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  "documentTitle": "Rentokil Initial | Mergers and Acquisitions Presentation Deck | 21 slides",
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  "presentationDate": "2021-12-01 00:00:00",
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  "notes": "The slide outlines five key financial pillars: Margin, EPS, Returns, Leverage, and Dividend.",
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      "text": "EPS Accretive: Expected to deliver mid-teens percent accretion in the first full year following completion.",
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      "text": "Returns: The transaction values Terminix at: 19.3x 2021E consensus EBITDA pre synergies; and 13.9x 2021E consensus EBITDA pro forma for aggregate cost synergies across the Combined Group of $150m.",
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      "text": "Margin Profile: Combined Group's margin profile and operating scale efficiencies will enable it to reduce its costs and increase overall efficiencies.",
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      "text": "Leverage: Net Debt to EBITDA targeted to be 2.0x to 2.5x in the medium term, maintaining BBB investment grade rating.",
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      "text": "Note: GBP/USD rate of 1.3273 as per 10 December 2021 used to form Combined Group. Calculated using Terminix financial results in US GAAP and Rentokil Initial results in accordance with IFRS. Subject to amendment by Rentokil Initial when stated in the Circular and Prospectus and based on Rentokil Initial's accounting policies. 1 Earnings accretion is not a profit forecast 2 Source: FactSet for consensus",
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      "text": "Attractive Proposition for Shareholders",
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