{
  "docId": "019de50e-78bd-761c-abfa-647a0be1b7b5",
  "docSlug": "4aa61c4e049c5c72029a5350ebacb4b5",
  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 32 slides",
  "authorId": "j-p-morgan",
  "authorName": "JPMorgan",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2006-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 14,
  "pageCount": 32,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 72,
  "notes": "The slide uses a sensitivity table format to display valuation outcomes based on varying IRR and exit multiples for both 'High Case' and 'Low Case' scenarios.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50e-78bd-761c-abfa-647a0be1b7b5/14",
  "deckHref": "/decks/019de50e-78bd-761c-abfa-647a0be1b7b5",
  "deckJsonHref": "/decks/019de50e-78bd-761c-abfa-647a0be1b7b5.json",
  "deckAnchorHref": "/decks/019de50e-78bd-761c-abfa-647a0be1b7b5#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.215,
        "w": 0.765,
        "x": 0.121,
        "y": 0.235
      },
      "kind": "list",
      "text": "Assumptions: Max leverage 67%, 5-year hold, $5m synergies, 18-22% IRR, management promote structure, 8.25-8.75% debt cost, 11.5-13.5x exit multiple, $140m fees, $76m notes receivable, 64.1 acres land valuation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8920782c-f55d-4851-b8aa-07db6ec1e378",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.055,
        "w": 0.765,
        "x": 0.121,
        "y": 0.925
      },
      "kind": "source-note",
      "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) and low end of cost of LBO debt range (8.25%). 2 \"Low Case\" assumes low end of land value sensitivity range ($2mm per acre) and high end of cost of LBO debt range (8.75%).",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "755e8e13-22e8-46bc-bbaa-d23b1f776c7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.425,
        "w": 0.765,
        "x": 0.121,
        "y": 0.485
      },
      "kind": "table",
      "text": "Summary results (equity value per share) for Upside Case and Adjusted Upside Case across IRR and Exit multiples.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "67877a83-2665-4166-a64a-4b0d927dea71",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.305,
        "x": 0.076,
        "y": 0.106
      },
      "kind": "title",
      "text": "Leveraged buyout analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ba91fe90-b536-43ed-b040-82c57fcf1d0d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 16,
      "from": 10,
      "beatId": "88508d93-99bc-4e9a-823a-0a77e0cf0373",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Product",
      "beatSlug": "sequoia-pitch-product",
      "evidence": "Key operating assumptions, projection cases, and valuation summary",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}