Credit Suisse Investment Banking Pitch Book
3 Discounted cash flow analysis - excluding tax benefits
Including $200m convertible notes issuance
Calendar year ended
2027E
2028E
($ in millions, except per share amounts)
Revenue
% growth
(1)
% margin
EBITDA
(-) Depreciation
EBIT
(-) Taxes
% tax rate
NOPAT
(+) Depreciation & amortization
(-) Capital expenditures
(-) Change in working capital
Unlevered free cash flow
Sensitivities
(1)
(2)
Discount
rate (%)
13.0%
14.5%
16.0%
Source:
Note:
2.0%
($88)
414
$326
127.0%
239
$564
594.916
$0.95
($100)
321
$221
145.5%
239
$459
594.386
$0.77
($111)
253
$142
178.2%
239
$381
593.798
$0.64
2022A
$69
($107)
(154%)
Perpetuity growth rate
3.0%
($88)
455
$367
124.0%
239
$606
595.078
$1.02
($100)
349
$249
140.4%
239
$487
594.549
$0.82
($111)
273
$162
168.8%
239
$400
593.965
$0.67
2023E
$101
45%
($116)
(115%)
(4)
($119)
29%
($119)
4
(2)
(15)
($133)
2024E
$656
595,253
$1.10
($100)
382
$282
$168
($111)
296
$184
67%
($100)
(59%)
594.141
$0.71
(5)
($104)
29%
($104)
5
(4)
(0)
($104)
2025E
$282
68%
($59)
$423 Equity value
(21%)
(5)
($64)
29%
($64)
5
(5)
(5)
($68)
Equity value
Fully diluted shares
Equity value per share
Equity value per share
2026E
4.0%
($88) Present value of cash flows
506
Present value of terminal value
$418
Enterprise value
121.1% PV of terminal value as % of enterprise value
239
Corporate Adjustments (2)
$436
54%
Fully diluted shares
Equity value per share
($7)
(2%)
PV of cash flows
PV of terminal value
Enterprise value
135.6% PV of terminal value as % of enterprise value
(2)
239 Corporate Adjustments
$521 Equity value
594.721 Fully diluted shares
$0.88
(6)
($13)
29%
($13)
6
(5)
(3)
($14)
PV of cash flows
PV of terminal value
Enterprise value
160.3% PV of terminal value as % of enterprise value
239 Corporate Adjustments (2)
$639
47%
$67
10%
(8)
$59
(17)
29%
$42
8
(8)
(10)
$32
$767
$93
20%
$83
12%
■
(9)
(24)
29%
$60
■
$45
■
9
(9)
(16)
2029E
$882
15%
$120
14%
(11)
$110
(31)
29%
Assumptions
$78
11
(10)
(15)
$65
2030E
$970
10%
$148
15%
(12)
$136
(39)
29%
$97
12
(11)
(12)
$87
2031E
$1,043
8%
$176
17%
(13)
$163
(46)
29%
$116
13
(12)
(10)
$107
2032E
$1,095
5%
$202
18%
(13)
Company filings, Bravo management.
Fully diluted shares based on current shares of 323.3m, including 242.3m common shares outstanding, 21.4m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx
warrants. Common shares outstanding include 2.9m unvested RSAS. Assumes a treasury stock method for purposes of calculations.
Burdened by SBC.
Assumes Bravo cash balance as of 12/31/22 per Bravo management. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share.
$188
(54)
29%
$135
13
(13)
(8)
$127
10-year DCF discounted to 12/31/2022
Mid-year discounting convention
Terminal
2033E
$1,128
3%
$226
20%
(14)
$212
(60)
29%
$152
14
(14)
(7)
$145
'23E-¹32E
CAGR
30%
ΝΑ
Assumes unlevered free cash flow projections discounted using
assumed 13.0%-16.0% WACC
Assumes 2.0% -4.0% terminal value perpetuity growth rate per
Bravo management
Assumes tax rate of 29.0% per Bravo management
Per Bravo management, assumes $200m convertible PIPE
issued
- $180m net proceeds
Conversion price based on closing price as of 3/14/23 at no
conversion premium
12% PIK rate
Assumes conversion at end of 5-year term.
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