Houlihan Lokey | Investment Banking Pitch Book | 40 slides

Houlihan Lokey · 2016-09
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

40
every slide · same image gating as the playbook
01
Slide 1
Includes a disclaimer regarding translation from Chinese.front_matter
Open slide detailBeat · Situation & Context
02
front_matter
Open slide detailBeat · Situation & Context
03
front_matter
Open slide detailBeat · Situation & Context
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The slide highlights that prior presentations contained illustrative market approach sensitivities for informational purposes.compare_options
Open slide detailBeat · Situation & ContextLoop · Logic Chain
05
EBITDA refers to Earnings Before Interest, Taxes, Depreciation & Amortization. LTM refers to the most recently completed 12-month period for which financial infcompare_options
Open slide detailLoop · Logic Chain
06
The table compares two sets of projections prepared on different dates (May 19, 2016 vs. June 30, 2016).analyze_data
Open slide detailLoop · Logic Chain
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front_matter
Open slide detailLoop · Logic Chain
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1. As directed and approved by Special Committeesummarize
Open slide detailLoop · Logic Chain
09
Confidential preliminary draft; source: Company filings, Capital IQ.analyze_data
Open slide detailLoop · Logic Chain
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front_matter
Open slide detailLoop · Logic Chain
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Confidential draft slide from Houlihan Lokey.analyze_data
Open slide detailLoop · Logic Chain
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Source: Capital IQ, Thomson ONE. As of 9/2/2016. 1. Excludes shares held by affiliates of Warburg Pincus.analyze_data
Open slide detailLoop · Logic Chain
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Source: Capital IQ. As of 9/2/2016. 1. Based on average VWAP over the given time period (last 3 months, 6 months, 9 months or 12 months).analyze_data
Open slide detailLoop · Logic Chain
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front_matter
Open slide detailLoop · Logic Chain
15
Includes detailed footnotes regarding financial adjustments and definitions of time periods.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
16
Includes a table of price and volume statistics prior to announcement.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
17
The chart shows a significant underperformance of both Synutra and the selected peer group index compared to the S&P 500 over the 3-year period.compare_peers
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
18
front_matter
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
19
The chart displays valuation ranges for five different financial analysis methods, with a red dashed line indicating the proposed merger price.quantify_impact
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
20
The table presents a valuation bridge from EBITDA multiples to implied per share reference ranges.analyze_data
Open slide detailBeat · Problem & ComplicationLoop · Logic Chain
21
Confidential draft; includes CAGR calculations and detailed segment breakdowns.analyze_data
Open slide detailBeat · Evidence & Proof
22
The slide includes a disclaimer about the preliminary nature of the draft and notes that footnotes are on the next page.compare_peers
Open slide detailBeat · Evidence & Proof
23
The slide is essentially a disclaimer/methodology page for a preceding data table.appendix
Open slide detailBeat · Evidence & Proof
24
The chart highlights periods where Synutra's EBITDA was negative or non-meaningful.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Analogy
25
Includes a summary statistics section (Mean, Median, High, Low) and a specific transaction row at the bottom.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Analogy
26
The slide includes a multi-step DCF calculation with sensitivity tables for discount rates and growth rates.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Analogy
27
The slide contains only the disclosure notes for a DCF model, likely following a data table on a previous slide.appendix
Open slide detailBeat · Evidence & ProofLoop · Analogy
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summarize
Open slide detailBeat · Evidence & ProofLoop · Analogy
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front_matter
Open slide detailBeat · Evidence & ProofLoop · Analogy
30
The slide presents six tables comparing various dairy companies across different financial dimensions.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Analogy
31
Includes disclaimer regarding data sources and definitions for NMF, NA, and LTM.compare_peers
Open slide detailLoop · Analogy
32
Confidential preliminary draft; includes source and methodology notes.analyze_data
Open slide detailLoop · Analogy
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Confidential - Preliminary Draft - Subject to Further Reviewanalyze_data
34
The slide includes a disclaimer box in the top right and detailed footnotes at the bottom.analyze_data
35
The table includes a disclaimer about the preliminary nature of the draft and notes on excluded transactions.analyze_data
36
The table contains 35 rows of transaction data.analyze_data
37
Includes a summary statistics section (Mean, Median, High, Low) at the bottom right of the main table.analyze_data
38
front_matter
Open slide detailBeat · Impact & Next Steps
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other
Open slide detailBeat · Impact & Next Steps
40
This is a standard Houlihan Lokey cover slide with branding and service lines.front_matter
Open slide detailBeat · Impact & Next Steps