Evercore | Investment Banking Pitch Book | 37 slides

Evercore · 2012-12
arc beats above · slides in the middle · loops below · scroll → 7 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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Slide inventory

37
every slide · same image gating as the playbook
01
Slide 1
front_matter
Open slide detailBeat · Situation & Context
02
front_matter
Open slide detailBeat · Situation & Context
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transition
Open slide detailBeat · Situation & Context
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Financial fairness opinion summary by Evercore.analyze_data
Open slide detailBeat · Situation & ContextLoop · Build Up
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The slide details specific financial and legal terms of a transaction between McMoRan and Freeport.summarize
Open slide detailBeat · Situation & ContextLoop · Build Up
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The slide details specific terms including royalty percentage, term length, call options, termination clauses, cost responsibilities, and drilling obligations.summarize
Open slide detailBeat · Situation & ContextLoop · Build Up
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This is a standard 'Evercore Evaluation Process' disclosure slide found in fairness opinion decks.summarize
Open slide detailBeat · Situation & ContextLoop · Build Up
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transition
Open slide detailBeat · Problem & Complication
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Includes detailed valuation multiples (EV/EBITDAX, EV/Reserves) and a stock performance chart.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Zoom In
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The chart uses a dual-axis approach with a line for price and an area chart for volume, overlaid with vertical dashed lines for event markers.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Zoom In
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The slide outlines the specific inputs for a financial model, focusing on Ultra-Deep Asset development.establish_context
Open slide detailBeat · Problem & ComplicationLoop · Zoom In
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The table follows a standard financial model structure for an oil and gas company.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Zoom In
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transition
Open slide detailBeat · Solution & Approach
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The slide details specific financial modeling approaches (NAV, Peer Group, Precedent Transactions, Analyst Targets, Risked NAV).present_framework
Open slide detailBeat · Solution & ApproachLoop · Scenario Fork
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The chart uses a waterfall-style visualization to compare different valuation approaches and their respective ranges.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Scenario Fork
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The slide details technical and financial inputs for a valuation model, specifically for oil and gas exploration assets.summarize
Open slide detailBeat · Evidence & ProofLoop · Sensitivity Test
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The slide details specific cost, tax, and accounting assumptions for a valuation model.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Sensitivity Test
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Data tables show reserves in MMBbl, MMcf, and PV-10 in $MM.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Sensitivity Test
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The table includes metrics such as WI, NRI, Gross/Net Unrisked Resource Potential, Geologic/Mechanical COS, and Gross/Net Risked Resource Potential.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Sensitivity Test
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The table uses a multi-column structure to compare different commodity price scenarios (NYMEX Strip, $75/$3, $90/$4, $105/$5) across low and high discount rate analyze_data
Open slide detailBeat · Evidence & ProofLoop · Sensitivity Test
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Includes two distinct tables: Conventional Assets Trading Peers and Ultra-Deep Assets Trading Peers.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Benchmark Gap
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Includes adjustments for cash, debt, and preferred shares to reach equity value.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Benchmark Gap
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Includes summary statistics (Max, Min, Mean, Median) at the bottom of the table.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Precedent
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The table includes summary statistics (Maximum, Minimum, Mean, Median) at the bottom.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Precedent
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Includes summary statistics (Max, Min, Mean, Median) for the GOM Deepwater section.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Precedent
26
The table provides a comprehensive breakdown of asset valuations based on resource potential (unrisked/risked) and specific valuation metrics per Bcf.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Precedent
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The slide uses a standard precedent transaction valuation methodology to derive an implied equity value per share range.quantify_impact
Open slide detailBeat · Evidence & ProofLoop · Precedent
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Data source: IHS Herold, FactSet. Includes transactions > $100 million.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Precedent
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Includes bridge from Enterprise Value to Implied Equity Value per Share.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Precedent
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Includes public corporate takeover transactions announced or closed in 2012 YTD between $1.0 billion and $10.0 billion.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Precedent
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Includes a footnote explaining the discounted price target calculation.analyze_data
Open slide detailBeat · Evidence & Proof
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The table presents a valuation under two commodity price scenarios (Low/High) based on NYMEX strip pricing as of Dec 3, 2012.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Scenario Fork
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The slide details specific drilling rig schedules, production decline curves, condensate ratios, and pricing assumptions used in the financial model.establish_context
Open slide detailBeat · Evidence & ProofLoop · Scenario Fork
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Includes a multi-year revenue projection table and two sensitivity analysis tables.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Scenario Fork
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Includes a primary table for revenue projections (2013E-2022E) and two sensitivity analysis tables for total value and per-unit value.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Scenario Fork
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Includes sensitivity tables for WACC vs EBITDA multiple and WACC vs Perpetuity Growth Rate.analyze_data