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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 34 slides",
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  "authorName": "Houlihan Lokey",
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      "text": "Sources: Public filings, Capital IQ, analyst reports, LTM, NFY and NFY+1 financials for Synutra per Company management",
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      "text": "Notes: 1. Equity Market Value refers to share price * (common ADS or shares outstanding + options and warrants per the treasury stock method) 2. Enterprise Value refers to equity market value + debt outstanding + preferred stock + minority interests - cash and short term investment 3. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation & Amortization, adjusted for certain non-recurring items. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of March 31. LTM refers to the most recently completed 12-month period for which financial information has been made public or other than for the Company, in which case LTM refers to fiscal year 2016 estimated financials provided by Company management. NFY refers to next fiscal year for which financial information has not been made public, other than for the Company, in which case NFY refers to fiscal year 2017 projected financials provided by Company management; NFY+1 refers to the year after next fiscal year, other than for the Company, in which case NFY+1 refers to fiscal year 2018 projected financials provided by Company management. NA refers to not available figure. NMF refers to not meaningful figure. No company used in this analysis for comparative purposes is identical to the Company. Companies included in the industry Trading Statistics do not necessarily reflect a Selected Companies universe that would be relied upon in a Selected Companies analysis to support a fairness opinion",
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