{
  "docId": "019de06f-a515-7234-8755-d4ff08b2a96a",
  "docSlug": "985e9e1781556c9ffdf94b3dbbcfdd3a",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 46 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
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  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 21,
  "pageCount": 46,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses stacked bar charts to show low and high value ranges for different transaction scenarios.",
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  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-a515-7234-8755-d4ff08b2a96a/21",
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  "deckAnchorHref": "/decks/019de06f-a515-7234-8755-d4ff08b2a96a#slide-21",
  "components": [
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      "bbox": {
        "h": 0.3,
        "w": 0.8,
        "x": 0.13,
        "y": 0.225
      },
      "kind": "chart",
      "text": "Based on DDM-Implied Value",
      "attrs": null,
      "subkind": "bar-stacked",
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      "kind": "chart",
      "text": "Based on PV of FSP-Implied Value",
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      "kind": "paragraph",
      "text": "Pro forma analysis does not include: A) Any value of tax synergies beyond management's guidance period B) Potential Lower cost of capital post transaction",
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      "text": "For pro forma DDM and PV of FSP analyses please see pages 41-44",
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      "kind": "source-note",
      "text": "Source: Arkose Projections. Note: Pro forma yield based on blended 2019 and 2020 Midstream and GP status quo yields. Note: Pro forma DDM does not include value of tax attributes beyond the forecast period. Low DDM values calculated using a 1.5% PGR and a 10% discount rate. High values calculated using a 3.0% PGR and a 8% discount rate. Low value calculated as 2019E dividend capitalized at a 7.0% and 7.5% for status quo and pro forma respectively. High value calculated as 2021E dividend capitalized at a 6.0% and 7.5% yield for status quo and pro forma respectively. Analysis assumes 9% cost of equity",
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      "kind": "title",
      "text": "Summary Give-Gets Analysis",
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      "arcName": "The Sequoia Pitch",
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      "evidence": "The document includes various financial analyses, such as accretion/dilution analysis, DDM-implied value uplift, and present value of future share/unit price.",
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      "position": 2,
      "objective": "To analyze the financial implications and provide a summary of financial analyses",
      "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)",
      "confidence": 0.6,
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