Bank of America Investment Banking Pitch Book
Income Statement:
Non-storm-related Services Revenue
% Growth
Storm-related Services Revenue
% Growth
New Opportunities Revenue
% Growth
Total Revenue
% Growth
Gross Profit
% Margin
EBITDA
% Margin
Memo: EBITDA (Excl New Opportunities)
EPS
Cash Flow:
D&A
% of Revenue
Capital Expenditures, Gross
% of Revenue
Business Acquisitions
% of Revenue
Source Pioneer Dase Case.
Note: Dollars in millions, except per share figures.
Appendix
Summary of Financial Projections - Pioneer Base Case
2009A
$461
$153
$613
$110
$96
15.7%
$96
$0.94
$37
$27
$25
4.1%
2010A
$457
(0.7%)
$47
(69.5%)
$504
(17.8%)
$48
9.5%
$22
4.3%
522
7.1%
$18
3.5%
$15
Historical
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2011A
$529
15.7%
$65
38.4%
($0.41) $0.04
$594
17.8%
$68
11.4%
$48
$48
$38
$19
0.0%
2012A
$615
16.1%
$685
$156
$71
9.3% 121.0%
15.4%
$92
13.4%
$64
$0.31
Fiscal Year Ending June 30,
2013A
2014E
5.6%
4.9%
$17
2.5%
$763
24.1%
$147
16.0%
$110
11.9%
$919
$822
34.1% (10.5%)
$110
$1.03
$41
4.5%
I
I
$70
7.6%
4
I
I
1
I
I
1
I
I
I
$40 I
1
$762
(0.1%)
I
I
$60
(61.5%)
$106
$72
8.7%
$72
$0.44
$41
5.0%
$31
3.8%
||
2015E
$781
Pioneer Base Case
$7.5
25.0%
$32
$888
8.1%
$124
13.9%
$8:3
581
$0.64
$41
3.2%
||
2016E
$8.49
$75
$54
67.2%
10.0%
$142
$977 $1,036
6.1%
14.5%
$98
10.1%
591
$0.91
$54
5.6%
2017E
||
$908
$75
0.0%
$54
$153
14.7%
$104
$97
$1.03
4.1%
2018E
$954
12.4%
$75
0.0%
$49
(8.4%)
$1,078
10.3%
$161
15.0%
$108
10.0%
$101
$1.12
$40
3.7%
$45
4.2%
||
11-13A 13A-18E
I CAGR
CAGR
20.0%
55.4%
NA
24.4%
47.2%
51.8%
51.8%
NM
(13.6%
NA
(1.5%)
(0.9%)
2.3%
Bank of America
Merrill Lynch
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