Bank of America Investment Banking Pitch Book
Preliminary Indication of Interest Received
Implied Premiums and Multiples
8
Offer Price Per Share
Premium to:
Current (4/25/2014)
30-Day VWAP
90-Day VWAP
52-Week High (5/3/2013)
52-Week Low (11/5/2013)
Diluted Shares Outstanding (mm)
Equity Value
Plus: Total Debt #¹)
Less: Cash & Cash Equivalents (²)
Transaction Value
EV / LTM EBITDA (FY'14E) (2)
EV / CY2014E EBITDA (2)
EV / CY2015E EBITDA
Source: Pioneer Management, publicfilings and FoctSet os of April 25, 2014.
Note: Dollars in millions. Pioneer fiscal year ands June 30
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Statistic
($mm)
As of March 31, 2014, par Fionaer Management.
FY2014E estimates adjusted to reflect actual q3 FY2014 results and colandorized where appropriate.
$69
75
89
Statistic
Pioneer Base Case
$9.98
10.62
10.49
15.95
8.72
Implied
Multiple
9.4x
8.7
7.3
Pioneer Sensitivity Case
Statistic
Implied
($mm)
Multiple
$69
76
98
9.4x
8.6
6.6
$12.75
27.8%
20.1%
21.5%
(20.1%)
46.2%
32.8
$418
238
$652
Wall Street Research
Statistic
($mm)
$72
77
Bank of America
Merrill Lynch
NA
Implied
Multiple
9.0x
8.5
NAView entire presentation