{
  "docId": "019de50f-4c54-7197-aa56-5a04370a8d22",
  "docSlug": "77ca94e2aafb9f5129eb65f3a51d7e44",
  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 75 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": 12,
  "pageCount": 75,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "The chart illustrates valuation sensitivity to yield assumptions over a three-year period (2019E-2021E).",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-4c54-7197-aa56-5a04370a8d22/12",
  "deckHref": "/decks/019de50f-4c54-7197-aa56-5a04370a8d22",
  "deckJsonHref": "/decks/019de50f-4c54-7197-aa56-5a04370a8d22.json",
  "deckAnchorHref": "/decks/019de50f-4c54-7197-aa56-5a04370a8d22#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.5,
        "w": 0.1,
        "x": 0.83,
        "y": 0.15
      },
      "kind": "callout",
      "text": "Yield: 8.0%, 9.0%, 10.0%. Current Unit Price: $23.92",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fb6f1efd-09ad-41f9-b0c2-d6319c84a14c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.8,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "chart",
      "text": "Projected future value lines for 8%, 9%, and 10% yields",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1926ef7-8556-4125-9e48-19f5b3772ca2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "paragraph",
      "text": "Assumptions: Management projections, Valuation date as of 12/31/18, Future share price calculated at FY1 annual distributions divided by yield, Discounted to 12/31/18 at 10% cost of equity, Interim distributions discounted upon receipt to 12/31/18",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df52ef98-cbf7-4f96-97ce-2dca38cba50a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Management projections and FactSet as of 1/4/2019. Note: Valuation based on annual distributions.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6dfccb3b-ea8e-4623-819e-52d2f9fdc533",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "AM Illustrative Discounted Future Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e4c20f41-abee-4ad4-8404-72122f0c8301",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "title",
      "text": "AR Base Volumes Case",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a7acbf9-e797-48bc-8ced-18420ac9678d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 16,
      "from": 8,
      "beatId": "be9ee97a-aaab-4ae0-8f0c-f1eef8f00ff7",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The document presents a detailed financial analysis of Antero Midstream and Antero GP",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 16,
      "from": 8,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "23207ae9-f5b8-42bf-806f-3720adac8843",
      "evidence": "The document presents a logical chain of financial analysis and conclusions",
      "position": 0,
      "objective": "Understand the financial analysis and implications of the proposed transaction",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.7,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}