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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 32 slides",
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  "presentationDate": "2006-04-01 00:00:00",
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  "notes": "The slide presents a DCF valuation sensitivity matrix for two scenarios (Upside Case and Adjusted Upside Case) across High and Low land value cases.",
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      "text": "Ten year projection period; 3% revenue growth; EBITDA margin improvement; No synergies; Reethi Rah notes receivable; Land value estimate; Perpetuity growth rate; WACC range.",
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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 matrix of equity value per share across WACC (9.5-10.5%), Terminal growth rate (3.0-3.5%), and land value cases.",
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