{
  "docId": "019de50f-4c54-7197-aa56-5a04370a8d22",
  "docSlug": "77ca94e2aafb9f5129eb65f3a51d7e44",
  "documentTitle": "Tudor, Pickering, Holt &amp; 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": 67,
  "pageCount": 75,
  "prevPage": 66,
  "nextPage": 68,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 80,
  "notes": "Includes detailed footnotes explaining the methodology for calculating expected total return and Barra beta adjustments.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50f-4c54-7197-aa56-5a04370a8d22/67",
  "deckHref": "/decks/019de50f-4c54-7197-aa56-5a04370a8d22",
  "deckJsonHref": "/decks/019de50f-4c54-7197-aa56-5a04370a8d22.json",
  "deckAnchorHref": "/decks/019de50f-4c54-7197-aa56-5a04370a8d22#slide-67",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.05,
        "y": 0.89
      },
      "kind": "disclaimer",
      "text": "Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 1/4/2019. (1)-(4) Methodology notes.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a340349e-b864-4d33-88ab-533b5e96790d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "table",
      "text": "Cost of Equity Sensitized Peer Total Return table showing 12.8% to 13.8% range.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f751d01-b1b4-42a6-9e97-c0d771c0f1ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.9,
        "x": 0.05,
        "y": 0.145
      },
      "kind": "table",
      "text": "Expected Total Return table for 9 companies with columns for CAGR, Growth Estimate, Expected Growth, Current Yield, and Implied Total Return.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "304ea22c-857d-413b-bc0b-73ac420fc29a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.43,
        "x": 0.52,
        "y": 0.55
      },
      "kind": "table",
      "text": "Cost of Equity Barra Beta table showing low/high ranges for Raw Beta, Risk-Free Rate, and Equity Risk Premium.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af8ab813-7758-4489-9d27-e339c8aaedca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "SQ AM Peer Group Cost of Equity Analysis",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd6650a0-3f55-4fea-a398-e278fc772486",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "afd606ae-6b78-4d49-b889-22f13c6dd39a",
      "evidence": "Cost of Equity Barra Beta table showing low/high ranges for Raw Beta, Risk-Free Rate, and Equity Risk Premium",
      "confidence": 0.5
    },
    {
      "name": "Slide recipe: the peer-gap chart",
      "slug": "peer-gap-chart-recipe",
      "agent": "designer",
      "layer": "slide",
      "matchId": "5f9472fc-0be9-4d23-8fe5-a269f60d9ea3",
      "evidence": "Expected Total Return table for 9 companies with columns for CAGR, Growth Estimate, Expected Growth, Current Yield, and Implied Total Return",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "Cost of Equity Analysis",
      "slug": null,
      "matchId": "47b3ff0c-f160-4b38-b3d9-492a4d0c51d5",
      "evidence": "Uses CAPM (Barra Beta) and Dividend Discount Model (Yield-based) approaches.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 75,
      "from": 43,
      "beatId": "698f2bce-b43b-4c19-8f39-77d512d0c09b",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The document concludes with a discussion of the transaction implications and next steps",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}