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  "documentTitle": "5 IBD presentation 2017 HSN Inc. Centerview Partners",
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  "notes": "The slide highlights a broad valuation contraction, with specific callouts for 'Hero' and 'Queen' stocks.",
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      "text": "Note: Comparable EV calculated after deduction of stock-based compensation expense from Adjusted EBITDA. Comparable EPS is calculated after deduction of stock-based compensation expense and before deduction of after-tax intangible amortization from EPS.",
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      "text": "Source: Hero Management, company filings and Factset as of January 27, 2017.",
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      "text": "Comparison of EV/NTM EBITDA and NTM P/E multiples across retail sectors (Hero/Queen, Specialty Retail, Home Stores, Department/Mass, eCommerce) for Dec-14 vs Current.",
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      "text": "Valuation Has Contracted Across Retail Universe",
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