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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": "Includes a bridge table explaining the 2020 book value jump and two callout boxes explaining key drivers for book value and ROAE trends.",
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      "kind": "callout",
      "text": "ROAE, which has fallen in 2021-2022 amid declines in Adj. Net Income following Compstar acquisition and IPO, is projected to increase over the projection period.",
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      "text": "Book value increased in 2020 due to (i) shares issued in initial public offering, (ii) acquisition of 55% of Compstar and (iii) revaluation of 45% stake in Compstar.",
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      "text": "Book Value, excluding AOCI",
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      "kind": "disclaimer",
      "text": "Note: Historical financial data is not pro forma... Source: Company management and Management Projections.",
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      "text": "12/13/19 Book Value (Excl. AOCI) $136.8; Shares Issued in Compstar Acquisition 99.2; Gain on Revaluation of Compstar Stake 69.8; Shares Issued in IPO, Net of Discounts 93.1; Pre-IPO Distribution (18.2); Net Income (Ex-Compstar Gain) 18.7; Other (2.9); 12/13/20 Book Value (Excl. AOCI) $396.7",
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