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  "documentTitle": "Baird | Investment Banking Pitch Book | 18 slides",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "The slide uses a stacked bar chart to show cost of debt vs equity and a sensitivity table to show the impact of discount rates on the present value of the earn-out payment.",
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      "text": "COST OF CAPITAL ANALYSIS",
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      "text": "From AR's perspective, a reasonable “Upper Bound” would be equivalent to its implied cost of equity, especially considering its most likely use of proceeds will be to support a potential share buy-back program\nFrom AM's perspective, a reasonable “Lower Bound” would be equivalent to its overall weighted average cost of capital",
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      "text": "Based on its risk characteristics, the earn-out payment should be priced along the cost of capital continuum for AR and AM",
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      "text": "Source: Management Base Case projections as March 23, 2017. (1) Based on AR and AM cost of capital analyses (see Appendix for detail). (2) Assumes a present value date of May 1, 2018.",
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