{
  "docId": "019de06f-ab40-774b-8c1e-57e04c8545c5",
  "docSlug": "5d9f93dd54d6ca4afab115467c562ff9",
  "documentTitle": "Barclays | Investment Banking Pitch Book | 12 slides",
  "authorId": "barclays",
  "authorName": "Barclays",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2981745,
  "pageNumber": 7,
  "pageCount": 12,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "comparison_table",
  "function": "compare_options",
  "density": "balanced",
  "nDataPoints": 150,
  "notes": "The slide compares valuation metrics (EBITDA multiples, distribution yields, DCF yields) under two different financial methodologies.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-ab40-774b-8c1e-57e04c8545c5/7",
  "deckHref": "/decks/019de06f-ab40-774b-8c1e-57e04c8545c5",
  "deckJsonHref": "/decks/019de06f-ab40-774b-8c1e-57e04c8545c5.json",
  "deckAnchorHref": "/decks/019de06f-ab40-774b-8c1e-57e04c8545c5#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "paragraph",
      "text": "Source: Company filings, press releases and FactSet. Projections provided by the Company or ArcLight. 1. Initial offer price of $38.00 per unit and unit counts per the Schedule 13D filed on 7/10/18. 2. Total unit count as of 4/30/2018. 3. GP equity value in Barclays methodology based on ArcLight's purchase price of TLP's GP from NGL. Evercore methodology assumes GP units are equivalent in value to LP units. 4. EBITDA and DCF yield adjusted for Omnibus Agreement represents the implied multiples assuming fully-consolidated TMS costs which are currently not included in TLP's cash flows.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "68f55d61-68be-4199-950a-fce012b2649a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "table",
      "text": "Purchase Price Ratio Analysis table comparing Barclays and Evercore methodologies",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7a1fa4d-d094-4236-81dd-a5e57248c839",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Trans Am Purchase Price Ratio Comparison",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d4add54-df89-401a-b949-1ad1aacffbb6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 10,
      "from": 6,
      "beatId": "c7515384-1d99-4db3-85ef-d24aa877a55a",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "Slides 6-10 provide peer benchmark and comparison tables on Trans Am's financials",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 6,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "951b55ef-9dd1-4a51-b7bd-aeabde0f62c0",
      "evidence": "Slides 6-10 provide peer benchmark and comparison tables",
      "position": 0,
      "objective": "To evaluate the purchase price and trading comparables",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 0.7,
      "description": "Compare performance against best-in-class to quantify the opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}