EBITDA of $44.5MM is 22% above management's projected $36.4MM EBITDA. Monroe's multiple implied by management's EBITDA estimate is 18.0x",
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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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