Perella Weinberg Partners | Investment Banking Pitch Book | 68 slides

Perella Weinberg Partners · 2012-11
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 5
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Slide inventory

68
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Situation & Context
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front_matter
Open slide detailBeat · Situation & Context
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transition
Open slide detailBeat · Situation & Context
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summarize
Open slide detailBeat · Situation & Context
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summarize
Open slide detailBeat · Situation & Context
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Includes footnotes detailing financial basis for valuation metrics.summarize
Open slide detailBeat · Problem & Complication
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transition
Open slide detailBeat · Problem & Complication
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The slide highlights the disconnect between consistent earnings beats and share price performance due to decelerating comparable store sales.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The slide highlights the correlation between earnings performance (comps) and P/E multiple compression.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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Includes P/E and PEG ratio tables alongside a time-series line chart.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The slide uses a combination of line charts for historical trends and bar charts for peer benchmarking.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The slide highlights a deceleration in Heat's comp store sales starting August 2010.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The table compares share price, target price, analyst coverage, and P/E ratios for several companies in the teen retail sector.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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Includes logos for J.P. Morgan, Jefferies, Bank of America Merrill Lynch, and Piper Jaffray.cite_precedent
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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The slide highlights the 'Apax overhang' and its potential impact on liquidity and analyst coverage.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
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transition
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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Includes CAGR and margin tables overlaid on bar charts.summarize
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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The slide uses a waterfall chart to bridge 2012 revenues to 2017 revenues, with supporting bar charts for underlying assumptions.quantify_impact
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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The chart uses a vertical blue line to indicate the current stock price and a shaded blue area to represent the Apax proposal price range.analyze_data
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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Market Data as of October 31, 2012. Includes a pie chart of recommendations and a bar chart of price targets against current price.compare_peers
Open slide detailBeat · Solution & ApproachLoop · Pattern Hunter
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The slide uses a combination of historical stock data and forward-looking projections based on earnings forecasts and share buyback assumptions.quantify_impact
Open slide detailBeat · Solution & Approach
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The table compares six companies: Zumiez, Tilly's, American Eagle, Abercrombie & Fitch, and Aeropostale, plus a 'HEAT' column.compare_peers
Open slide detailBeat · Solution & Approach
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The slide uses a grouped bar chart format to compare valuation multiples across different retail segments.compare_peers
Open slide detailBeat · Solution & Approach
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The slide uses bar charts to represent P/E multiples for different retail segments, categorized by color.compare_peers
Open slide detailBeat · Solution & Approach
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Includes transaction dates, sizes, premiums, and S&P PE multiples for various retail deals.compare_peers
Open slide detailBeat · Solution & Approach
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The chart uses a box-plot style visualization to show the 1st quartile, 3rd quartile, and median for premiums paid.analyze_data
Open slide detailBeat · Solution & Approach
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Includes sensitivity tables for WACC vs. Terminal LTM EBITDA Multiple.analyze_data
Open slide detailBeat · Solution & Approach
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Includes sensitivity table for terminal multiples and a bar chart comparing EV/LTM EBITDA across teen retail peers.analyze_data
Open slide detailBeat · Solution & Approach
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All sensitivities reflect the midpoint terminal trailing exit multiple of 5.5x and WACC of 13.0%.analyze_data
Open slide detailBeat · Solution & Approach
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Includes a legend for 'Potential Interest' using pie charts.compare_options
Open slide detailBeat · Solution & Approach
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The slide uses a visual indicator (pie chart icons) to represent 'Potential Interest' levels.compare_options
Open slide detailBeat · Solution & Approach
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Includes transaction summary, sources and uses table, purchase price summary, and two sensitivity tables for returns.analyze_data
Open slide detailBeat · Solution & Approach
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The slide displays historical trends in LBO purchase price multiples and debt/equity contributions.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes average and median calculations at the bottom of the table.analyze_data
Open slide detailBeat · Evidence & Proof
35
The slide lists 18 private equity firms with their respective fund sizes and a selection of portfolio companies.cite_precedent
Open slide detailBeat · Evidence & Proof
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Includes sensitivity analysis for both P/E and EBITDA valuation approaches.quantify_impact
Open slide detailBeat · Evidence & Proof
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transition
Open slide detailBeat · Evidence & Proof
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compare_options
Open slide detailBeat · Evidence & Proof
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The table includes transaction value, bid details, process dynamics, and premiums for six specific deals.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes footnotes references (2), (5), (11).cite_precedent
Open slide detailBeat · Evidence & Proof
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Data based on transactions with a go-shop provision, strategic and go-private, in the last 10 years with transaction size above $100mm, targets in the US. (1) Billustrate_case
Open slide detailBeat · Evidence & Proof
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frame_problem
Open slide detailBeat · Evidence & ProofLoop · Golden Circle
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appendix
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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Financial results for a stated year represent financials for the 12 month period ending January 31 of the following year.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The slide uses a grouped bar chart approach to compare Heat against specific peer segments.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The slide uses grouped bar charts to compare operating margins across six distinct peer categories.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The slide uses grouped bar charts to compare performance across multiple retail segments (Teen, Specialty, High Growth, Off Price).compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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Financial results for a stated year represent financials for the 12 month period ending January 31 of the following year.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The slide uses two bar charts to compare leverage metrics across six peer categories.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The 'Heat' data point is highlighted in red across all four charts.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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Includes R-squared values for each regression line; 'Heat' is highlighted as a specific data point in each chart.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The chart includes a specific projection for 'Heat (2017)' alongside historical peer data.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The slide highlights the shift in market perception of 'Heat' from a high-growth company to a mature peer as performance metrics declined.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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Includes specific peer group definitions in the notes section.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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The table uses checkmarks to indicate analyst coverage for specific retail stocks.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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The table shows coverage by firm/analyst for a list of 'Mature Companies'.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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The table includes 21 analysts with specific coverage ratios and percentages, plus summary statistics (average and median).analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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LRP DCF based on 5.5x LTM EBITDA exit multiple and 13.0% WACC.quantify_impact
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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The chart uses a waterfall structure to bridge from US Retail to a total value of $43.06.quantify_impact
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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Includes two main tables: Summary Financial Projections and Debt Paydown and Credit Statistics.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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The slide includes a detailed breakdown of levered/unlevered betas for teen and mid-cap peers, alongside a WACC build-up.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide provides a detailed list of top institutional and insider holders with their respective share counts and percentage of total shares outstanding.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table includes transaction-specific metrics such as bid prices, number of bids, termination fees, and premiums, supported by detailed footnotes regarding pranalyze_data
Open slide detailBeat · Impact & Next Steps
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Includes go-private transactions in the last 2 years with transaction size above $100mm, targets in the US.analyze_data
Open slide detailBeat · Impact & Next Steps
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The table lists company, sponsor, date, transaction size, loan size, ratings, and pricing (spread over LIBOR).analyze_data
Open slide detailBeat · Impact & Next Steps
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The table tracks share ownership in millions across seven reporting periods from Mar-11 to Current, with a summary row at the bottom.analyze_data
Open slide detailBeat · Impact & Next Steps
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Includes data for 'Teen' and 'Mid-Cap Retailers' segments with median calculations for each.compare_peers
Open slide detailBeat · Impact & Next Steps
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The table includes data for 2012E and 2013E, as well as LTM metrics.compare_peers
Open slide detailBeat · Impact & Next Steps