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  "documentTitle": "5 IBD presentation 2017 HSN Inc. Centerview Partners",
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      "text": "Valuation gap between Hero and Queen has narrowed. Queen's EV/ NTM EBITDA multiple discount to Hero has narrowed over the past two years from 1.2x to 0.6x. Illustrative share price exchange ratio vs. Hero is more favorable to Queen.",
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      "text": "Queen's share price has declined ~35% from December '14 amid the challenging retail sector environment. Perception that Queen is nearing the limit of internal operating efficiencies. Current subsidiary-level leverage of ~2.8x is in excess of stated 2.5x target.",
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      "text": "Queen has also been impacted by challenging retail industry trends; may view combination with Hero as compelling opportunity to enhance shareholder returns",
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