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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 41 slides",
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      "text": "Current NTM Multiple 37.5x @$20.21",
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      "text": "Notes: 1. Market data and consensus as of 8/12/2022; 2. Management reflects forecast provided by Management on 8/12/2022; 3. Cost of equity of 11.8% based on 1.50 Barra predicted beta, 2.8% risk-free rate and 6.0% market risk premium; 4. Current FDSO based on implied share price; represents annualized increase in basic shares through 12/31/2023; 5. Share creep calculated based on projected cumulative SBC divided by current share price to determine CAGR over the period 2022 to 2025",
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      "text": "Discounted Equity Value – Based on CY2025E LFCF",
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