Bank of America Investment Banking Pitch Book
Introduction
Public Market Perspectives
3
Pioneer Public Market Overview
Market Stock Price (4/25/14)
52-Week High (5/3/13)
% 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
Pioneer
2014E EBITDA
2015E EBITDA
2014E EPS
2015E EPS
Trading Multiples
$77
ΝΑ
0.55
NA
Wall Street Pioneer
Research
$75
89
0.49
0.74
$9.98
15.95
62.6%
32.503
$324
221
(2)
$542
Wall Street Research
7.0x
NA
18.2
ΝΑ
2.8x
Pioneer Forecast
Base Case
$9.98
15.95
62.6%
(3)
32.534
$325
238
$558
3.1x
7.4x
6.3
20.4
13.5
2014 Stock Price Performance
LOX For more investment banking materials, visit www.10xebitda.com
Pioneer Stock Price
$12.00-
$11.50
$11.00.
$10.50-
$10.00-
$9.50-
$9.00-
Jan-2014
my
February 19, 2014
Pioneer receives an
unsolicited indication of
interest from Court
Square
Feb-2014
Source: FactSet as of April 25, 2014 and Pioneer Base Case as of April 9, 2014
Note: Dollars in millions, except per share amounts. Financial matrics calendarized to December 31.
(1) Shares 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 calendarized when necessory
Mar-2014
April 14817, 2014
Management conducts
executive presentations for
Court Square, Party A and
Party B
Bank of America
Merrill Lynch
Pioneer Daily Trading
Volume (Thousands)
1.250
- 1,000
-750
-500
-250
.0
Apr-2014
Pioneer:
$9.98View entire presentation