{
  "docId": "019de06f-b520-76df-951e-5aad925af941",
  "docSlug": "d73d2cc099ddd8069f489463ead30c31",
  "documentTitle": "Citi | Investment Banking Pitch Book | 58 slides",
  "authorId": "citi",
  "authorName": "Citi",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 57,
  "pageCount": 58,
  "prevPage": 56,
  "nextPage": 58,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 85,
  "notes": "Includes a sensitivity analysis table showing implied value across different cost of equity and terminal multiple scenarios.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-b520-76df-951e-5aad925af941/57",
  "deckHref": "/decks/019de06f-b520-76df-951e-5aad925af941",
  "deckJsonHref": "/decks/019de06f-b520-76df-951e-5aad925af941.json",
  "deckAnchorHref": "/decks/019de06f-b520-76df-951e-5aad925af941#slide-57",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "disclaimer",
      "text": "Note: Valuation discounted to 1/1/2019. Terminal value assumes midpoint 11.5x P / DCF valuation (based on AM peer set) less Series B terminal value. Series B terminal value equals terminal value less $2.0 billion floor equity value multiplied by 6.0% redemption right.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14f98468-1d52-40d0-97ec-1b1443c96b92",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.03,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: FactSet, Company filings, Wall Street Research. Market data as of 9/7/2018.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff8821b7-2157-4f76-937e-c42022516c22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.72,
        "x": 0.14,
        "y": 0.13
      },
      "kind": "table",
      "text": "Cash flow projection table from 2019E to 2023E including EBITDA, expenses, taxes, distributions, and CAFD/Share.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80e292ae-c23a-44a2-8dc8-970f4cc5721a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.38,
        "x": 0.34,
        "y": 0.58
      },
      "kind": "table",
      "text": "Sensitivity table showing Implied Value based on Cost of Equity and Terminal GP Multiple.",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d451b63-3613-45c9-8f7e-be44b7ca5e9a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "PF AMGP DCF Analysis (1.850x; 18.5mm Units)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "22c8b1a6-7453-4dd1-b2aa-77497801573b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.03,
        "y": 0.08
      },
      "kind": "title",
      "text": "Cash Flow Summary",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c277115-4154-431d-820e-a5c8d66705e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.03,
        "y": 0.54
      },
      "kind": "title",
      "text": "Sensitivity Analysis",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8dd8587f-0a3a-4b7b-8a8f-38b65bac256a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "sensitivity_analysis",
      "slug": null,
      "matchId": "67072125-d324-4adc-be5a-0b48d0693839",
      "evidence": "Sensitivity table showing Implied Value based on Cost of Equity and Terminal GP Multiple.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 58,
      "from": 31,
      "beatId": "c58752ef-4fcb-4718-beaf-8cbad06d72ae",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document concludes with an evaluation of the potential impacts and next steps for the investment opportunity.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}