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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 52 slides",
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  "notes": "Includes sensitivity analysis on NTM P/E multiples (8.0x, 9.0x, 10.0x) and comparison against CD&R offer and current share price.",
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      "text": "Discounted at Cost of Equity of 13.5%¹",
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      "text": "Source: Ferdinand Management projections, Capital IQ. Market data as of 16-Dec-2022. Note: Present value includes the projected future share price based on the assumed range of NTM P/E multiples discounted to 30-Sep-2022. Assumes no dividend payout, in line with Ferdinand historical patterns. ¹See page 39 for cost of equity build.",
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