Credit Suisse Investment Banking Pitch Book
Equity value to enterprise value build
A
B
D
E
F
G
Source:
($ in millions except per share amounts)
Share value
Total Class A common shares outstanding
Total Class C common shares outstanding
Shares converted from outstanding options (WAEP: $0.04)
Shares converted from outstanding options (WAEP: $0.33)
Shares converted from outstanding options (WAEP: $0.91)
Shares converted from outstanding options (WAEP: $0.98)
Shares converted from outstanding options (WAEP: $1.14)
Shares converted from outstanding options (WAEP: $1.42)
Shares converted from outstanding options (WAEP: $2.18)
Shares converted from outstanding options (WAEP: $3.34)
Shares converted from outstanding options (WAEP: $4.75)
Shares converted from outstanding options (WAEP: $8.75)
RSUS
Shares converted from FedEx warrants (WAEP: $1.67)
Fully diluted shares outstanding
Equity Value
(+) Value to public/private warrants
(-) Cash and cash equivalents
Enterprise value
Bravo management, Goodwin as of 2/16/23, Bloomberg as of 3/22/23.
Current price
03/22/23
$1.16
236.7
5.8
1.8
0.8
0.4
0.0
0.2
I
I
19.5
265.1
$308
6
(64)
$249
Potential
offer price
$1.40
236.7
5.8
1.8
0.8
0.6
0.0
2.0
19.5
267.3
$374
6
(64)
$315
Commentary
A 236.7m of Class A common shares
Includes 2.9m unvested RSAs
B 5.8m of Class C common shares
Class C common shares automatically convert into Class
A common shares on a one-for-one basis in a Change of
Control
C Treasury stock method applied to 20.2m total stock options
outstanding with various WAEP
F
Excludes 1.1m of Bravo CEO's unvested performance-
based options
19.5m unvested RSUS
E 25.3m vested FedEx warrants outstanding with WAEP of
$1.67 out of money
- Assumes zero Merger Consideration at closing
Includes $6m value attributable to 9.6m and 5.2m public and
private warrants outstanding, respectively, at $1.40 cash offer
per share.
G $64m cash balance as of 12/31/22
14View entire presentation