{
  "docId": "019de073-0e3e-718f-a619-12ed5a3bf0bd",
  "docSlug": "64ba5cf989a0cf767f243c357144339d",
  "documentTitle": "TD Securities | Investment Banking Pitch Book | 40 slides",
  "authorId": "td-securities",
  "authorName": "TD Securities",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 19,
  "pageCount": 40,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 14,
  "notes": "Includes a highlighted 'Selected Range' for P/NAV multiples.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de073-0e3e-718f-a619-12ed5a3bf0bd/19",
  "deckHref": "/decks/019de073-0e3e-718f-a619-12ed5a3bf0bd",
  "deckJsonHref": "/decks/019de073-0e3e-718f-a619-12ed5a3bf0bd.json",
  "deckAnchorHref": "/decks/019de073-0e3e-718f-a619-12ed5a3bf0bd#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.1,
        "x": 0.77,
        "y": 0.4
      },
      "kind": "callout",
      "text": "Selected Range: 0.40x - 0.70x",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c1e983cd-1abc-4072-9f59-b7c7430c0b71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.38,
        "x": 0.1,
        "y": 0.21
      },
      "kind": "chart",
      "text": "Market Cap (US$bn)",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d8f6abd-40eb-4f4a-a1f1-baa9dcd72c82",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.38,
        "x": 0.52,
        "y": 0.21
      },
      "kind": "chart",
      "text": "P/NAV",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3fada0b-b017-4e28-a325-7c1aecbeaf73",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.15,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Capital IQ and research analysts. Note: Market data as of June 23, 2022. (1) Based on analyst consensus estimates. (2) Based on closing share price prior to Rio proposal on March 14, 2022. (3) Based on unfinanced NAVPS.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c31ee56b-c94a-49e6-9835-16dcbfe841e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.15,
        "y": 0.09
      },
      "kind": "title",
      "text": "Trading Comparables",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35e03478-cd16-49bc-8c93-4830b0d8124c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Anchoring Bias",
      "slug": "anchoring-bias",
      "agent": "Architect",
      "layer": "block",
      "matchId": "019debe5-4673-746e-bfce-cf6d52e0f0ff",
      "evidence": "Selected range box anchors reader to 0.40x-0.70x P/NAV.",
      "confidence": 70
    },
    {
      "name": "Annotation",
      "slug": "annotation",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019debe5-4629-765b-acf1-e5612fe53134",
      "evidence": "Red 'Selected Range: 0.40x-0.70x' box highlights chosen multiple band.",
      "confidence": 85
    },
    {
      "name": "Contrast Principle",
      "slug": "contrast-principle",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019debe5-464e-7127-88b0-9c59e6b4e9db",
      "evidence": "TRQ bar coloured dark green vs peer bars in lighter teal.",
      "confidence": 80
    }
  ],
  "frameworks": [
    {
      "name": "Peer gap chart",
      "slug": null,
      "matchId": "019debe5-4c57-730a-987a-6d5f89a48fb9",
      "evidence": "Bar charts compare TRQ vs peer Market Cap and P/NAV with selected range.",
      "confidence": 75
    }
  ],
  "arcBeats": [
    {
      "to": 21,
      "from": 12,
      "beatId": "019debe5-4058-73a2-bec8-6d72b2ed1298",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": null,
      "evidence": "Value Methodology divider, FMV, NAV/EBITDA approach, comparables, synergies.",
      "position": 3,
      "confidence": 82,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 33,
      "from": 12,
      "beatId": "019debe5-410f-70ef-8df5-c8fdb4d7b629",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Implications (So What)",
      "beatSlug": null,
      "evidence": "Methodology and model establish what the discount/asset is worth.",
      "position": 2,
      "confidence": 58,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 19,
      "from": 18,
      "name": "Precedent",
      "slug": "09-precedent",
      "bestFor": "Risk mitigation, strategy validation, building confidence in new approaches",
      "matchId": "019debe5-41c6-746e-80b1-4e12514a6e0a",
      "evidence": "M&A precedents table feeding into bar-chart trading comparables with 'Selected Range: 0.40x-0.70x'.",
      "position": 4,
      "objective": "Anchor multiples via precedent M&A transactions and trading comparables",
      "structure": "The Precedent Case -> What Happened -> The Parallel -> Applied Learning",
      "confidence": 80,
      "description": "Use historical or external examples to validate your approach"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}