{
  "docId": "019de06f-9c57-70b7-a960-5e29104b0ace",
  "docSlug": "90a4db0c7388c28300574aa51f10d4db",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 12 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 3,
  "pageCount": 12,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 28,
  "notes": "The slide compares two valuation models for Series B shares, specifically contrasting the discount factors used for terminal value (1.77 vs 1.84) due to mid-year vs year-end conventions.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-9c57-70b7-a960-5e29104b0ace/3",
  "deckHref": "/decks/019de06f-9c57-70b7-a960-5e29104b0ace",
  "deckJsonHref": "/decks/019de06f-9c57-70b7-a960-5e29104b0ace.json",
  "deckAnchorHref": "/decks/019de06f-9c57-70b7-a960-5e29104b0ace#slide-3",
  "components": [
    {
      "bbox": {
        "h": 0.18,
        "w": 0.25,
        "x": 0.33,
        "y": 0.34
      },
      "kind": "callout",
      "text": "Management used an implied terminal yield methodology on Series B cash flows instead of the conversion mechanic as per the agreement",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6865ca3a-b4c8-47fb-bc58-da87b0c32290",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.64,
        "x": 0.33,
        "y": 0.81
      },
      "kind": "callout",
      "text": "Management calculates terminal value using mid-year convention resulting a in discount factor of 1.77. Conversion Mechanism Methodology calculates terminal value using a year-end methodology resulting in a discount factor of 1.84",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6039bfb-b05f-409c-9adb-ca839628a928",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.28,
        "x": 0.06,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Comparison of Series B Value (Management vs Conversion Mechanism)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cec07dd9-dbbb-412b-b9a2-0dfa5bcce447",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Source: Arkose Projections, Wall Street research and Bloomberg market data as of 27-Apr-2018. Note: Series B value calculated as the PV of distributions through 2026 and the TV at year end 2026.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9eb08d0c-baf0-4f29-83cd-d9085129f732",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.33,
        "x": 0.64,
        "y": 0.25
      },
      "kind": "table",
      "text": "Calculation of Series B Value table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "800be266-df9c-44e1-9f44-a4a8800f9b3f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.13,
        "y": 0.07
      },
      "kind": "title",
      "text": "Comparison of Series B Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3f90a5d-4dbb-4d23-8ea9-759ccbd66c54",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chart Selection Guide",
      "slug": "chart-selection-guide",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "b63b418d-a5f0-44b1-8198-c0625fbcb4f0",
      "evidence": "Comparison of Series B Value (Management vs Conversion Mechanism)",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 4,
      "from": 3,
      "beatId": "a799f68b-0997-4a38-a442-ee7b6fe136c4",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Problem",
      "beatSlug": "sequoia-pitch-problem",
      "evidence": "The financial analysis and comparison of Series B Value indicate a problem or complication",
      "position": 0,
      "confidence": 0.6,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 7,
      "from": 3,
      "name": "Mece Breakdown",
      "slug": "40-mece-breakdown",
      "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
      "matchId": "9bb64511-8bd5-4451-8ce0-f25d2311392a",
      "evidence": "The financial analysis and data tables provide a detailed breakdown",
      "position": 0,
      "objective": "To break down the financial analysis into comparable components",
      "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
      "confidence": 0.6,
      "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}