1 IBD presentation 2021 Fbl Financial Group Inc Barclays Capital

-ibd-presentation-2021-fbl-financial-group-inc-barclays-capital · 2021-01
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

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every slide · same image gating as the playbook
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Slide 1
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
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The slide uses a two-section layout to categorize events into 'FBPCIC Approach' and 'Process / Negotiations'.summarize
Open slide detailBeat · Situation & Context
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The slide details specific financial terms of the counter-offers and the fee structure for Barclays' advisory services.establish_context
Open slide detailBeat · Situation & Context
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Includes specific financial figures for break fees and transaction timing.summarize
Open slide detailBeat · Problem & Complication
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Includes two line charts comparing FFG, Protection Index, and Annuity Index performance and P/B ratios.analyze_data
Open slide detailBeat · Problem & Complication
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transition
Open slide detailBeat · Problem & Complication
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Uses a football field chart visualization to compare valuation ranges against specific transaction prices.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
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Includes specific footnotes regarding data sources and definitions for unaffected price and pre-COVID periods.cite_precedent
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
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appendix
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
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transition
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
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Includes peer comparison charts for Protection and Annuity segments, a segment contribution breakdown, and a detailed valuation table.analyze_data
Open slide detailBeat · Evidence & ProofLoop · Pattern Hunter
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Includes a regression analysis with R-squared values and an implied valuation range for FFG.analyze_data
Open slide detailBeat · Evidence & Proof
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transition
Open slide detailBeat · Evidence & Proof
16
The slide uses a comparison matrix structure to contrast the American Equity/Athene/MassMutual deal with the Global Atlantic/KKR deal.cite_precedent
Open slide detailBeat · Evidence & Proof
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transition
Open slide detailBeat · Evidence & Proof
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Includes detailed footnotes regarding methodology and data sources for the valuation.analyze_data
Open slide detailBeat · Evidence & Proof
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Three separate sensitivity tables (Cost of Equity vs Growth Rate, Expense Savings, and RBC Ratio).analyze_data
Open slide detailBeat · Evidence & Proof
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transition
Open slide detailBeat · Evidence & Proof
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cite_precedent
Open slide detailBeat · Evidence & Proof
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Includes statutory book value, existing business value, and 10-year new business projections.analyze_data
Open slide detailBeat · Evidence & Proof
23
The slide uses a waterfall-style bridge calculation to adjust actuarial value for various business segments and holding company assets/liabilities.analyze_data
Open slide detailBeat · Evidence & Proof
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transition
Open slide detailBeat · Impact & Next Steps
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Includes a summary of median and average metrics at the bottom of the table.cite_precedent
Open slide detailBeat · Impact & Next Steps
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appendix
Open slide detailBeat · Impact & Next Steps
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appendix
Open slide detailBeat · Impact & Next Steps
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Includes historical valuation charts for Price / Book Value ex. AOCI and Price / NTM Earnings.compare_peers
Open slide detailBeat · Impact & Next Steps
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Includes detailed WACC build-up components (Cost of Equity, Cost of Debt) and peer market data.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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The slide uses a vertical line to indicate the peer median for each metric.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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Includes three distinct charts: a combo bar/line chart for spread income, a line chart for yield curves, and a bar chart for yield projections.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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transition
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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Includes specific disclaimers regarding the 2020E figures and the exclusion of transaction impacts.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · Golden Circle
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analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide uses a table structure to compare two brokers side-by-side, incorporating bar charts for trend visualization.compare_peers
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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The table breaks down basic shares and various restricted stock awards/units to arrive at the fully diluted shares outstanding.analyze_data
Open slide detailBeat · Impact & Next Steps
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transition
Open slide detailBeat · Impact & Next Steps
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Includes a pie chart for ownership, a summary table of activity, and detailed tables for top holder position changes and cost basis analysis.analyze_data
Open slide detailBeat · Impact & Next Steps
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Data based on 13-F filings as of September 30, 2020.analyze_data
Open slide detailBeat · Impact & Next Steps
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front_matter
Open slide detailBeat · Impact & Next Steps
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Standard investment banking conflict of interest and relationship disclosure.other
Open slide detailBeat · Impact & Next Steps
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other
Open slide detailBeat · Impact & Next Steps