{
  "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": 24,
  "pageCount": 30,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses line charts to track valuation trends. Data points represent specific valuation multiples at the end of the period.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de073-8ecf-767d-8da1-92c2edeeb754/24",
  "deckHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754",
  "deckJsonHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754.json",
  "deckAnchorHref": "/decks/019de073-8ecf-767d-8da1-92c2edeeb754#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.52,
        "y": 0.23
      },
      "kind": "chart",
      "text": "P / NTM FCF",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73b23396-0c4a-4981-9a90-220af35b46e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.45,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "chart",
      "text": "AV / NTM Revenue",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe5d3019-51e2-4fd9-8264-3ab75c10cc1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "legend",
      "text": "Orange, High Growth Software, High Growth Security",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a6696f6c-9508-4ad7-b132-dd5738b01748",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.87
      },
      "kind": "paragraph",
      "text": "Source: Capital IQ. Notes: 1. Market data and Thomson estimates as of 9/12/2022. 2. Median of each category shown... 3. FCF defined as operating cash flow less capex. 4. FCF multiples above 110.0x shown as N.M.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a534ca0c-4d1b-441c-9aec-39b6c895f38c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "...With Valuation Multiples Converging on Those of Peers Over Time",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec3df797-8f50-4ae8-ae72-a697c4670bf9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "ec683f84-a973-4f09-a6ad-0b8338772d0d",
      "evidence": "chart/line: AV / NTM Revenue",
      "confidence": 0.8
    },
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "589cb81d-03c0-4df9-a27b-558a8a69b0f5",
      "evidence": "chart/line: P / NTM FCF",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}