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  "documentTitle": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
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  "authorName": "Centerview Partners",
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      "text": "Source: Management Outlook and FactSet as of November 22, 2022.\nNote: Dollars in millions, except per share amounts.\n(1) Reflects 20 trading days as of day of 10/24 Bonsai proposal – reflects market close prior to Bonsai proposal.\n(2) Net debt excludes NCI that is related to Up-C structure. Net debt as of September 30, 2022.\n(3) Negative multiples presented as “n.a.”.",
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      "text": "Bonsai Proposals\n10/24 11/7 11/19 11/28\n$6.25 $6.55 $7.50 $7.75\n$7.88 $8.00 $8.13 $8.25\nCounterproposals\n11/21 11/10 11/6\n$8.50 $9.45 $9.75\nShare Price\n% Premium / (Discount) to:\nCurrent Price (11/22/22) $6.90 (9%) (5%) +9% +12% +14% +16% +18% +20% +23% +37% +41%\nClosing Price Prior to 10/24 Proposal $5.03 +24% +30% +49% +54% +57% +59% +62% +64% +69% +88% +94%\n20-Day VWAP(1) $6.71 (7%) (2%) +12% +15% +17% +19% +21% +23% +27% +41% +45%\nPrice Before BBG Rumor (10/10/22) $7.35 (15%) (11%) +2% +5% +7% +9% +11% +12% +16% +29% +33%\nImplied Equity Value $1,807 $1,895 $2,172 $2,245 $2,282 $2,319 $2,356 $2,392 $2,466 $2,747 $2,836\nPlus: Net Debt (2) 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409 1,409\nImplied Enterprise Value ($mm) $3,216 $3,304 $3,581 $3,654 $3,691 $3,728 $3,765 $3,802 $3,875 $4,156 $4,245\nImplied EV / EBITDA (Management)\n2022E (3) ($1) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.\n2023E 130 24.7x 25.4x 27.6x 28.1x 28.4x 28.7x 29.0x 29.3x 29.8x 32.0x 32.7x\n2024E 213 15.1x 15.5x 16.8x 17.2x 17.4x 17.5x 17.7x 17.9x 18.2x 19.5x 20.0x\nImplied EV / EBITDA (Consensus)\n2022E $37 85.9x 88.2x 95.6x 97.6x 98.6x 99.6x 100.6x 101.5x 103.5x 111.0x 113.4x\n2023E 151 21.3x 21.9x 23.7x 24.2x 24.5x 24.7x 25.0x 25.2x 25.7x 27.6x 28.2x\n2024E 164 19.6x 20.1x 21.8x 22.2x 22.5x 22.7x 22.9x 23.1x 23.6x 25.3x 25.8x",
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