Bank of America Investment Banking Pitch Book
Executive Summary
Public Market Perspectives
5
Pioneer Public Market Overview
Market Stock Price (8/1/14)
52-Week High (8/5/13)
% of 52-Week High
Diluted Shares (mm) (2)
Equity Value
Plus: Total Debt
Less: Cash & Cash Equivalents
Enterprise Value
Net Debt/CY 2014E EBITDA
CYE December 31,
2014E EBITDA
2015E EBITDA
2014E EPS
2015E EPS
2014E EBITDA
2015E EBITDA
Pioneer
2014E EPS
2015E EPS
Trading Multiples
$76
87
0.53
0.69
Wall Street
Research
$7.96
12.49
63.7%
32.313
$257
238
$78 (+)
89
0.51
0.74
(4)
$491
3.1x
Wall Street Research (3)
6.4x
5.6
15.1
11.5
Pioneer Base Case
Pioneer
Base Case
$7.96
12.49
63.7%
32.771
$261
197
$457
2.5x
5.9x
5.1
15.7
10.8
2014 Stock Price Performance
February 19, 2014
Pioneer receives an
unsolicited indication
interest from Court
Square
Pioneer Stock Price
$12.00
IOX For more investment banking materials, visit www.10xebitda.com
$11.00
$10.00
$9.00
$8.00
$7.00
$6.00 +
Jan-2014
April 14817, 2014
Management conducts
executive presentations for
Court Square, Party A and
Party B
Mar-2014
Source: FactSet as of August 1, 2014 and Pioneer Base Case as of April 9, 2014. Bose Cose 2014 figures updated to reflect revised management estimates as of August 1, 2014.
Note: Dollars in milions, except per shore amounts. Financial metrics calendarized to December 31.
May 6, 2014
Pioneer enters exclusivity
period with Court Square
wh
May-2014
(4) Shores outstanding and options per company filings for Wall Street research and per Pioneer Management for Pioneer Base Case. Options accounted for using the treasury stock method.
(2) Enterprise Value = Market value of Equity + Short-term Debt+Long-term Debt- Cash and Marketable Securities.
(3) Estimates obtained from Wall Street research and calendorized when necessory
(4) FY2014 includes $5 million adjustment related to Loss on Sale and Other Expenses, MSA expenses, Tres Amigas reserves, California Job Losses and Severance. CY2014E includes half of the "55 million adjustment due
to colendorization.
Bank of America
Merrill Lynch
Pioneer Daily Trading
Volume (Thousands)
1,250
- 1,000
750
500
250
.0
Aug-2014
Pioneer:
$7.96View entire presentation