{
  "docId": "019f6b8f-1ee8-7619-8028-2f5330c04706",
  "docSlug": "jarvis-greenhill-wesco-financial-presentation-dec-2010",
  "documentTitle": "Greenhill Wesco Financial Presentation Dec 2010",
  "authorId": "greenhill-wesco-financial-presentation-dec-2010",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-12-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 24,
  "pageCount": 65,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 30,
  "notes": "Includes a table of historical ROAE for the Reinsurance Composite.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/24",
  "deckHref": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
  "deckJsonHref": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json",
  "deckAnchorHref": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.55,
        "w": 0.68,
        "x": 0.28,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Historical P/B and P/TBV multiples chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63fee3b7-0c20-4379-a2ff-25727738c326",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.22,
        "x": 0.06,
        "y": 0.255
      },
      "kind": "paragraph",
      "text": "Publicly-traded reinsurers are currently trading at an average discount of 38% to their average price-to-book value multiple over the last 10 years",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf17d332-cc1c-46ef-ac00-0862489bc466",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.68,
        "x": 0.28,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "Note: Reinsurance Composite includes Alterra Capital, Aspen Insurance Holdings, Axis Capital, Endurance Specialty Holdings, Everest Re, Montpelier Re, PartnerRe, Platinum Underwriters, RenaissanceRe and Transatlantic Holdings. Source: FactSet",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0abe7e5-b219-48da-94b5-0a59f0b3f989",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.305,
        "y": 0.15
      },
      "kind": "subtitle",
      "text": "Wesco vs. Reinsurance Composite",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4d1ec2db-8cd1-4594-93da-376de9e82d7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.5,
        "x": 0.46,
        "y": 0.235
      },
      "kind": "table",
      "text": "Post-Offer and Pre-Offer valuation multiples table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92012503-8fd9-4870-b3d7-ccc5e2990075",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.23,
        "x": 0.05,
        "y": 0.565
      },
      "kind": "table",
      "text": "Historical Reinsurance Composite Operating ROAE",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ac6c9a8a-ebe1-4517-a76a-9968b9ac6b6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.65,
        "x": 0.305,
        "y": 0.115
      },
      "kind": "title",
      "text": "Historical Price-to-Book and Price-to-Tangible Book Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da7cf002-1fce-4c19-9bb4-e0aba3a5193b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "01f2881e-dbec-4f33-b81d-288d56df9af7",
      "evidence": "Comparing Wesco multiples against a peer composite over a 10-year period.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 25,
      "from": 21,
      "beatId": "e8fba163-3df3-4b80-be2b-02b6d2845836",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
      "beatSlug": "sequoia-pitch-financials",
      "evidence": "The presentation includes return on equity analysis and book yield on fixed income investments",
      "position": 4,
      "confidence": 0.7,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}