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  "documentTitle": "Baird | Investment Banking Pitch Book | 43 slides",
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  "authorName": "Baird",
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  "notes": "The chart shows a clear downward trend in valuation multiples for AR compared to its peers over the observed period.",
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      "text": "AR has experienced significant multiple erosion relative to its peer group",
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      "text": "Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Note: Valuation multiples are not adjusted for non-E&P assets.",
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      "text": "Median Trading Multiples Over Time",
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