{
  "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": 13,
  "pageCount": 30,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "appendix_data",
  "function": "cite_precedent",
  "density": "balanced",
  "nDataPoints": 45,
  "notes": "Includes a specific callout for 'Orange' at 8.8x multiple.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de073-8ecf-767d-8da1-92c2edeeb754/13",
  "deckHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754",
  "deckJsonHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754.json",
  "deckAnchorHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.08,
        "x": 0.36,
        "y": 0.44
      },
      "kind": "callout",
      "text": "Orange $19.41/share: 8.8x",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f9ac2f8-665a-4f31-914a-7631c2dec978",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.06,
        "y": 0.25
      },
      "kind": "chart",
      "text": "NTM Aggregate Value / Revenue multiples for various software companies",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e5fb7cf-d836-41d3-923f-b5e0f377e393",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.06,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "Source: Morgan Stanley Database, Capital IQ, Thomson Consensus, Company Filings, Public Information. 1. Twilio / SendGrid multiple as of closing date",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f017e40-31f7-4c6a-a92e-2ec144df6742",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.35,
        "x": 0.62,
        "y": 0.88
      },
      "kind": "legend",
      "text": "Sponsor Deals (dark blue) vs Strategic Deals (light blue)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51cba264-5cec-421d-b48f-9d0325489b58",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.06,
        "y": 0.81
      },
      "kind": "table",
      "text": "Year and NTM Rev Growth data for each transaction",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50de0528-f8f6-4513-a930-3f9461c17774",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.06,
        "y": 0.12
      },
      "kind": "title",
      "text": "Precedent Software Transaction Multiples",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0a17695-4f87-42a3-a233-6ba01c5ecbcc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Chart Selection Guide",
      "slug": "chart-selection-guide",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "fb90c5a5-1b10-4f3d-afe1-bc55ab38ed99",
      "evidence": "NTM Aggregate Value / Revenue multiples for various software companies",
      "confidence": 0.6
    }
  ],
  "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
}