{
  "docId": "019de50e-ca6d-75cd-a0cb-7815de8f6c95",
  "docSlug": "dc95458f3bb12bcac9ed9284a28d684c",
  "documentTitle": "LionTree | Investment Banking Pitch Book | 25 slides",
  "authorId": "liontree",
  "authorName": "LionTree",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2016-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3132695,
  "pageNumber": 13,
  "pageCount": 25,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 120,
  "notes": "Includes sensitivity table for WACC vs. Terminal EBITDA Multiple.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50e-ca6d-75cd-a0cb-7815de8f6c95/13",
  "deckHref": "/decks/019de50e-ca6d-75cd-a0cb-7815de8f6c95",
  "deckJsonHref": "/decks/019de50e-ca6d-75cd-a0cb-7815de8f6c95.json",
  "deckAnchorHref": "/decks/019de50e-ca6d-75cd-a0cb-7815de8f6c95#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Projected financial information per Saturn management. Notes: 1) Assumes mid-year convention, discounted back to 3/31/16; based on balance sheet as of 3/31/16 (net debt of $1,120mm), equity in affiliates of $19mm",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3893560d-73a9-49f8-8b0e-a2bc65ab8ff6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "table",
      "text": "DCF projection table showing EBITDA, EBIT, After-Tax EBIT, and Unlevered Free Cash Flows from 9 Mos '16E to 2020E.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bbb9046b-9e5d-4c0d-81f3-86ed27efc3a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.45,
        "x": 0.5,
        "y": 0.6
      },
      "kind": "table",
      "text": "Sensitivity analysis of DCF Equity Value Per Share based on WACC and LTM Terminal EBITDA Multiple.",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "27d4498a-3ead-4d15-aa32-c557e16fa649",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.4,
        "x": 0.05,
        "y": 0.6
      },
      "kind": "table",
      "text": "DCF Equity Value Per Share calculation summary.",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a07e8867-05c2-4588-8248-a9b676fceb43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Saturn Discounted Cash Flow Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a6b33f3-771e-4ecb-9b7f-dc3e8f326dc9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: DCF",
      "slug": "dcf",
      "agent": "architect",
      "layer": "slide",
      "matchId": "c9f85ce2-f1c8-4315-bf39-09e5fbd11d31",
      "evidence": "DCF projection table showing EBITDA, EBIT, After-Tax EBIT, and Unlevered Free Cash Flows from 9 Mos '16E to 2020E.",
      "confidence": 0.9
    },
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "d1d304ad-c8ce-4c81-8d77-2b108544c095",
      "evidence": "No clear waterfall chart.",
      "confidence": 0.5
    }
  ],
  "frameworks": [
    {
      "name": "discounted-cash-flow",
      "slug": null,
      "matchId": "8c3cc5eb-f216-455b-b7ed-6d51436a3b83",
      "evidence": "The slide presents a standard DCF model including projections, terminal value, and sensitivity analysis.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 10,
      "beatId": "59413413-f7c8-40b7-9224-0135b2f7a1fd",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides detailed financial analysis, including snapshots, projected financials, and discounted cash flow analysis, serving as evidence to support the investment opportunity.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 5,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "c78299da-ddba-40b0-b1f9-363c4d4fc503",
      "evidence": "The document presents a clear and structured approach to showcasing the investment opportunity, using the golden circle to address what, how, and why.",
      "position": 0,
      "objective": "What is the investment opportunity and why is it attractive?",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    },
    {
      "to": 20,
      "from": 10,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "d171b57b-2cce-46d1-bd12-93191fb7c001",
      "evidence": "The document provides detailed financial analysis and valuation, testing the investment hypothesis and validating the opportunity.",
      "position": 1,
      "objective": "Can the investment hypothesis be tested and validated through financial analysis?",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.6,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}