{
  "docId": "019de514-8c6d-72ff-b417-0a8a04844593",
  "docSlug": "6d0c28c5f679313599a923e022d4e550",
  "documentTitle": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
  "authorId": "centerview-partners",
  "authorName": "Centerview Partners",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2022-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 5,
  "pageCount": 5,
  "prevPage": 4,
  "nextPage": null,
  "slideType": "financial_analysis",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 17,
  "notes": "The slide includes a disclaimer about being a 'Preliminary Working Draft' and that 'All Figures Subject to Change / Update'.",
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019de514-8c6d-72ff-b417-0a8a04844593/5",
  "deckHref": "/decks/019de514-8c6d-72ff-b417-0a8a04844593",
  "deckJsonHref": "/decks/019de514-8c6d-72ff-b417-0a8a04844593.json",
  "deckAnchorHref": "/decks/019de514-8c6d-72ff-b417-0a8a04844593#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.012,
        "w": 0.398,
        "x": 0.301,
        "y": 0.065
      },
      "kind": "disclaimer",
      "text": "- Preliminary Working Draft; All Figures Subject to Change / Update -",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c31dbf6b-0ea3-48be-81ad-94336a4cd75f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.099,
        "w": 0.117,
        "x": 0.79,
        "y": 0.24
      },
      "kind": "legend",
      "text": "10/24 Proposal 11/7 Proposal 11/19 Proposal 11/28 Proposal",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7100ff47-fa0a-449d-a1ff-a21f416f1ad9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.529,
        "x": 0.102,
        "y": 0.885
      },
      "kind": "source-note",
      "text": "Source: Management Outlook and FactSet as of November 22, 2022. (1) Reflects net debt of $1,409mm, excludes NCI that is related to Up-C structure. Net debt as of September 30, 2022. (2) Discount rate used to value tax attributes is equal to midpoint of after-tax cost of debt (4.42%) and midpoint of WACC range (10.25%). (3) Reflects share price targets as of October 24, 2022 (market close prior to the 10/24 Bonsai proposal).",
      "attrs": {},
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e17da27a-8a8f-4fa1-b0eb-4b8a18414e1f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.65,
        "w": 0.816,
        "x": 0.102,
        "y": 0.204
      },
      "kind": "table",
      "text": "Methodology Selected Metric Implied Share Price Illustrative Discounted Cash Flow Analysis (Incl. Value of Tax Attributes) (1,2) WACC: 9.50%-11.00% PGR: 2.0%-3.0% $5.94 $9.81 Selected Public Comparables Analysis (1) Enterprise Value / FY'24E EBITDA: 13.0x-17.5x $4.69 $7.98 52-Week Closing Share Price Range Low: $5.03 High: $14.15 $5.03 $14.15 Analyst Price Targets (3) Low: Citi $2.75 High: Keybanc $8.00 $2.75 $8.00",
      "attrs": {},
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "033e49ea-cc40-431e-9f0c-a1e9d698fc0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.367,
        "x": 0.109,
        "y": 0.126
      },
      "kind": "title",
      "text": "Preliminary Valuation Analysis",
      "attrs": {},
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "edd449fb-a942-4a14-9bf8-0aa78fc984c2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Valuation: DCF",
      "slug": "dcf",
      "agent": "architect",
      "layer": "slide",
      "matchId": "a572d283-c637-428c-a3bf-f95a0b1afb4b",
      "evidence": "table/data: Methodology Selected Metric Implied Share Price Illustrative Discounted Cash Flow Analysis (Incl. Value of Tax Attributes) (1,2) WACC: 9.50%-11.00% PGR: 2.0%-3.0% $5.94 $9.81",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}