{
  "docId": "019de074-35f4-737d-a24c-ca4b1f4e8edf",
  "docSlug": "41d6ba5d107dd6fd192c9dbb9f028429",
  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 48 slides",
  "authorId": "houlihan-lokey",
  "authorName": "Houlihan Lokey",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2023-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2981745,
  "pageNumber": 8,
  "pageCount": 48,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 36,
  "notes": "Includes detailed footnotes regarding pro forma adjustments and CAGR definitions.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de074-35f4-737d-a24c-ca4b1f4e8edf/8",
  "deckHref": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf",
  "deckJsonHref": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf.json",
  "deckAnchorHref": "/decks/019de074-35f4-737d-a24c-ca4b1f4e8edf#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.07,
        "y": 0.21
      },
      "kind": "callout",
      "text": "Combined ratios are projected to revert gradually to below 90% as loss ratios approach a normalized level.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00e1b96e-15d7-4338-8f79-5bd048833f28",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.07,
        "y": 0.62
      },
      "kind": "callout",
      "text": "Projected 2022-2027 Adj. Net Income CAGR of ~18% driven by underwriting, investment, and other revenue growth.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56b3d70b-cbb6-4ff3-9429-14253ca01180",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.88,
        "x": 0.07,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Combined Ratio chart showing historical (grey) and projected (blue) loss and expense ratios from 2016 to 2027E.",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97903417-e2c0-45a1-b7dd-ee630a839331",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.88,
        "x": 0.07,
        "y": 0.65
      },
      "kind": "chart",
      "text": "Adjusted Net Income chart showing historical (grey) and projected (blue) income from 2016 to 2027E.",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73a59dea-606d-481b-aa40-fab994afdc6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.88,
        "x": 0.07,
        "y": 0.91
      },
      "kind": "disclaimer",
      "text": "Note: Historical financial data is not pro forma for recent acquisitions... Source: Company management and Management Projections.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1b25c3ee-ad2c-47d8-8a14-c4312ad77b5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.15,
        "x": 0.47,
        "y": 0.62
      },
      "kind": "table",
      "text": "CAGR table for 2021-2027E and 2022E-2027E periods.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23b95431-6ce2-4b56-b92f-5b769a352864",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.6,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "Selected Management Projections Highlights",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37e10a9e-0eb9-4291-bf96-6a193a6af232",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.07,
        "y": 0.11
      },
      "kind": "title",
      "text": "Combined Ratio and Adjusted Net Income",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7682275f-e8b5-4738-90a4-e05c85cd5180",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 10,
      "from": 7,
      "beatId": "66f1b072-6e04-4cab-843b-7972a1b8ca11",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The financial analysis section highlights selected management projections and potential challenges.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 21,
      "from": 6,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "2d11d085-fd82-48cc-a702-e4143f0ac5f1",
      "evidence": "The document provides a comparison of management projections vs. guidance and Wall Street analyst consensus estimates.",
      "position": 0,
      "objective": "To identify patterns in the industry and company performance",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.6,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}