Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
Terminal Year Projected Future Tax Adjustments INVESTMENT BANKING
DIVISION
Tax Adjustment
Discount Rate
Base Case
($ in millions)
Total Intangibles Amort. For Tax Calculations
Proforma Tax Rate
Discount Factor 2026 YE
PV of Tax Adjustment
Total PV of Future Tax Adj. as of 2026 YE
9.875 %
$1,077
Source: Ferdinand Management, received 28-Nov-2022.
2027E
$ 561
27.0%
$152
0.94
$143
2028E
$ 598
27.0%
$ 161
0.86
$ 139
2029E
$ 595
27.0%
$ 161
0.78
$125
2030E
$ 589
27.0%
$ 159
0.71
$ 113
2031E 2032E 2033E
$575 $ 560 $ 537
27.0% 27.0% 27.0%
$155 $ 151 $145
0.65
$100
0.59
$89
0.54
$78
2034E
$ 503
27.0%
$136
0.49
$ 66
2035E 2036E 2037E
$483 $445 $377
27.0% 27.0% 27.0%
$ 130 $ 120
$102
0.44
$ 58
0.40
$49
0.37
$ 37
2038E
$ 342
27.0%
$92
0.34
$31
CONFIDENTIAL
2039E
$ 279
27.0%
$75
0.31
$ 23
2040E
$ 203
27.0%
$55
0.28
$15
2041E
$ 119
27.0%
$32
0.25
$8
2042E
$34
27.0%
$9
0.23
$2
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