{
  "docId": "019de06f-b0d4-72b6-83a3-62190f55042a",
  "docSlug": "912d149dcfb94328adfa785b32e9c56f",
  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 24 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.380302,
  "pageNumber": 10,
  "pageCount": 24,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 60,
  "notes": "The slide compares AMGP and AM counterproposals against an illustrative midpoint, highlighting key financial metrics and premiums.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-b0d4-72b6-83a3-62190f55042a/10",
  "deckHref": "/decks/019de06f-b0d4-72b6-83a3-62190f55042a",
  "deckJsonHref": "/decks/019de06f-b0d4-72b6-83a3-62190f55042a.json",
  "deckAnchorHref": "/decks/019de06f-b0d4-72b6-83a3-62190f55042a#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "Notes: 1. Excludes $225MM of cash funded accelerated water earn-out payment made to AM. 2. Assumes cash and shares consistent with current ownership, election feature may provide a higher cash content for AR. 3. Adjusted AM / AMGP exchange ratio calculated as the AMGP unaffected market cap grossed up by the percentage of Series B 2018E distributions divided by pro forma AMGP share count (inclusive of 18.5MM share Series B conversion)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cedccb72-7109-4d44-8786-c40434f8ca65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.05,
        "y": 0.25
      },
      "kind": "list",
      "text": "Assumption: For the analysis herein, we have assumed an \"illustrative midpoint\" between the most recent AMGP and AM counterproposals",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ed0b303-cccb-4331-9486-6f3f68c00b79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.2,
        "x": 0.05,
        "y": 0.51
      },
      "kind": "table",
      "text": "Pro Forma Ownership table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85f560fd-ad43-478b-a804-d90b150e12b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.67,
        "x": 0.28,
        "y": 0.27
      },
      "kind": "table",
      "text": "Midpoint Offer Analysis table comparing AMGP Counterproposal, Illustrative Midpoint, and AM Counterproposal across various financial metrics.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91ef2c85-147b-467b-a848-03bb56eacfe9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.2,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "table",
      "text": "Adj. Series B AMGP Share Price table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd8dc974-68a9-48cc-9c4c-a671ba617ba6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "Illustrative Midpoint Offer Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d0e668c-3b70-4e20-8d29-36dcde5d0fa3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "title",
      "text": "AMGP & AM Counterproposals Dated July 20th & July 25th, Respectively",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7fdd193-0372-4dc7-8193-00dee160a8c4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 14,
      "from": 7,
      "beatId": "240bef80-425f-48e6-a385-4dfa962cc220",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides various analyses, including historical exchange ratio analysis, illustrative midpoint offer analysis, and pro forma impact analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 7,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "158d46d8-72a1-4990-b87d-d804d8c0ff85",
      "evidence": "The document presents a logical chain of analyses to support its conclusions",
      "position": 0,
      "objective": "To understand the impact of a change in corporate structure on the company's trading level",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}