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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 12 slides",
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  "notes": "Contains detailed tax-effected distribution modeling including NOL utilization, return of capital, and qualified dividend assumptions.",
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      "text": "Source: Management projections and FactSet as of 1/4/2019. Note: 1.8616x represents implied XR at 1.6350x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares.",
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