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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 33 slides",
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  "authorName": "JPMorgan",
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  "presentationDate": "2006-03-01 00:00:00",
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  "notes": "The slide presents a DCF sensitivity matrix for two scenarios (Upside and Adjusted Upside) across two land value cases (High and Low).",
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      "text": "Ten year projection period; 3% revenue growth assumed each year after 2010 until 2015; EBITDA margin improvement of 0.25% assumed in each year after 2010 until 2015; No synergies; $76mm Reethi Rah notes receivable monetized in 2008",
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      "text": "Estimate of developable Paradise Island land value added to enterprise value to derive implied equity value; 64.1 acres of undeveloped land valued at $2–6 million per acre; Perpetuity growth rate of 3.0%–3.5% on terminal year free cash flow; WACC of 9.5–10.5%",
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      "text": "Note: Analysis based on \"Adjusted cash EBITDA\" as detailed in the EBITDA build-up in the appendix. 1 \"High Case\" assumes high end of land value sensitivity range ($6mm per acre). 2 \"Low Case\" assumes low end of land value sensitivity range ($2mm per acre).",
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      "text": "Sensitivity tables for Upside Case and Adjusted Upside Case showing equity value per share based on WACC and terminal growth rate.",
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      "text": "Discounted cash flow analysis",
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