{
  "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": 33,
  "pageCount": 65,
  "prevPage": 32,
  "nextPage": 34,
  "slideType": "valuation_table",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide demonstrates the impact of discounting on specific balance sheet items to arrive at a more accurate economic value.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-1ee8-7619-8028-2f5330c04706/33",
  "deckHref": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706",
  "deckJsonHref": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706.json",
  "deckAnchorHref": "/decks/019f6b8f-1ee8-7619-8028-2f5330c04706#slide-33",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.12,
        "x": 0.76,
        "y": 0.45
      },
      "kind": "callout",
      "text": "- $2.6 million After-Tax Difference",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ba80939-d45f-45dd-9d25-0ec7a32944a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.12,
        "x": 0.56,
        "y": 0.46
      },
      "kind": "callout",
      "text": "+ $11.1 million After-Tax Difference",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96aacdfd-2138-40d2-ac96-5c0d1f24693c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.12,
        "x": 0.37,
        "y": 0.23
      },
      "kind": "callout",
      "text": "+ $40.3 million After-Tax Difference",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f760b38a-e05c-4e63-b34a-a0ff5920b2a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.65,
        "x": 0.3,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Comparison of balance sheet values vs present values for three categories.",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb5d743e-1236-45ce-b07a-c8614bddf17b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.06,
        "y": 0.88
      },
      "kind": "disclaimer",
      "text": "Note: Analysis assumes tax rate of 35.0%. (1) Present value calculated using discount rate of 3.23% (10-year U.S. Treasury rate as of 12/9/2010). Analysis based on loss reserve payout patterns received from Wes-FIC management. (2) Present value per Wes-FIC management. Source: Company materials, SNL Financial, Greenhill estimates",
      "attrs": null,
      "subkind": "disclaimer",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13373081-5cd2-44bd-8ec9-5b2ff6fb4248",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.25,
        "x": 0.06,
        "y": 0.25
      },
      "kind": "paragraph",
      "text": "Wes-FIC carries its loss and unearned premium reserves (under its GAAP accounts) on an undiscounted basis. The following analysis has calculated the present value of future payments based on loss reserve payout patterns received from Wes-FIC management. The following analysis also reflects a nine-month lag that Wes-FIC experiences in receiving cash for its agent's balances receivable account.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f971c68-2071-4bf9-adfb-d3af07df1054",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.42,
        "x": 0.29,
        "y": 0.15
      },
      "kind": "title",
      "text": "Adjustments to Reserves and Receivables",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8898a12-e53e-4078-a415-c02adc2a4bd0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "41c76c68-9b0e-4c6a-95ea-a2efc55490cf",
      "evidence": "chart/waterfall-bridge: Waterfall chart showing equity bridge",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "dcf",
      "slug": null,
      "matchId": "86a673de-b9e0-4f0f-a94a-966bf60c8602",
      "evidence": "Calculates present value of future payments based on payout patterns and discount rates.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 35,
      "from": 31,
      "beatId": "2663254d-5a1f-4d91-819f-a6466d3fa811",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "The Ask",
      "beatSlug": "sequoia-pitch-the-ask",
      "evidence": "The presentation outlines additional value adjustments and Wes-FIC market trading multiples analysis",
      "position": 6,
      "confidence": 0.7,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [
    {
      "to": 35,
      "from": 31,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "150ee7fe-e1af-41fa-8531-b0d886f135a1",
      "evidence": "The deck provides additional value adjustments and analysis",
      "position": 2,
      "objective": "What are the implications of not adjusting for reserves and receivables?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}