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  "documentTitle": "Baird | Investment Banking Pitch Book | 80 slides",
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  "authorName": "Baird",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide uses the CAPM framework to derive the cost of equity.",
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      "text": "As a result of its cost of equity analysis, Baird utilized a range of 13.0% – 15.0% for purposes of its discounted distribution analysis herein",
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      "text": "Source: AM filings and Bloomberg. (1) Represents estimated 20-year treasury rate as of October 5, 2018. (2) Represents two-year levered equity beta as of February 23, 2018... (5) Cost of equity is calculated using CAPM...",
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      "text": "CAPM components: Risk-free Interest Rate 3.3%, Levered Beta 1.43, Market Premium 6.9%, Size Premium 0.9%, Cost of Equity 14.1%",
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      "text": "1 AM COST OF EQUITY ANALYSIS",
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