Lazard | Investment Banking Pitch Book | 46 slides

Lazard · 2005-03
arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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Slide inventory

46
every slide · same image gating as the playbook
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Slide 1
front_matter
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front_matter
04
transition
Open slide detailBeat · Situation & Context
05
The slide outlines the deal structure, including price, financing, closing conditions, and break-up fees.summarize
Open slide detailBeat · Situation & Context
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This is a standard disclosure/methodology slide for a financial advisory deck.establish_context
Open slide detailBeat · Situation & Context
07
Includes footnotes (a) through (d) detailing calculation methodology and debt/cash adjustments.analyze_data
Open slide detailBeat · Problem & Complication
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The slide uses a timeline-annotated line chart for stock price and a histogram for volume distribution.analyze_data
Open slide detailBeat · Problem & Complication
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The chart uses indexed values starting at 100 on 18 Mar 02. The legend is integrated into the chart area as colored boxes.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Benchmark Gap
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The slide tracks financial valuation metrics over time, comparing P/E and PEG ratios against long-term growth estimates.analyze_data
Open slide detailBeat · Solution & ApproachLoop · Benchmark Gap
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Includes CAGR calculations and memo items for CapEx and Working Capital.summarize
Open slide detailBeat · Solution & Approach
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Includes pro-forma adjustments and management guidance assumptions.analyze_data
Open slide detailBeat · Solution & Approach
13
The table includes CAGR calculations for the 2005E-2009E period and memo items for Capital Expenditures and Change in Working Capital.summarize
Open slide detailBeat · Solution & Approach
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The table includes specific analyst names, firms, dates, ratings, price targets, and EPS estimates.analyze_data
Open slide detailBeat · Solution & Approach
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The table compares analyst consensus with management projections for key financial metrics.analyze_data
Open slide detailBeat · Solution & Approach
16
Standard investment banking valuation methodology slide.present_framework
Open slide detailBeat · Solution & ApproachLoop · Hypothesis Test
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The slide uses a classic two-column comparison format to summarize the investment thesis.summarize
Open slide detailBeat · Solution & ApproachLoop · Hypothesis Test
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Includes comparison to weighted comparable companies and precedent transactions.analyze_data
Open slide detailBeat · Solution & ApproachLoop · Hypothesis Test
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Solar is highlighted in red in all charts.compare_peers
Open slide detailBeat · Solution & ApproachLoop · Hypothesis Test
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The slide uses red bars to highlight Solar's performance relative to its peers.compare_peers
Open slide detailBeat · Solution & ApproachLoop · Hypothesis Test
21
Source: SDC database, transaction data from 2004 to date. Note: Analysis includes transactions greater than $1 billion and excludes merger-of-equals transactionanalyze_data
Open slide detailBeat · Solution & ApproachLoop · Hypothesis Test
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The chart uses a 'football field' visualization to compare different valuation methods (52-week range, analyst targets, comps, DCF, precedent transactions, premquantify_impact
Open slide detailBeat · Solution & ApproachLoop · Hypothesis Test
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The slide uses a 'football field' chart style to visualize valuation ranges.quantify_impact
Open slide detailBeat · Solution & Approach
24
The slide uses a sensitivity matrix to model valuation outcomes based on P/E ratio assumptions.analyze_data
Open slide detailBeat · Evidence & Proof
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Open slide detailBeat · Evidence & Proof
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Open slide detailBeat · Evidence & Proof
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The slide uses a sum-of-the-parts approach to derive valuation ranges for two segments (ISS/HE/PS and AS) and reconciles them to an implied share price.analyze_data
Open slide detailBeat · Evidence & Proof
28
The slide uses bar charts to compare Solar's performance metrics against a set of industry peers.compare_peers
Open slide detailBeat · Evidence & Proof
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Includes footnotes regarding pro forma adjustments and data sources.compare_peers
Open slide detailBeat · Evidence & Proof
30
Includes stock price, equity value, enterprise value, and various financial multiples (Revenue, EBITDA, EBIT, P/E, PEG, Net Debt/EBITDA, Dividend Yield).compare_peers
Open slide detailBeat · Evidence & Proof
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Open slide detailBeat · Evidence & Proof
32
The slide presents a DCF sensitivity analysis for Project Solar, likely prepared by Lazard.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes sensitivity tables for discount rates and perpetual growth rates.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes sensitivity analysis tables for discount rates and perpetual growth rates.analyze_data
Open slide detailBeat · Evidence & Proof
35
The slide includes detailed footnotes explaining the formulas for levered/unlevered beta, cost of equity, and WACC.analyze_data
Open slide detailBeat · Evidence & Proof
36
The slide contains a peer comparison table, a list of financial assumptions, and a sensitivity analysis matrix for WACC.analyze_data
Open slide detailBeat · Evidence & Proof
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Open slide detailBeat · Evidence & Proof
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Includes a valuation bridge from Enterprise Value to Implied Price per Share.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes summary statistics for 2003-YTD and 1998-YTD.cite_precedent
Open slide detailBeat · Evidence & Proof
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Includes summary statistics (Mean, Median, High, Low) for the transaction set.compare_options
Open slide detailBeat · Evidence & Proof
41
Data sourced from SDC database; includes transactions >$1B, excludes mergers of equals.cite_precedent
Open slide detailBeat · Impact & Next Steps
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Data source: SDC database. Transactions > $1B, excludes merger of equals.cite_precedent
Open slide detailBeat · Impact & Next Steps
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Includes summary statistics for transactions >$1B and >$5B.cite_precedent
Open slide detailBeat · Impact & Next Steps
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appendix
Open slide detailBeat · Impact & Next Steps
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Data source: FactSet. Ownership percentages based on 288,590,292 basic shares outstanding as of March 18, 2005.summarize
Open slide detailBeat · Impact & Next Steps
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Data source: SDC database, Bloomberg and Lazard.cite_precedent
Open slide detailBeat · Impact & Next Steps