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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 42 slides",
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  "authorName": "Houlihan Lokey",
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  "presentationDate": "2022-12-01 00:00:00",
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  "notes": "The slide uses the CAPM-based formula: Cost of Equity = Risk-Free Rate + (Levered Beta * Equity Risk Premium) + Size Premium.",
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      "text": "Note: No company used in this analysis for comparative purposes is identical to the Company. 1. Based on actual levered beta per Bloomberg 5-year weekly as of 12/13/22. 2. Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply-side and demand-side models and other materials. 3. Duff & Phelps Cost of Capital Navigator (\"Navigator\"). 4. Cost of Equity = Risk-Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. Risk-Free Rate of Return as of 12/13/22, based on 20-year U.S. Treasury Bond Yield. 5. Based on publicly available information, analyst estimates and market data as of 12/13/2022. 6. Risk-Free Rate of Return 12/13/2022, based on 20-year U.S. Treasury Bond Yield. 7. Based on review of selected companies' levered betas. Source: Bloomberg and Capital IQ.",
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