Goldman Sachs | Investment Banking Pitch Book | 52 slides

Goldman Sachs · 2022-12
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

52
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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front_matter
Open slide detailBeat · Situation & Context
04
transition
Open slide detailBeat · Situation & Context
05
Includes confidential treatment redactions and market data note.summarize
Open slide detailBeat · Problem & Complication
06
Includes specific transaction details like price per share, premium percentage, and advisor names.summarize
Open slide detailBeat · Problem & Complication
07
Market data as of 16-Dec-2022.compare_options
Open slide detailBeat · Problem & Complication
08
transition
Open slide detailBeat · Problem & Complication
09
Includes annotations for IPO price, all-time high/low, current price, and CD&R updated offer price.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
10
The slide includes a data table summarizing performance metrics (YTD, 1Y, 3Y, Since Last Follow-On, Since IPO) for each category.compare_peers
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
11
Includes specific callouts for COVID trough and current offer price.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
12
Includes a table of individual analyst firm data and a combo chart showing rating distribution vs. stock price.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
13
The table provides a detailed breakdown of institutional ownership, including historical trends in share counts.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
14
transition
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
15
The slide outlines assumptions across four categories: Revenue, Expenses, M&A, and Capitalization.summarize
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
16
The slide uses a split-chart format to distinguish between historical (A) and estimated (E) data.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
17
Includes CAGR and bps change calculations for historical and projected periods.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
18
Includes CAGR calculations for historical (19A-22E) and projected (23E-27E) periods.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
19
The slide uses a structured table format to categorize observations into four key areas: Overall, Market Sensitive Revenue, Capital Deployment, and Adjusted EBIdiagnose
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
20
transition
Open slide detailBeat · Impact & Next Steps
21
Uses a football field chart visualization to compare valuation ranges against current share price and offer price.compare_options
Open slide detailBeat · Impact & Next Steps
22
The slide uses a bar-chart-in-table format to visualize valuation ranges. It includes a legend for 'Current' vs '23-Nov-2022' data.compare_options
Open slide detailBeat · Impact & Next Steps
23
Includes base case and tax adjustment impact tables.analyze_data
Open slide detailBeat · Impact & Next Steps
24
Includes Goldman Sachs branding and confidential watermark.quantify_impact
Open slide detailBeat · Impact & Next Steps
25
Includes sensitivity analysis on NTM P/E multiples (8.0x, 9.0x, 10.0x) and comparison against CD&R offer and current share price.quantify_impact
Open slide detailBeat · Impact & Next Steps
26
Includes a bar chart showing annual median premia (1-day, 30-day, 52-week high) and a table calculating implied share prices based on these historical benchmarkanalyze_data
Open slide detailBeat · Impact & Next Steps
27
Includes a comparison table of historical percentiles and a bar chart showing annual median premia from 2018-2022 alongside the CD&R offer.analyze_data
Open slide detailBeat · Impact & Next Steps
28
Includes a highlighted column for the 'Original & Current Offer' at $50.00 per share.analyze_data
Open slide detailBeat · Impact & Next Steps
29
transition
Open slide detailBeat · Impact & Next Steps
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Includes Goldman Sachs branding and Investment Banking Division header.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
31
The slide highlights a 'Consolidation Sweet Spot' for firms with $300mm-$3000mm AUM.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
32
Includes a list of top 2021 RIA acquirers and a callout for Q3 2022 transaction leaders.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
33
The slide uses a Venn-like diagram to segment the market of RIA acquirors.present_framework
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
34
The chart highlights a clear valuation premium for RIA firms compared to IBD firms, with multiples trending upward over time.compare_options
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
35
transition
Open slide detailBeat · Impact & Next StepsLoop · Cost Of Inaction
36
The slide contains significant redactions marked as [***].analyze_data
37
The slide uses redacted placeholders [***] for specific company names and individuals.summarize
38
transition
39
Includes median calculations for three sub-sectors: Brokerage/Wealth, Discount Brokers, and Tech-Enabled Wealth.compare_peers
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Includes a sensitivity table for WACC and a historical beta line chart comparing Ferdinand to a peer group.analyze_data
41
Includes income statement and cash flow metrics, including revenue, expenses, EBITDA, net income, and net debt.analyze_data
42
Includes terminal value calculation and tax adjustments. Implied equity value per share is $53.35.analyze_data
43
Includes a discount rate of 9.875% and a total PV of $1,077 million.analyze_data
44
Includes a sensitivity analysis table for 2026E MOIC and IRR.analyze_data
45
transition
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Goldman Sachs investment banking slide.compare_options
47
The slide uses a matrix structure to compare five distinct strategic options for handling TRAs during M&A.compare_options
48
The table includes columns for Target, Acquirer, Transaction Close date, Total Deal Consideration ($mm), TRA Payment Amount ($mm), and TRA Payment as a % of Deacite_precedent
49
Legal/contractual definition slide for a credit agreement amendment.summarize
51
Includes a calculation of fully diluted equity value based on a $50.00 share price.analyze_data
52
The slide uses a standard valuation bridge format to reconcile equity value to enterprise value with specific adjustments for debt, investments, liabilities, ananalyze_data