{
  "docId": "019de06f-9121-765b-aa3f-3b2350b9cd13",
  "docSlug": "6cd8c22e3b149abc105b4e66968d6a00",
  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 42 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 15,
  "pageCount": 42,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "sensitivity_analysis",
  "function": "quantify_impact",
  "density": "dense",
  "nDataPoints": 81,
  "notes": "The table highlights the negative impact (dilution) of the transaction across various purchase premiums and fiscal years.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-9121-765b-aa3f-3b2350b9cd13/15",
  "deckHref": "/decks/019de06f-9121-765b-aa3f-3b2350b9cd13",
  "deckJsonHref": "/decks/019de06f-9121-765b-aa3f-3b2350b9cd13.json",
  "deckAnchorHref": "/decks/019de06f-9121-765b-aa3f-3b2350b9cd13#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.24,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "list",
      "text": "Precedents point to premiums paid for change of control on a buying of GP. AMGP / IDRs stay in place as a wholly owned subsidiary of AM resulting in tax leakage on IDR cashflow. The tax leakage creates higher dilution of DCF than other simplification options; we have assumed no mitigation of this tax leakage. Assumes $2MM of synergies per management.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6611bf7-346b-4aa9-8342-e4566e39f90a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.35,
        "x": 0.28,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Company projections. Notes: 1. Calculated as the accretion / (dilution) cumulative for four years.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "642ddb84-7226-4788-b8dc-121b9d582251",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.45,
        "x": 0.29,
        "y": 0.17
      },
      "kind": "subtitle",
      "text": "Accretion / (Dilution) to AM; 100% Equity Contribution; Company Projections",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8478034-20a4-43a7-a8e5-e9421b3fc797",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.67,
        "x": 0.28,
        "y": 0.23
      },
      "kind": "table",
      "text": "Sensitivity table showing accretion/dilution percentages across purchase premiums (0-40%) and fiscal years (2018E-2022E).",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8eebba9-7d15-4916-90f4-b469e59b8793",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.29,
        "y": 0.13
      },
      "kind": "title",
      "text": "Purchase Price Sensitivity – AM Buys AMGP",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "08eefa70-a861-4f92-b523-f50fc68cb153",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 16,
      "from": 10,
      "beatId": "f93342af-92c6-4006-b4f8-e6759ec756d5",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Outlines strategic options and financial analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 16,
      "from": 10,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "38d95407-7bbe-4443-add9-efe25c7af6dd",
      "evidence": "Outlines selected strategic options",
      "position": 1,
      "objective": "Evaluate strategic options",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.7,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}