{
  "docId": "019de50f-2ff1-72e8-9821-1ebcdb059409",
  "docSlug": "582128d75d0b6674b6ba6c123642e167",
  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 11 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "Tudor, Pickering, Holt & Co",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3464235,
  "pageNumber": 4,
  "pageCount": 11,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "comparison_table",
  "function": "compare_options",
  "density": "balanced",
  "nDataPoints": 80,
  "notes": "The table compares exchange ratios (XR) and premiums for both Public Unitholders and AR Units across four distinct deal structures.",
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  "imagePath": null,
  "slideHref": "/slides/019de50f-2ff1-72e8-9821-1ebcdb059409/4",
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  "deckAnchorHref": "/decks/019de50f-2ff1-72e8-9821-1ebcdb059409#slide-4",
  "components": [
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      "kind": "disclaimer",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "kind": "source-note",
      "text": "Source: Company filings, and FactSet as of 9/21/2018. (1) VWAP calculated as follows ((Sum of Daily VWAP)*(Sum of Daily Traded Value)) / (Sum of Daily Traded Value). (2) All cash adjustments to XR calculations utilize 20-day VWAP AMGP pricing.",
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      "kind": "table",
      "text": "Financial comparison table showing AMGP Proposal, Citi Alternative, AM Updated Series B, and AM Prior Series B metrics.",
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      "kind": "title",
      "text": "Analysis of Proposals / Alternatives",
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      "beatId": "3d8da7ac-5908-4d98-8aca-85385d6ef8ac",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Problem",
      "beatSlug": "sequoia-pitch-problem",
      "evidence": "The comparison tables on slides 2-5 suggest an analysis of proposals and alternatives, which aligns with the problem beat.",
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      "parentBeatName": "Complication",
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      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The financial analysis and data tables on slides 3-7 align with the financials beat.",
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      "parentBeatName": "Evidence",
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  "loops": [
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      "name": "Benchmark Gap",
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      "evidence": "The financial analysis and data tables on slides 3-7 suggest a benchmark gap loop.",
      "position": 0,
      "objective": "To analyze the exchange ratio and implied PV/unit, and identify potential gaps with benchmarks.",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
      "confidence": 0.6,
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      "to": 5,
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      "name": "Hypothesis Test",
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      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "530d7a99-197f-432f-bd96-cf005ff26575",
      "evidence": "The comparison tables on slides 2-5 may imply a hypothesis testing loop.",
      "position": 1,
      "objective": "To test hypotheses about the proposals and alternatives, and evaluate their feasibility.",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
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