Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
Price per Share
Diluted Shares Outstanding (mm)
Diluted Equity Value ($mm)
(+) Net Debt (Smm)
(-) Investments¹
Illustrative Analysis at Various Prices
($ in millions, except per share data)
(+) NPV of Existing TRA²
(+) Contingent Liabilities
(+) NPV of TRA Triggered by Change of Control²
Enterprise Value ($mm)
Premium to:
Closing Price at (16-Dec-2022)
Share Price at Date of Original Letter (14-Sep-2022)
VWAP 30 Days
VWAP 90 Days
VWAP 180 Days
52 Week High (28-Dec-2021)
52 Week Low (20-Oct-2022)
Wgt-Avg Cost Basis for Top 50 Holders
Implied EV/EBITDA
LQA
2022E
2023E
Implied EV/EBITDA
2022E
2023E
Implied P/E
2022E
2023E
Price
$36.78
$ 37.87
37.74
35.04
41.73
61.24
30.65
41.21
Mgmt. EBITDA
$515
531
628
Consensus
EBITDA
$518
564
Consensus
EPS
$4.34
$4.32
$ 42.50
83.8
$ 3,563
$ 2,310
(30)
138
189
124
$ 6,294
16%
12
13 %
21
2
(31)
39
3
12.2 x
11.9
10.0
12.1 x
11.2
9.8 x
9.8
Valuation Range for
Illustrative Purposes Only
$45.00
84.3
$ 3,791
$ 2,310
(30)
138
189
134
$6,533
22%
19
19 %
28
8
(27)
47
9
12.7 x
12.3
10.4
12.6 x
11.6
10.4 x
10.4
Illustrative Range
$ 47.50
84.7
$ 4,022
$ 2,310
(30)
138 1
189
145 I
$6,774 1
T
29%
25
26%
36
14
(22)
55
15
T
13.1 x
12.0
10.9 x
11.0
I
T
t
13.2 x I
12.8 I
10.8
+
J
1
I
Original &
Current Offer
$ 50.00
85.1
$4,254
$ 2,310
(30)
138
189
156
$ 7,017
36%
32
32 %
43
20
(18)
63
21
13.6 x
13.2
11.2
13.5 x
12.4
11.5 x
11.6
INVESTMENT BANKING
DIVISION
I
I
T
+
↓
I
1
I
I
+
1
I
T
1
I
I
CONFIDENTIAL
$52.50
85.5
$4,486
$ 2,310
(30)
138
189
167
$ 7,261
43%
39
39 %
50
26
(14)
71
27
14.1 x
13.7
11.6
14.0 x
12.9
12.1 x
12.2
$ 55.00
85.8
$4,720
$ 2,310
(30)
138
189
179
$7,507
50%
45
46%
57
32
(10)
79
33
14.6 x
14.1
12.0
14.5 x
13.3
12.7 x
12.7
Source: Management, CapIQ, IBES. Market data as of 16-Dec-2022 unless otherwise stated.
Note: 52-week share price ranges represent intraday high/low. Includes Smart Asset, Osbourne Partners, and Beryllus. 2 Based on current management estimates - GS estimates for $42.50, $45.00,
$47.50 and $52.50 per share based on management provided estimates for $50.00 and $55.00 per share.
27View entire presentation