Lazard | Investment Banking Pitch Book | 35 slides

Lazard · 2005-12
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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Slide inventory

35
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Situation & Context
02
other
Open slide detailBeat · Situation & Context
03
front_matter
Open slide detailBeat · Situation & Context
04
transition
Open slide detailBeat · Situation & Context
05
Includes specific financial details regarding debt facilities, share counts, and management equity contributions.summarize
Open slide detailBeat · Evidence & Proof
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Includes specific financial figures related to termination fees and personal guarantees.summarize
Open slide detailBeat · Evidence & Proof
07
Standard M&A sources and uses table with memo leverage metrics.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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The slide compares operational business units against acquired financial investment portfolios.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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Includes capitalization, EV/EBITDA, P/E, and premium analysis.compare_options
Open slide detailBeat · Evidence & ProofLoop · Mece Breakdown
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transition
Open slide detailBeat · Evidence & Proof
11
Slide provides a company profile including segments and a chronological list of acquisitions.establish_context
Open slide detailBeat · Evidence & Proof
12
The slide uses an org-chart structure to represent business unit hierarchy and financial contribution.present_framework
Open slide detailBeat · Evidence & Proof
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Source: Company management. Note: Lazard reviewed three sets of financial projections: the January Long-Term Projections, the Adjusted Management Long-Term Projanalyze_data
Open slide detailBeat · Evidence & Proof
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Includes revenue growth rates for both segments; source is company management; disclaimer regarding Lazard's reliance on Adjusted Management Long-Term Projectioanalyze_data
Open slide detailBeat · Evidence & Proof
15
The slide compares the shift in EBITDA contribution from FDC portfolios to ongoing business over a 5-year projection period.analyze_data
Open slide detailBeat · Evidence & Proof
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transition
Open slide detailBeat · Evidence & Proof
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The chart uses a line graph to correlate stock price fluctuations with specific business milestones and M&A activity.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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The slide uses line charts to show relative stock performance indexed to a starting value.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
19
The table includes a summary statistics section with high, mean, median, and low values, as well as management projections.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
20
The slide uses a simple additive equation structure to explain the valuation approach.present_framework
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
21
Includes LTM revenue breakdown by segment and 2005-2006 projected growth and margin metrics.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes summary statistics (High, Mean, Median, Low) and specific deal price metrics for iPayment.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
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Includes valuation multiples for LTM, 2005E, and 2006E, and a breakdown of total company valuation including FDC portfolios and net debt.compare_options
Open slide detailBeat · Evidence & ProofLoop · Hypothesis Test
24
Includes a reference range for Enterprise Value at the bottom.quantify_impact
Open slide detailBeat · Evidence & Proof
25
The slide presents two sensitivity tables (Enterprise Value and Implied Perpetuity Growth) and a summary valuation bridge.analyze_data
Open slide detailBeat · Evidence & Proof
26
Includes summary statistics for 2003-2005 transactions and all transactions since 1999.cite_precedent
Open slide detailBeat · Evidence & Proof
27
Source: Company management. Note: Lazard reviewed three sets of financial projections: the January Long-Term Projections, the Adjusted Management Long-Term Projcite_precedent
Open slide detailBeat · Evidence & Proof
28
The slide uses a standard valuation methodology for M&A premiums.analyze_data
Open slide detailBeat · Evidence & Proof
29
The chart displays ranges for six different valuation methods, with a vertical dashed line representing the $43.50 offer price.compare_options
Open slide detailBeat · Evidence & Proof
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appendix
Open slide detailBeat · Impact & Next Steps
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The slide provides a breakdown of annual, monthly, and daily interest rates for various debt instruments.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes sensitivity tables for IRR with and without management options.analyze_data
Open slide detailBeat · Impact & Next Steps
33
Includes peer group data, mean/median calculations, and specific WACC assumptions for iPayment.analyze_data
Open slide detailBeat · Impact & Next Steps
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Note: As detailed per Exchange Agreement.appendix
Open slide detailBeat · Impact & Next Steps
35
Includes detailed footnotes explaining the assumptions and composition of the guaranteed shares.analyze_data
Open slide detailBeat · Impact & Next Steps