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  "docSlug": "fd3aedb7c501521f61f449b1632fb4f6",
  "documentTitle": "PJT Partners | Investment Banking Pitch Book | 8 slides",
  "authorId": "pjt-partners",
  "authorName": "PJT Partners",
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  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2016-05-01 00:00:00",
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  "pageNumber": 4,
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  "slideType": "data_table",
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  "density": "dense",
  "nDataPoints": 56,
  "notes": "The slide uses color-coded borders to distinguish between different EBITDA scenarios (base vs. synergy-adjusted).",
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  "slideHref": "/slides/019de06f-6b96-77a3-8fd6-c52c161ba272/4",
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      "kind": "disclaimer",
      "text": "Source: Capital IQ and Bloomberg. Note: Market data as of 5/20/16. Analysis shows implied TEV / FY17E multiples of Solar at various prices upon closing. Valuation includes Lunar ownership in Solar. (1) Offer value of cash and stock consideration only. Excludes value of warrants. Includes 10% premium for Solar Class B stock. (2) Assumes $693mm total value of tax synergies based on run rate tax benefit of $60mm discounted at Lunar's cost of equity (8.7%).",
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      "kind": "list",
      "text": "Legend for EBITDA scenarios (Pre-SBC, cost synergies)",
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      "kind": "subtitle",
      "text": "Based on FY2017E EBITDA (Pre-SBC) Multiples",
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      "kind": "table",
      "text": "INCLUDING NPV OF TAX SYNERGIES table",
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      "kind": "table",
      "text": "EXCLUDING NPV OF TAX SYNERGIES table",
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      "kind": "title",
      "text": "Implied TEV/FY2017E EBITDA Multiple at Various Offer Prices",
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      "beatName": "Evidence & Proof",
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      "evidence": "Financial analysis and data tables provide evidence for the proposed merger and its implications.",
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      "evidence": "The implied TEV/FY2017E EBITDA Multiple analysis provides a benchmark for the merger's value.",
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      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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