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  "documentTitle": "7 IBD presentation 2016 Talen Energy Corp Citigroup",
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  "notes": "Includes specific assumptions regarding tax rates, debt, share count, and WACC.",
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      "text": "Terminal Value Sensitivity on Midpoint DCF per Share Value",
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      "text": "Assumptions: 3.75-year unlevered DCF (2016–2019); 40% tax rate; $3,312mm Adjusted Net Debt; 131.5mm shares; 7.9x terminal multiple; $602mm base EBITDA; 6.3% WACC.",
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      "text": "Source: 2016 Q2 Reforecast – Open; 2019-2020 PJM Auction Results; Note: Market data as of May 23, 2016.",
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      "text": "Relative to the case shared on May 23, 2016, the impact of the 2019/2020 PJM auction on terminal 2020 EBITDA is ($45mm). Additionally, Talen's FY+1 EV/EBITDA multiple has historically traded at a –1.5x discount to peers.",
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      "text": "Discounted Cash Flow Analysis – Terminal Sensitivity",
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