BMO Capital Markets Investment Banking Pitch Book
BMO Capital Markets
Comparison to Future Share Price Analysis
FUTURE SHARE PRICES (31-DEC-24) BASED ON EQUITY RAISE PRICE AND
SETTLED P/ NAV TRADING MULTIPLES
Illustrative Equity Raise Price (C$)
$20.00
$22.50
$25.00
$27.50
$16.42
(Disc.) / Prem.
to HUSP
(Initial
Proposal)
22%
37%
52%
68%
$27.97
(Disc.) / Prem.
to HUSP
(Revised
Proposal)
Illustrative Settled Future
P/NAV Trading Multiple
(29%) $33.60 $36.96 $40.32 $43.68 $47.04
0.50x 0.55x 0.60x 0.65x 0.70x
(20%) $34.58 $38.04 $41.50 $44.95 $48.41
(2%)
(11%) $35.40 $38.94 $42.49 $46.03 $49.57
Source: Turquoise Hill Internal LT Model at street consensus pricing
Note: Assumes US$1.050 mm of equity financing
$36.11 $39.72 $43.33 $46.94 $50.55
ANNUALIZED IRR BASED ON RIO TINTO
OFFER AND FUTURE SHARE PRICES
(9.4%) (5.9%) (2.5%) 0.6% 3.7
(8.3%) (4.8%) (1.4%) 1.8%
4.9%
(7.5%) (3.9%) (0.5%) 2.8% 5.8%
(6.7%) (3.1%)
0.3% 3.6% 6.7%
PROJECT ASTERIXView entire presentation