{
  "docId": "019de50f-4b4f-74b6-941f-a51bf52e330e",
  "docSlug": "0a53f8810f1fd63c3aa9c3c8ac4eab4e",
  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 78 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "Tudor, Pickering, Holt & Co",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2019-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3314841,
  "pageNumber": 45,
  "pageCount": 78,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 60,
  "notes": "The slide uses a series of line charts to show valuation trends over time (2019E-2021E) at different yield levels (8%, 9%, 10% for SQ AM; 7%, 8.5%, 10% for PF AMGP).",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-4b4f-74b6-941f-a51bf52e330e/45",
  "deckHref": "/decks/019de50f-4b4f-74b6-941f-a51bf52e330e",
  "deckJsonHref": "/decks/019de50f-4b4f-74b6-941f-a51bf52e330e.json",
  "deckAnchorHref": "/decks/019de50f-4b4f-74b6-941f-a51bf52e330e#slide-45",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.18,
        "x": 0.8,
        "y": 0.02
      },
      "kind": "callout",
      "text": "PRELIMINARY & CONFIDENTIAL",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "42472ac3-2d74-426a-9a13-96df54f2f8d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.55,
        "y": 0.38
      },
      "kind": "chart",
      "text": "PF AMGP | 1.9175x XR Adjusted | AR Downside Volumes Case",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34afbbaa-eb98-4d4f-85dc-69eaf2acf90b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "chart",
      "text": "SQ AM | AR Base Case",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47c46b00-a5ee-4fcb-8d31-faf950414b69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "chart",
      "text": "SQ AM | AR Downside Volumes Case",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "708d736a-ab2b-40f3-a2b1-1322abdb73cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.05,
        "y": 0.65
      },
      "kind": "chart",
      "text": "SQ AM | AR Upside Volumes Case",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b312fadf-525b-49d2-9510-935ab45e5150",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.55,
        "y": 0.65
      },
      "kind": "chart",
      "text": "PF AMGP | 1.9175x XR Adjusted | AR Upside Case",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db2832cd-e956-4f6f-81b1-f66352334112",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.4,
        "x": 0.55,
        "y": 0.12
      },
      "kind": "chart",
      "text": "PF AMGP | 1.9175x XR Adjusted | AR Base Case",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff6b1014-5bb9-47e5-904a-c554ff833106",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "paragraph",
      "text": "Assumptions: Management projections | Valuation date as of 12/31/18. Future share price calculated at FY1 distributions divided by yield. Discounted to 12/31/18 at 10% cost of equity.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b63124df-5db7-4ea9-a3db-3645062ddfd0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Management projections and FactSet as of 1/2/2019. Note: Valuation based on annual distributions. (1) Implied XR at 1.6350x equity XR and cash consideration of $3.415 / unit.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2c1a1b90-cdd5-4572-bfd0-6e6f87319c64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.02
      },
      "kind": "title",
      "text": "Illustrative Discounted Future Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c69be92-5b0c-499b-b838-d46616a5877f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 45,
      "from": 35,
      "beatId": "fd13608a-a3e2-447e-a52c-9f188b86a895",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The document presents a detailed financial analysis and pro forma impact",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}