{
  "docId": "019de50e-76a3-749b-8995-4dc4ebba797b",
  "docSlug": "f342077b17cba5c0f5c7281c9c4b14f3",
  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 33 slides",
  "authorId": "j-p-morgan",
  "authorName": "JPMorgan",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2006-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 13,
  "pageCount": 33,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "Includes a sensitivity analysis table for financial buyers and a break-even EPS analysis for strategic buyers.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50e-76a3-749b-8995-4dc4ebba797b/13",
  "deckHref": "/decks/019de50e-76a3-749b-8995-4dc4ebba797b",
  "deckJsonHref": "/decks/019de50e-76a3-749b-8995-4dc4ebba797b.json",
  "deckAnchorHref": "/decks/019de50e-76a3-749b-8995-4dc4ebba797b#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.12,
        "y": 0.78
      },
      "kind": "callout",
      "text": "Factors other than attractive capital markets and accretion/dilution will also affect buyers' willingness to pay",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b57a1626-1bb2-430f-91aa-67bf6e228f97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.53,
        "y": 0.2
      },
      "kind": "list",
      "text": "Financial buyer analysis assumptions including 70% pro forma leverage, $2.6bn new debt, 9% interest rate, and refinancing of existing debt.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78dbfea2-8581-473d-9d94-bbbbe8484eca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.4,
        "x": 0.12,
        "y": 0.68
      },
      "kind": "source-note",
      "text": "1 Does not include any tax synergies related to Kerzner's U.S. NOLs. 2 100% cash to the seller; based on an IRR hurdle rate; 50% pro forma debt to total capitalization, 15% IRR hurdle, 3.00% perpetuity",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f37aa483-b813-44c0-9b6e-b7b181bb58ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.4,
        "x": 0.12,
        "y": 0.19
      },
      "kind": "table",
      "text": "Strategic buyer 2006E break-even EPS analysis",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "064b9d03-ce84-471d-adbe-609bbbce209b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.53,
        "y": 0.46
      },
      "kind": "table",
      "text": "Financial buyer sensitivity analysis table showing share price based on perpetuity growth rate and cost of capital.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47e2cc05-aecb-40a7-b4d3-b4bd3fc83cfe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.07,
        "y": 0.11
      },
      "kind": "title",
      "text": "Cost of capital and leverage will drive buyers' ability to pay",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90a25bbf-4b3e-49de-9c17-c1e7ccd2edf7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "82e589fc-b867-40f3-b561-7febab883c13",
      "evidence": "The slide contains a table with data on financial buyer sensitivity analysis.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 15,
      "from": 10,
      "beatId": "89a19e0f-4685-4973-8d75-3f519d322108",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The deck presents key drivers of value, impact sizing, and risk register",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 15,
      "from": 10,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "1c10b455-e6ba-4313-a413-6744af2e3aef",
      "evidence": "The deck presents a logical chain of cost synergies, revenue synergies, and valuation impact",
      "position": 0,
      "objective": "What are the key drivers of value for a potential buyer?",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}