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  "documentTitle": "Baird | Investment Banking Pitch Book | 18 slides",
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  "authorName": "Baird",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "Includes CAPM components and debt structure details.",
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      "kind": "disclaimer",
      "text": "Source: AM filings and Bloomberg. (1)-(6) footnotes.",
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      "text": "Debt capitalization as a percent of implied firm value is sensitized between 15.0%-25% and cost of equity is sensitized 8.0%-10.0%. Baird will sensitize using WACC ranges from 7.0% to 9.1%",
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      "text": "Debt Outstanding: Revolving Credit Facility $555 @ 2.8%, 5.375% Senior Notes $650 @ 5.0%, Total Cost of Debt 4.0%",
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      "text": "Cost of Equity components: Risk-free Rate 2.9%, Levered Beta 0.8, Market Premium 6.9%, Size Premium 1.0%, Cost of Equity 9.0%",
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      "text": "AM WEIGHTED AVERAGE COST OF CAPITAL ANALYSIS",
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