{
  "docId": "019de06f-c33e-7028-a408-649d5cb0ef73",
  "docSlug": "9fbc834af2120bbbc4a68cca04fca0c8",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 27 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 21,
  "pageCount": 27,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 80,
  "notes": "Includes a primary DCF table and two sensitivity tables for Cost of Equity vs Perpetuity Growth Rate.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-c33e-7028-a408-649d5cb0ef73/21",
  "deckHref": "/decks/019de06f-c33e-7028-a408-649d5cb0ef73",
  "deckJsonHref": "/decks/019de06f-c33e-7028-a408-649d5cb0ef73.json",
  "deckAnchorHref": "/decks/019de06f-c33e-7028-a408-649d5cb0ef73#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.15,
        "x": 0.05,
        "y": 0.21
      },
      "kind": "list",
      "text": "Implied value as of 12/31/2018\nDiscounted using mid-year convention\nPerpetuity growth rate of 2.0%\nKe of 9.0%",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1dc1764-2d31-48e9-8d59-bbdd9c27d422",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.13,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: AM Revised Budget and Bloomberg market data as of 9-Jan-2019",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b881fd69-5f06-4639-b700-80b358f18147",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.28,
        "x": 0.35,
        "y": 0.5
      },
      "kind": "table",
      "text": "Sensitivity analysis of Implied Price Per Share based on Cost of Equity and Perpetuity Growth Rate.",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c0dd6b8-9dca-45e1-9848-df5b7508c7f4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.68,
        "y": 0.5
      },
      "kind": "table",
      "text": "Sensitivity analysis of Implied Terminal Yield based on Cost of Equity and Perpetuity Growth Rate.",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a060eb4-f164-4ffa-be5d-ddc3a4842b48",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.75,
        "x": 0.19,
        "y": 0.2
      },
      "kind": "table",
      "text": "Illustrative Discounted Cash Flow table showing dividends, terminal value, discount factors, and present value calculations.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe23e0a5-d68e-48f0-8b18-ea3d03487452",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.13,
        "y": 0.07
      },
      "kind": "title",
      "text": "Illustrative AM Discounted Dividends Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d1551f8-064c-4e23-b1fe-9d23bfe04de8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.13,
        "y": 0.11
      },
      "kind": "title",
      "text": "Status Quo AM | ($ in millions, except per share data)",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e08c960-c1a8-4bfa-b639-eea33ffc051f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "Discounted Cash Flow",
      "slug": null,
      "matchId": "18166fb8-84f6-4ca0-b797-4ff4af34db67",
      "evidence": "The slide presents a standard DDM valuation table with discount factors and terminal value.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 27,
      "from": 16,
      "beatId": "9481f836-3ddd-4c93-a045-4205ace7b353",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document concludes with appendices and additional valuation reference materials, indicating next steps.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 24,
      "from": 17,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "33de390e-408d-43bc-9873-07f42389432f",
      "evidence": "The document presents various financial analyses and comparisons.",
      "position": 2,
      "objective": "To test hypotheses about the financial impact of the new structure",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.6,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}