{
  "docId": "019de073-814f-7541-958d-0550e3c31480",
  "docSlug": "226e51efa61c1f48455f835ed6eeb3a3",
  "documentTitle": "BMO Capital Markets | Investment Banking Pitch Book | 22 slides",
  "authorId": "bmo-capital-markets",
  "authorName": "BMO Capital Markets",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 6,
  "pageCount": 22,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 38,
  "notes": "The chart uses a stacked bar format for later years to distinguish between GoM dividends and TRQ cash flows.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de073-814f-7541-958d-0550e3c31480/6",
  "deckHref": "/decks/019de073-814f-7541-958d-0550e3c31480",
  "deckJsonHref": "/decks/019de073-814f-7541-958d-0550e3c31480.json",
  "deckAnchorHref": "/decks/019de073-814f-7541-958d-0550e3c31480#slide-6",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.23,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Cash flows are shown net of debt, GoM royalties, and GoM taxes",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eaaf6049-cd88-4ab4-9397-5f7512b53575",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.95,
        "x": 0.03,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Cash flow projection 2022-2040",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1ef9274c-bf6e-4b02-a1bf-860647357042",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.15,
        "x": 0.83,
        "y": 0.18
      },
      "kind": "legend",
      "text": "GoM Dividends, SHL & Prepays, Dividends",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d82967fc-acc3-44f7-b6c6-4782d0b9b92d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.03,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Street research, Turquoise Hill Internal LT Model at street consensus pricing. Note: 2022E based on full year. 1. Based on realized pricing to July and current spot price from July onwards. 2. Cash flows include management fees.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71d906cc-2a9b-46d9-af66-3ee852e3b506",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.95,
        "x": 0.03,
        "y": 0.82
      },
      "kind": "table",
      "text": "Copper Price (US$/lb) row",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "790d4895-4c8e-4077-885f-2ae55a887b34",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.03,
        "y": 0.07
      },
      "kind": "title",
      "text": "Levered Cash Flow Profile to Turquoise Hill and Government of Mongolia",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5540fa9c-2499-4ae2-85c1-9a104985a84f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 10,
      "from": 6,
      "beatId": "0b92eac8-5e05-47b6-8cba-d001435e07f6",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The deck presents financial analysis and data to support the argument",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 3,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "010a5c9d-cc27-41d7-bba8-8fe7b2d876dd",
      "evidence": "The deck presents a comparison of precedent copper transactions",
      "position": 0,
      "objective": "Is Turquoise Hill undervalued based on comparable transactions?",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}