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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 41 slides",
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      "text": "Note: Valuation based on the Upside Case projections provided by management, sensitized for valuation assumptions. 1 Implied equity value discounted to 2006 using an estimated equity cost of capital of 12.5%. 2 Assumes full consolidation of Palmilla & Reethi Rah EBITDA and debt. 3 Represents the expected incremental value attributable to two additional large development projects over 10 years.",
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