Evercore | Investment Banking Pitch Book | 54 slides

Evercore · 2020-06
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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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON

Slide inventory

54
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 ownership percentages, voting control, and a detailed enterprise value buildup.analyze_data
Open slide detailBeat · Problem & Complication
06
Includes detailed footnotes regarding valuation assumptions, tax leakage, and debt instruments.analyze_data
Open slide detailBeat · Problem & Complication
07
Includes revenue, gross margin, EBITDA, and Capex projections.analyze_data
Open slide detailBeat · Problem & Complication
08
The slide uses a floating bar chart to show valuation ranges for three different financial methodologies.analyze_data
Open slide detailBeat · Problem & Complication
09
Includes a DCF table and a bar chart comparing trading multiples for selected internet companies.analyze_data
Open slide detailBeat · Problem & Complication
10
Includes detailed expense breakdown, tax adjustments, and NPV calculation with discount factors.analyze_data
Open slide detailBeat · Problem & Complication
11
transition
Open slide detailBeat · Evidence & Proof
12
Includes organizational chart and financial valuation table.establish_context
Open slide detailBeat · Evidence & Proof
13
Includes specific valuation adjustments for tax, debt, and corporate expenses.analyze_data
Open slide detailBeat · Evidence & Proof
14
Includes a detailed financial table, a historical share price line chart, and a public market valuation summary.analyze_data
Open slide detailBeat · Evidence & Proof
15
The slide uses a floating bar chart to show valuation ranges for different methodologies, with a horizontal reference line for the current share price.compare_options
Open slide detailBeat · Evidence & ProofLoop · Cost Of Inaction
16
Includes mid-year discounting and terminal value calculation.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Cost Of Inaction
17
Includes detailed financial projections, DCF calculations, and peer benchmarking charts.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Cost Of Inaction
18
transition
Open slide detailBeat · Evidence & ProofLoop · Cost Of Inaction
19
Includes specific exchange ratios, implied pricing, premiums, and preferred stock terms.compare_options
Open slide detailBeat · Evidence & ProofLoop · Cost Of Inaction
20
The table shows the delta between two specific dates to illustrate the sensitivity of the proposal to market price fluctuations.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Cost Of Inaction
21
The slide compares share classes and provides pro forma ownership percentages for a transaction involving LBRD and GLIB.compare_options
Open slide detailBeat · Impact & Next Steps
22
Includes a visual comparison of ownership structures and a list of transaction details.illustrate_case
Open slide detailBeat · Impact & Next Steps
23
Includes transaction statistics, NAV derivation, and a discount analysis bridge.analyze_data
Open slide detailBeat · Impact & Next Steps
24
The chart includes a dashed horizontal line indicating the LBRD proposal price of $73.94 and the current price of $71.18.analyze_data
Open slide detailBeat · Impact & Next Steps
25
Includes two variations: one based on raw market value and one adjusted for LTREE ownership on a taxed basis.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
26
Includes detailed footnotes regarding calculation methodology for net debt, tax impacts, and valuation adjustments.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
27
The table evaluates five scenarios (100% to 0% retention) across various valuation components including publicly traded securities, private assets, and net debtanalyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
28
Includes a red callout box indicating pending management discussion regarding NOL value.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
29
appendix
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
30
The table evaluates five scenarios ranging from 100% to 0% retention of deferred tax savings.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Mece Breakdown
31
The slide presents a SOTP (Sum-of-the-Parts) valuation model across five scenarios (100% to 0% retention of deferred tax savings).analyze_data
32
The table evaluates five scenarios ranging from 0% to 10% purchase premium.analyze_data
33
The table provides a detailed breakdown of asset values, debt, and adjustments to arrive at a final Net Asset Value.analyze_data
34
Includes footnotes regarding valuation methodology for Skyhook and diluted share calculation.analyze_data
35
Assumes 27% tax rate for GLIB holdings and 24% for LBRD holdings.analyze_data
36
Includes footnotes regarding assumptions for tax rates, stock-based compensation, and growth rates.analyze_data
37
Includes detailed breakdown by business unit (GCI, Evite, Corporate) and growth/margin metrics.analyze_data
38
Includes footnotes detailing data sources and methodology for specific company metrics.compare_peers
39
The table compares different valuation approaches used by analysts to arrive at a value for GCI.analyze_data
40
Data as of 6/9/2020.compare_peers
41
Includes mean and median calculations for valuation multiples and leverage ratios.compare_peers
42
Data as of 6/9/20.compare_peers
43
Data as of 6/9/20. Includes share price, market equity, TEV, TEV/Revenue multiples, and revenue growth.compare_peers
44
Includes transactions above $1 billion. Source: Company filings and Wall Street research.cite_precedent
45
Includes mean and median calculations for the TEV/LTM EBITDA multiple.cite_precedent
46
Includes mid-year discounting and sensitivity tables for exit perpetuity growth and implied TEV/Terminal EBITDA multiples.quantify_impact
47
Valuation as of 3/31/20 using mid-year discounting.quantify_impact
48
Includes mid-year discounting, WACC assumptions, and exit multiple sensitivity.analyze_data
49
The slide uses mid-year discounting and provides a breakdown of NOL usage and tax benefits for Q2-Q4 2020 and 2021.quantify_impact
50
The chart displays indexed performance relative to a baseline, while the table provides absolute average share prices for the specified dates.analyze_data
51
Includes peer group data, bottom-up WACC calculations, and sensitivity matrices for WACC based on Unlevered Beta and Cost of Debt.analyze_data
52
Includes peer company data (Zillow, Angie's List, Tripadvisor, Yelp, Eventbrite, Cars.com) and a bottoms-up WACC calculation table.analyze_data
53
Includes peer benchmarking for Integrated Solutions and Hardware/Modules segments, followed by a WACC build-up calculation.analyze_data
54
Includes detailed footnotes regarding methodology for WACC calculation and data sources.analyze_data