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  "documentTitle": "Baird | Investment Banking Pitch Book | 26 slides",
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  "authorName": "Baird",
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  "presentationDate": "2018-04-01 00:00:00",
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  "notes": "The slide uses a stacked bar chart to compare cost of debt and equity, and a table to show the impact of different 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 AM's perspective, it should be compelled to accelerate the earn-out at or above its overall weighted average cost of capital, and perhaps even lower based on the risk profile of the earn-out\nFrom AR's perspective, a discount beyond it's cost of equity is unattractive – AR could raise capital more cost effectively",
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      "text": "Analyzing the earn-out acceleration payment in the context of AM and AR's cost of capital continuum:",
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      "text": "Source: Management Base Case projections as March 23, 2017. (1) Based on AR and AM cost of capital analyses. (2) Assumes a present value date of May 1, 2018.",
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      "text": "PV OF EARN-OUT PAYMENT ($MM)",
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      "text": "EARN-OUT ACCELERATION PRICING RECOMMENDATION",
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