Bank of America | Investment Banking Pitch Book | 38 slides

Bank of America Merrill Lynch · 2014-04
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

38
every slide · same image gating as the playbook
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Slide 1
front_matter
Open slide detailBeat · Situation & Context
02
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
05
Slide provides a chronological update on company performance and transaction progress for a Special Committee.establish_context
Open slide detailBeat · Situation & Context
06
establish_context
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
07
Includes a table comparing Wall Street Research vs. Pioneer Base Case, and a line/bar chart showing stock price and trading volume.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
08
The slide compares two distinct forecast versions (March 24 vs April 9) to highlight changes in financial projections.compare_options
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
09
The slide highlights a negative variance between management's forecast and Wall Street consensus.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
10
transition
Open slide detailBeat · Problem & ComplicationLoop · Pattern Hunter
11
The slide outlines the key terms of a M&A proposal including deal structure, financing, and due diligence requirements.summarize
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
12
Includes specific valuation ranges for DCF, LBO, and precedent transactions.compare_options
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
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Includes valuation metrics like EV/EBITDA multiples and transaction value calculation.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
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transition
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
15
Includes CAGR calculations for '11-'13 and '13-'18 periods.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
16
Includes a mean price target calculation at the bottom.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
17
Includes mean and median calculations excluding Pioneer.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
18
Includes mean and median calculations for LTM and NTM EV/EBITDA multiples.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
19
Includes summary statistics (mean/median) at the bottom right, with specific exclusions for URS/Washington transactions.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
20
Includes sensitivity analysis tables for discount rates and perpetual growth rates.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
21
Includes a DCF projection table and sensitivity matrices for terminal value, enterprise value, equity value per share, and EBITDA multiples.analyze_data
22
Includes hand-drawn red circles highlighting specific data points (24.5%, 21.9%, 5.0x).analyze_data
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Includes specific footnotes regarding fiscal year adjustments and EBITDA calculations.analyze_data
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state_next_steps
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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state_next_steps
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
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transition
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Includes footnotes regarding Q3 actuals and data sources.analyze_data
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Includes both absolute dollar figures and percentage growth rates.analyze_data
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Includes CAGR calculations for '11-'13A and '13-'18E periods.analyze_data
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Includes a line chart showing historical valuation multiples and a summary table of averages over various time horizons.compare_peers
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Includes footnotes explaining methodology for beta unlevering and cost of debt.analyze_data
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Includes annotations on IRR sensitivity table and credit statistics.analyze_data
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Includes a DCF model and a sensitivity table for discount rates and perpetual growth rates.analyze_data
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Includes mid-year discounting methodology, 40% tax rate, and net debt as of June 30, 2014.analyze_data
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transition
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Includes a red dashed box highlighting Quanta Services and MasTec.compare_peers
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The table compares two offer price scenarios ($10.98 and $12.48) for each buyer, highlighting differences in deal structure (100% cash vs. 75% stock/25% cash).compare_options