{
  "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": 27,
  "pageCount": 47,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "appendix_methodology",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "Includes a detailed Profit & Loss extract table for Nestlé to illustrate the adjustments required for associate income.",
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-756e-76af-802b-17f806bd055d/27",
  "deckHref": "/decks/019f6b8f-756e-76af-802b-17f806bd055d",
  "deckJsonHref": "/decks/019f6b8f-756e-76af-802b-17f806bd055d.json",
  "deckAnchorHref": "/decks/019f6b8f-756e-76af-802b-17f806bd055d#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.17,
        "w": 0.6,
        "x": 0.33,
        "y": 0.19
      },
      "kind": "list",
      "text": "If the post-interest profit of the associate is included in EBIT then the result is a mixed multiple\nBut if the associate profit included in EBIT is pre-interest... then the parent share of associate net debt should be included\nIn calculating EBITDA multiples, the group's share of associate depreciation and amortisation must be added back",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b7835e1b-b739-437e-83d9-f2e5ad829a2a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.33,
        "y": 0.38
      },
      "kind": "paragraph",
      "text": "It is generally best to treat associates as non-operating assets (effectively investments) in calculating operating and core enterprise value.",
      "attrs": null,
      "subkind": "description",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ef47cdfa-8102-4c04-b859-3d89ac1bc126",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.33,
        "y": 0.78
      },
      "kind": "source-note",
      "text": "Source: UBS Warburg",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f56bf3c3-7729-4767-af18-3e9b6f9da7f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.6,
        "x": 0.33,
        "y": 0.55
      },
      "kind": "table",
      "text": "Table 10: Associates Example - Nestlé (Profit & Loss extract FY 00)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a482f38-6a33-4247-ab65-02d49401aac5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.21,
        "x": 0.07,
        "y": 0.14
      },
      "kind": "title",
      "text": "If operating associates' contributions are included, adjustments may be needed",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d044306e-45b2-4b01-9cdb-533f83ba4ea7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.07,
        "y": 0.05
      },
      "kind": "title",
      "text": "Valuation Multiples: A Primer November 2001",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f297384-5b04-4867-8578-66729fd05468",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 30,
      "from": 24,
      "beatId": "d82b09c2-77da-4def-852c-1f55745409f9",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Market Size",
      "beatSlug": "sequoia-pitch-market-size",
      "evidence": "The document discusses enterprise value multiples",
      "position": 2,
      "confidence": 0.7,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}