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  "documentTitle": "Centerview Partners | Investment Banking Pitch Book | 5 slides",
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  "authorName": "Centerview Partners",
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  "presentationDate": "2022-11-01 00:00:00",
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  "notes": "The slide includes a disclaimer about it being a preliminary working draft and subject to change.",
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      "text": "CENTER VIEW PARTNERS",
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      "text": "10/24 Proposal\n11/7 Proposal\n11/19 Proposal\n11/28 Proposal\nBest & Final\n11/29 Proposal",
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      "text": "(1) Reflects net debt of $1,409mm, excludes NCI that is related to Up-C structure. Net debt as of September 30, 2022.\n(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%).\n(3) Reflects share price targets as of October 24, 2022 (market close prior to the 10/24 Bonsai proposal).",
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      "text": "Source: Management Outlook and FactSet as of November 22, 2022.",
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      "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% $6.55 $7.75 $6.25 $7.50 $8.05 $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",
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