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  "documentTitle": "Lazard | Investment Banking Pitch Book | 49 slides",
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  "notes": "Vail fiscal year ends January 31st. Valuation as of 8/31/2019. Stock-based compensation (SBC) treated as a cash expense.",
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      "kind": "source-note",
      "text": "Source: Vail management. Note: Vail fiscal year ends January 31st. Valuation as of 8/31/2019. Stock-based compensation (\"SBC\") treated as a cash expense. Stock-based compensation and FY'23 / FY'24 extrapolation based on guidance from Vail. Scenario A forecasts represent Vail's current cloud transition trajectory.",
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      "text": "Sensitivity tables for Enterprise Value, Equity Value, Implied Perpetuity Growth Rate, and Value Per Common Share based on WACC and Terminal LTM EBIT Multiple.",
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      "kind": "title",
      "text": "Vail DCF Analysis – 5 Year Extrapolated (Scenario A)",
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