Credit Suisse Investment Banking Pitch Book
3 Preliminary Bravo standalone financial analyses
Overview of key assumptions:
■ Selected companies analysis:
-
■ Selected transactions analysis:
2.0x-5.0x 2023E Revenue
■ Discounted cash flow analysis:
Source:
Note:
(1)
(2)
4.0x-8.0x 2022A Revenue
13.0% -16.0% WACC
2.0% - 4.0% terminal value
perpetuity growth rate
($ in millions except per share values)
Implied equity value (2)
Implied enterprise value
Implied share price
Implied multiples (EV)
FY 2022A Revenue
FY 2023E Revenue
FY 2024E Revenue
FY 2027E EBITDA
Merger Consideration: $1.40
Metric:
$69 I
r-
|$101
$168
$67
Selected companies Selected transactions
analysis
analysis
($ indicates value per Bravo share)
$260
201
$0.98
$2.03
-
$0.98
2.9x
2.0x
———
1.2x
3.0x
Primary methodologies
Without PIPE financing
$562
504
$2.03
7.3x
5.0x I
3.0x
7.5x
$336
278
$1.26
L
4.0x
2.8x
1.7x
4.1x
$2.20
$1.26
-
-
$614
555
$2.20
8.0x I
5.5x
3.3x
8.3x
Discounted cash flow
analysis incl. tax
benefits w/o S382
limitation
I
$274
216
$1.03
3.1x
2.1x
1.3x
3.2x
$2.09
$1.31
$1.03
$0.80
-
$567
509
$2.09
7.3x
5.0x
3.0x
7.6x
Discounted cash flow
analysis incl. tax
benefits w/ S382
limitation
-
$248
189
$0.93
2.7x
1.9x
1.1x
2.8x
$1.96
With $200m PIPE financing (¹)
$4.12
$1.25
$0.93
$0.75
Reference data
-
-
$533
475
$1.96
6.8x
4.7x
2.8x
7.1x
52-week high / low
(reference only)
Company filings, Bravo management, FactSet as of 3/22/23, IRS bulletin as of 2/23.
Share price based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx warrants.
Common shares outstanding include 2.9m unvested RSAs. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of calculations.
Assumes $200m convertible PIPE with $180m net proceeds, conversion price based on closing price as of 3/22/23 at no conversion premium, 12% PIK rate. Assumes conversion at end of 5-year term.
Per Bravo management, corporate adjustments based on $64m of cash as of 12/31/22. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash
offer per share.
$135
76
$0.51
1.1x
0.8x
0.5x
1.1x
$0.51
$1,201
1,142
$4.12
16.5x
11.3x
6.8x
17.1x
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