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  "documentTitle": "Barclays | Investment Banking Pitch Book | 40 slides",
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  "authorName": "Barclays",
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  "presentationDate": "2019-07-01 00:00:00",
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  "notes": "The table displays a 5x5 grid of equity values based on two key financial drivers.",
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      "text": "Sources: MDLY Management estimates. Files uploaded to the Integrate ShareVault virtual dataroom: 2.5.3 Financials; Strategy - Management Plan.\nNote: Assumes WACC constant at 14.0% and terminal value of 5.75x 2022 EBITDA.\nManagement's projections (page 6) show a fee-paying AUM CAGR of ~18% (2018-2022E) and an average EBITDA margin of ~48% (2019E-2022E).",
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      "text": "For 2022E, management projects year over year growth in fee-paying AUM of 18.5% and an EBITDA margin of 50.1%\nSensitivity table for reference only, ranges are illustrative. Sensitivity analysis not incorporated elsewhere in Barclays analysis.",
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      "text": "Sensitivity table showing equity values per share across varying FPAUM CAGR (0-20%) and EBITDA Margin (30-50%)",
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      "text": "MDLY: Discounted Cash Flow Analysis Sensitivity",
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      "text": "Total Equity Value Per Share Sensitizing FPAUM CAGR and EBITDA Margin",
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