Credit Suisse Investment Banking Pitch Book slide image

Credit Suisse Investment Banking Pitch Book

PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION Preliminary Osprey standalone projections comparison (cont'd) Updated forecast (Sept. 2017) versus prior 2017 fiscal year plan (Feb. 2017) ($ in millions except per share amounts) Selected metrics Total origination volume Ending period AUM Portfolio yield as % of avg loans Net charge-offs / gross loans (excl. loans held for sale) Run-off rate (% of BoP loans) Net interest margin Average interest-earning assets Asset management income (% of avg. off B/S AuM) Operating expenses / end of period AuM Pre-tax ROAE After-tax ROAE Leverage (debt / equity) Selected balance sheet items Net loans (including loans held for sale) Unrestricted cash Total assets Corporate debt (net of financing fees) Total debt (net of financing fees, debt discount, and OID) Book value Basic shares outstanding (mm) Book value per share Selected income statement items Interest income Interest expense Net interest income Provision for credit losses Net interest income after credit losses Asset management income Other non-interest income / (expense) Total operating expenses Earnings before tax Net income Diluted EPS Selected cash flow items Distributed cash flow (2) FY'17 plan forecast - February 2017 2017E 2018E 2019E $2,854 $7,550 6.29% 0.4% 35.0% 1.61% $3.894 0.42% 0.60% 6.6% 3.9% 4.6x $3,129 25 3,538 350 2,866 621 37.5 $16.54 $235 (172) $63 (8) $55 15 16 (45) $42 $25 $0.61 $54 Source: Osprey management estimates as of February 2017 and September 2017. (1) Includes senior unsecured notes net of capitalized financing fees. (2) Net of warrants/debt discount, OID and capitalized financing fees. $3,171 $8,444 6.87% 0.9% 35.0% 1.73% $3,434 0.53% 0.54% 8.1% 4.8% 4.3x $2,873 84 3,364 150 2,692 622 35.0 $17.80 $225 (166) $59 (8) $52 25 20 (46) $51 $30 $0.82 $32 $3,391 $9,193 7.30% 0.6% 35.0% 2.25% $3,249 0.56% 0.51% 11.6% 6.9% 3.6x $2,499 39 2,980 75 2,297 633 32.0 $19.80 $225 (152) $73 (5) $68 33 19 (47) $73 $43 $1.29 $35 Updated forecast - September 2017 2017E 2018E 2019E $1,646 $7,158 6.40% 0.5% 35.0% 1.57% $3,822 0.45% 0.64% 4.3% 2.5% 4.8x $3,522 82 3,838 376 3,141 651 41.5 $15.68 $228 (169) $59 (13) $46 15 12 (46) $28 $16 $0.39 $21 $2,175 $7,830 6.77% 0.8% 35.0% 1.86% $3,629 0.47% 0.63% 7.7% 4.6% 4.5x $3,274 24 3,508 80 2,835 630 37.2 $16.94 $238 (171) $67 (9) $59 19 21 (49) $49 $29 $0.73 $53 $2,584 $8,349 7.10% 0.6% 35.0% 1.97% $3,031 0.53% 0.60% 8.1% 4.8% 3.0x $2,467 24 2.661 1,958 661 37.5 $17.65 $209 (149) $60 $55 27 20 (50) $53 $31 $0.83 $3 L I 2017E ($1,208) ($392) 11 bps 9 bps 0 bps (4 bps) ($72) 3 bps 4 bps (235 bps) (140 bps) 0.2x --$394 57 300 275 30 4.0 ($0.86) ($7) 4 (57 ($9) ($14) ($9) ($0.23) ($33) 1 Revised in line with 8/2/17 public guidance Variance 2018E ($996) ($614) 1 (10 bps) T5 Tops) 0 bps 12 bps ST95 (6 bps) 9 bps (39 bps) (23 bps) 0.2x $401 760) 144 (70) 143 -8 2.3 ($0.87) $13 (5) ($1) ($0.08) 2019E $22 ($807) ($844) (20 bps) 8bps 0 bps (28 bps) -7$218) (4 bps) 9 bps (355 bps) (209 bps) (0.7x) ($33) 715) (319) (75) (339) 28 ($2.15) ($17) 3 ($13) 1 ($12) ($1)__($12)__ ($0.46) ($20) ($32) J Confidential 29 Ⓒ Credit Suisse Group AG and/or its affiliates. All rights reserved
View entire presentation