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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 25 slides",
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  "presentationDate": "2018-04-01 00:00:00",
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  "notes": "The slide presents three scenarios: Gradual Taper, Rapid Taper, and No Growth, each showing the impact of varying perpetuity growth rates and cost of equity on valuation metrics.",
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      "kind": "paragraph",
      "text": "Series B Dividend Discount Model | ($ in millions)",
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      "text": "Source: Arkose Projections, Wall Street research and Bloomberg market data as of 04-Apr-2018 1 Calculation divides DDM-implied Series B value by a DDM-implied GP share price derived using the same cost of equity and terminal growth rate assumptions to reach number of shares issued to Series B unitholders in exchange for the units.",
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      "text": "Sensitivity tables for DDM-Implied Series B Value, GP Share Price, and Converted Shares across three cases (Gradual Taper, Rapid Taper, No Growth).",
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      "text": "Illustrative Implied Series B Value (Cont'd)",
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