{
  "docId": "019de06f-daca-777c-bc25-d8d3ee94e915",
  "docSlug": "9ef7648740226fd7c86ec1ec69dcd217",
  "documentTitle": "Lazard | Investment Banking Pitch Book | 7 slides",
  "authorId": "lazard",
  "authorName": "Lazard",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2929293,
  "pageNumber": 5,
  "pageCount": 7,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 150,
  "notes": "Includes sensitivity analysis for Enterprise Value based on different VWAP-based exchange ratios.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-daca-777c-bc25-d8d3ee94e915/5",
  "deckHref": "/decks/019de06f-daca-777c-bc25-d8d3ee94e915",
  "deckJsonHref": "/decks/019de06f-daca-777c-bc25-d8d3ee94e915.json",
  "deckAnchorHref": "/decks/019de06f-daca-777c-bc25-d8d3ee94e915#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.04,
        "y": 0.89
      },
      "kind": "disclaimer",
      "text": "Source: Raven Management, Company filings and FactSet as of 8/13/2019. Note: Consideration for Diamond Class B Shares calculated using proposed exchange ratio of 0.0550. 1 Includes non-controlling interest of $671k as of May 3, 2019 and cash balance of $808.6m as of August 2, 2019.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9e33dd2-fde6-4517-84bf-44c59937d652",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.75
      },
      "kind": "table",
      "text": "Sensitivity table for Enterprise Value based on Current VWAP exchange ratios.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e903f09-b03c-477b-b811-d4ce95c718f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.92,
        "x": 0.04,
        "y": 0.26
      },
      "kind": "table",
      "text": "Main offer price sensitivity table showing consideration, enterprise value, and premiums across various bid prices.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80268413-3769-4266-a09f-36493769b196",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.6
      },
      "kind": "table",
      "text": "Sensitivity table for Enterprise Value based on Current Market exchange ratios.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ed7a5d25-dd2e-461f-932a-91bec3f83311",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "title",
      "text": "Analysis of Various Offer Prices for Class A Shares",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9aaa6125-05da-48fe-9008-273fa9a09eb9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 6,
      "from": 5,
      "beatId": "cb2d0b15-01af-4377-9a16-9df04eb3d041",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "Slides 5-6 provide financial analysis and a valuation summary.",
      "position": 1,
      "confidence": 0.6,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 6,
      "from": 5,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "3ea837de-80a8-4016-acc2-0a9588fca244",
      "evidence": "The financial analysis on slides 5-6 may be used to test a hypothesis about the project's valuation.",
      "position": 1,
      "objective": "Test a hypothesis regarding the valuation of Project Raven",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.5,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}