{
  "docId": "019f6b8f-756e-76af-802b-17f806bd055d",
  "docSlug": "jarvis-valuation-multiples-primer",
  "documentTitle": "valuation multiples primer",
  "authorId": "valuation-multiples-primer",
  "authorName": null,
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": null,
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 11,
  "pageCount": 47,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "other",
  "function": "present_framework",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Includes a formula for forward price and a conceptual note on maturity.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-756e-76af-802b-17f806bd055d/11",
  "deckHref": "/decks/019f6b8f-756e-76af-802b-17f806bd055d",
  "deckJsonHref": "/decks/019f6b8f-756e-76af-802b-17f806bd055d.json",
  "deckAnchorHref": "/decks/019f6b8f-756e-76af-802b-17f806bd055d#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.25,
        "x": 0.07,
        "y": 0.67
      },
      "kind": "callout",
      "text": "Forward multiples are based on the concept that companies are more comparable at maturity",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "155efd85-1e91-4b55-afed-e4327a4b7dc9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.6,
        "x": 0.33,
        "y": 0.32
      },
      "kind": "list",
      "text": "Historical-priced multiples: Comparison of historical price or enterprise value with historical profits. Current-priced multiples: Comparison of current price or enterprise value with historical or forecast profits. Forward-priced multiples: Comparison of a forward price or enterprise value with forecast profits.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39c995d1-7737-453c-acf8-f652e02d6caa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.33,
        "y": 0.28
      },
      "kind": "other",
      "text": "Source: UBS Warburg",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "41ea670f-2164-4fa7-826b-89ba3fa3a18b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.33,
        "y": 0.64
      },
      "kind": "paragraph",
      "text": "Forward price @ t1 = (Price at t0) * (1+cost of capital) - investor cash flow @ t1",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4bf88511-e13c-4a6d-a030-a0ee7c2225bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.33,
        "y": 0.67
      },
      "kind": "paragraph",
      "text": "The concept behind the use of forward multiples is that companies are more comparable when they have reached a mature phase and differences between them are most likely to be the result of true differences in value rather than where they sit on the lifecycle curve.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a3cbba1-67a4-46a9-94e3-e7ff45aa07d8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.6,
        "x": 0.33,
        "y": 0.12
      },
      "kind": "table",
      "text": "Pricing basis, Calculation, Profit or cash flow used, Use in valuation. Historical, Current, Forward, Partial-forward.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e241084-0e2f-45e4-abd7-7eb7da7caa9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.33,
        "y": 0.1
      },
      "kind": "title",
      "text": "Table 6: Alternative Pricing Bases for Multiples",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7bd887c-f135-4917-938a-81d9d60ec159",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "f96a7050-833a-44ee-974e-b15f89abddb2",
      "evidence": "table/data: Table 5: Fluctuating Earnings and the PE Multiple",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}