PJT Partners Investment Banking Pitch Book
Solar Share Price Performance (For Informational Purposes Only)
$ per share
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$15.00
$10.00
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Solar B
Solar B Offer Price:
$33.47
Weighted Avg.
Offer Price: $32.17
Solar A Offer Price:
$32.06
$27.71
$27.55
Jun-16
Weighted Avg. Solar Share Price: (¹)
Premium to Weighted Avg. Metric
Current
$27.56
$26.83
$26.39
30-Trading Day VWAP
60-Trading Day VWAP
FDSO(2) (mm)
Equity Value (Smm)
Net Debt¹³) ($mm)
Investments in Affiliates ($mm)
Total Enterprise Value ($mm)
Current Price
$27.56
Solar A
Source: Capital IQ and Bloomberg.
Note: Market data as of 6/21/16. Data starts at 6/21/13.
(1) Weighted average based on fully diluted shares outstanding excluding 2.118mm Solar Class A and 2.591 Solar Class B shares owned by Lunar.
(2) Includes 2.118mm Solar Class A and 2.591 Solar Class B shares owned by Lunar. Assumes Solar options, RSGs and RSUS are fully diluted as per treasury stock method.
(3) Includes $1,129mm of total debt and $10mm of cash as of 3/31/16. Investments in affiliates include Solar interests in Playco Holdings.
(4) Ad). EBITDA (pre-SBC) of $499mm in FY17E and $560mm in FY18E. Adj. EBITDA (post-SBC) of $469mm in FY17E and $529mm in FY18E. Adj. EBITDA (pre-SBC) of
$490mm in CY16E and $543mm in CY17E. Adj. EBITDA (post-SBC) of $460mm in CY16E and $511mm in CY17E.
(5) Includes run-rate synergies of $52mm,
3%
102.8
$2,832
1,120
(25)
$3,927
Implied Multiples (4)
TEV/FY17E Adj. EBITDA
TEV/FY18E Adj. EBITDA
TEV / FY17E Adj. EBITDA (w/ Operating Savings)
TEV/FY18E Adj. EBITDA (w/ Operating Savings))
Pre-SBC Post-SBC
7.9x
8.4x
7.0x
7.4x
TEV/CY16E Adj. EBITDA
TEV/CY17E Adj. EBITDA
TEV/CY16E Adj. EBITDA (w/ Operating Savings)
TEV/CY17E Adj. EBITDA (w/ Operating Savings)
8.5x
8.0x
7.2x 7.7x
Confidential
Offer Price
$32.17
17%
20%
22%
103.7
$3,338
1,120
(25)
$4,432
Pre-SBC Post-SBC
9.5x
8.9x
7.9x
8.4x
8.0x
8.5x
7.2x
7.6x
9.0x
8.2x
8.2x
7.5x
9.6x
8.7x
8.7x
7.9x
PJT Partners
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