Credit Suisse Investment Banking Pitch Book
CREDIT SUISSE DOES NOT PROVIDE ANY TAX ADVICE | MATERIALS ARE PRELIMINARY AND SUBJECT TO FURTHER CHANGE AND DEVELOPMENTS (WHICH MAY BE MATERIAL)
Hypothetical impact of selected provisions in proposed tax legislation
Illustrative Osprey standalone financial summary sensitivity (incl. transaction w/termination)
($ in millions)
Earnings before tax
Osprey management September 2017 forecast
Implied pro forma forecast
Variance-$/%
Net income
Osprey management September 2017 forecast
Implied pro forma forecast (¹)
Variance - $ / %
Book value
Osprey management September 2017 forecast
Implied pro forma forecast (¹)
Variance - $/%
After-tax ROAE
Osprey management September 2017 forecast
Implied pro forma forecast (¹)
Variance-bps
Distributed cash flow (2)
Osprey management September 2017 forecast
Implied pro forma forecast (¹)
Variance - $ / %
Dividend payout ratio
Osprey management September 2017 forecast
Implied pro forma forecast (¹)
Variance- pts
Warrants outstanding (mm)
Osprey management September 2017 forecast
Implied pro forma forecast (¹)
Variance - #/%
Source: Osprey management.
Note: Credit Suisse does not provide any tax advice.
(2)
(3)
2018E
$49
29
($20) / (41%)
$29
10
($19) / (67%)
$630
611
($19) / (3%)
Fiscal year ending 12/31
2019E
(300)bps
4.5%
1.5%
$53 (3)
39
($14) / (26%)
22pts
Includes impact of selected provisions in proposed tax legislation outlined on prior slide.
Includes share repurchases and ordinary dividends.
Includes $50 million of share repurchases.
11.0%
33.2%
12.161
12.161
$53
53
$31
37
$6/19%
$661
645
($16) / (2%)
4.8%
5.9%
106bps
$3
6
$3/97%
9.6%
16.0%
6pts
12.239
12.316
0.077/1%
2020E
$69
69
$41
48
$8/19%
$702
689
($13) / (2%)
6.0%
7.2%
127bps
$3
7
$4/ 126%
7.4%
14.1%
7pts
12.319
12.500
0.181/ 1%
Selected commentary
Based on incremental net
income, implies payback period
greater than three years to
offset approximately $20
million in estimated fees
associated with terminating
GSO/ First Eagle transaction
■ Incremental potential dilution
(increase in warrants
outstanding) resulting from
incremental dividend
distributions
- Based on indenture for FSIC
warrants outstanding
Confidential
9
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