{
  "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": 34,
  "pageCount": 42,
  "prevPage": 33,
  "nextPage": 35,
  "slideType": "sensitivity_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 81,
  "notes": "The table highlights the break-even points where the acquisition shifts from dilutive (red) to accretive (green) across various fiscal years and purchase premiums.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-9121-765b-aa3f-3b2350b9cd13/34",
  "deckHref": "/decks/019de06f-9121-765b-aa3f-3b2350b9cd13",
  "deckJsonHref": "/decks/019de06f-9121-765b-aa3f-3b2350b9cd13.json",
  "deckAnchorHref": "/decks/019de06f-9121-765b-aa3f-3b2350b9cd13#slide-34",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.22,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "list",
      "text": "Accretion to distributable cash flow per unit is slightly lower using Street numbers vs. Company projections. Assumes $2MM of synergies per management.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4913bae6-7c62-41b2-9ca7-c245bf8618af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.28,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Accretion / (Dilution) to AM; 100% Equity Contribution; Street Projections",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a9e2a12-dd93-432a-97fb-184c0bd87e1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.28,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Wall Street Research",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b14f502-5adc-4bea-9fdc-a874452a69b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.28,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1. Calculated as the accretion /(dilution) cumulative for four years",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74b9d4ee-ad56-4006-ac2a-92617f47e24e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.68,
        "w": 0.68,
        "x": 0.28,
        "y": 0.22
      },
      "kind": "table",
      "text": "Sensitivity table showing accretion/dilution percentages across purchase premiums and fiscal years.",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "906beece-6255-477f-8b52-e0ca970cfa66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.28,
        "y": 0.13
      },
      "kind": "title",
      "text": "Purchase Price Sensitivity – AMGP Buys AM",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "230c7cfd-7985-4c8e-9209-8958ec9e9577",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "sensitivity_analysis",
      "slug": null,
      "matchId": "1c5218ad-6546-48e8-b12a-c948adbf8067",
      "evidence": "Table displays impact of varying purchase premiums on accretion/dilution metrics.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 42,
      "from": 25,
      "beatId": "28806a4a-a564-4b1d-86fb-e4f5e273d5a0",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "Presents conclusions and supporting materials",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 42,
      "from": 25,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "73ac7dc0-8e4d-45f5-9ec5-831b96408396",
      "evidence": "Provides detailed financial analysis and data tables",
      "position": 3,
      "objective": "Test hypotheses on AMGP acquisition of AM",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.6,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}