{
  "docId": "019de073-8ecf-767d-8da1-92c2edeeb754",
  "docSlug": "615796c2ee7cde8eb6c96842963f4ee0",
  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 30 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 10,
  "pageCount": 30,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "financial_analysis",
  "function": "quantify_impact",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "Includes detailed valuation inputs and sensitivity tables for share price based on varying multiples and discount factors.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de073-8ecf-767d-8da1-92c2edeeb754/10",
  "deckHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754",
  "deckJsonHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754.json",
  "deckAnchorHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754#slide-10",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.15,
        "x": 0.58,
        "y": 0.6
      },
      "kind": "callout",
      "text": "Discounted 2.3 Years at 12.3% Cost of Equity",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ee936df-aa65-4e3d-8322-c016c2307942",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.06,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Notes: 1. Market data and consensus as of 9/12/2022... 5. Share creep calculated...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3d2da974-1a69-4ced-9845-8d3e0ca071fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.6,
        "x": 0.06,
        "y": 0.16
      },
      "kind": "subtitle",
      "text": "Street and Management Cases; Value at 12/31/2024 Discounted to 9/12/2022 (1)(2)(4)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f0829f6-a46b-439a-b7eb-ac1f24db58a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.9,
        "x": 0.06,
        "y": 0.46
      },
      "kind": "table",
      "text": "Sensitivity analysis table for Implied Future Share Price and Discounted Future Share Price",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ed0c186-bceb-4bd1-86dd-a70e0b547d90",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.9,
        "x": 0.06,
        "y": 0.22
      },
      "kind": "table",
      "text": "Valuation inputs table comparing Street and Management cases",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71863909-551b-4c5a-bff2-14167d4efbc0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.06,
        "y": 0.11
      },
      "kind": "title",
      "text": "Discounted Equity Value – Based on CY2025E LFCF",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da61b69e-c4c1-4969-b4d8-4d43dc33ed49",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "494f4ecc-a0e0-4dc3-bb37-29f10bb0101d",
      "evidence": "Sensitivity analysis table for Implied Future Share Price and Discounted Future Share Price",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 14,
      "from": 9,
      "beatId": "af292a13-8988-40e9-8d63-e6c7b160c373",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The deck provides a detailed financial analysis, valuation summary, and precedent transaction data.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 14,
      "from": 9,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "38575af7-106b-4fea-a3d2-e93184fd2305",
      "evidence": "The deck provides a detailed financial analysis and valuation summary to support the hypothesis test.",
      "position": 1,
      "objective": "To test the hypothesis that Orange's valuation is attractive.",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.7,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}