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  "docSlug": "9547f2eb38ccce61c51ee89f5e6c87a9",
  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 40 slides",
  "authorId": "houlihan-lokey",
  "authorName": "Houlihan Lokey",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2016-09-01 00:00:00",
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  "pageNumber": 31,
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  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 112,
  "notes": "Includes disclaimer regarding data sources and definitions for NMF, NA, and LTM.",
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      "text": "Confidential – Preliminary Draft – Subject to Further Review",
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      "text": "Source: Public filings, Bloomberg, Capital IQ, Company management for projected information for the Company. Notes: 1. The projected growth figures of Synutra are from Company management; the projected growth figures of other companies are from analyst research reports. No company used in this analysis for comparative purposes is identical to the Company. EV refers to Enterprise Value. LTM refers to the most recently completed 12-month period for which financial information has been made public. NMF refers to not meaningful figure. NA refers to not available figure. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation & Amortization, which has been adjusted for certain non-recurring items for Ausnutria Dairy Corporation Ltd., Beijing Sanyuan Foods Co., Ltd., Biostime International Holdings Limited (China), Bright Dairy & Food Co., Ltd., Dutch Lady Milk Industries Bhd, Hochdorf Holding AG, Maeil Dairies Co., Ltd., Morinaga Milk Industry Co., Ltd., Yashili International Holdings Limited. Fiscal year based on each company's respective fiscal year end, which is December 31 for all companies, except for Synutra (March 31), Morinaga (March 31) and Synlait (July 31)",
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      "kind": "title",
      "text": "Industry Benchmarking (cont.)",
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      "name": "Analogy",
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      "position": 1,
      "objective": "To draw analogies between Synutra International Inc. and industry benchmarks.",
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