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  "notes": "Includes sensitivity tables for WACC (14-18%) and terminal growth (2-4%).",
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      "text": "Source: Company projections; Assumes total debt of US$200mm, cash of US$901mm (cash and cash equivalents of US$492mm, restricted cash of US$198mm, and short-term investment of US$211mm) (as of Sep 30, 2012) and diluted ADS o/s; equity value adjusted for FMCN's 15% stake in VisionChina as of Dec 17, 2012",
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