{
  "docId": "019de50f-147d-708d-960a-28704d3e8b6a",
  "docSlug": "e53f97f7ac003b5df756ebb6f45df7ff",
  "documentTitle": "Tudor, Pickering, Holt &amp; Co | Investment Banking Pitch Book | 123 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "Tudor Pickering Holt",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3464235,
  "pageNumber": 114,
  "pageCount": 120,
  "prevPage": 113,
  "nextPage": 115,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 80,
  "notes": "The slide presents two distinct valuation methodologies: a yield-based approach (Expected Total Return) and a CAPM-based approach (Barra Beta).",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-147d-708d-960a-28704d3e8b6a/114",
  "deckHref": "/decks/019de50f-147d-708d-960a-28704d3e8b6a",
  "deckJsonHref": "/decks/019de50f-147d-708d-960a-28704d3e8b6a.json",
  "deckAnchorHref": "/decks/019de50f-147d-708d-960a-28704d3e8b6a#slide-114",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "disclaimer",
      "text": "Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 6/21/18. (1)-(4) footnotes.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e7c3720-8592-478a-8aab-062d3f8370be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.15,
        "x": 0.8,
        "y": 0.02
      },
      "kind": "source-note",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b2f9bcd1-a19f-4fcb-a285-1a84a0c883bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "table",
      "text": "Table showing Expected Total Return components (CAGR, Growth, Yield) for 8 companies plus median/mean.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7768ac69-93e3-44a9-b8f6-dc90ea68e67b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.43,
        "x": 0.52,
        "y": 0.55
      },
      "kind": "table",
      "text": "Cost of Equity Barra Beta",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c82fca08-cc7d-4e19-9af8-7ee8401d9c01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "table",
      "text": "Cost of Equity Sensitized Peer Total Return",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e246ed32-b057-4bf1-a9b1-40d914a40a15",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "SQ AM Peer Group Cost of Equity Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "36a10e27-621e-47e0-ab3a-ef68a4bb8b40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Comparable Public Company Yield-Based Cost of Equity",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3a032eb-6c59-41d4-940f-562e97ea8ada",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "f433658b-1e2f-4cfe-9913-86369b9b7841",
      "evidence": "table/data: Table showing Expected Total Return components (CAGR, Growth, Yield) for 8 companies plus median/mean.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "CAPM",
      "slug": null,
      "matchId": "469a4bbf-f457-4c04-93c4-b523d1e8f821",
      "evidence": "Cost of Equity calculation using Beta, Risk-Free Rate, and Equity Risk Premium",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}