Bank of America Investment Banking Pitch Book
Executive Summary
Implied Premiums and Multiples of Revised Court Square Offer
3
Offer Price Per Share
Premium to:
Current (8/1/14)
30-Day VWAP
90-Day VWAP
52-Week High (8/5/13)
52-Week Low (8/1/14)
Diluted Shares Outstanding (mm)
Equity Value
Plus: Net Debt (¹)
Transaction Value
EV / LTM Adj. EBITDA (FY'14E)
EV / CY2014E EBITDA**
EV / CY2015E EBITDA
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Pioneer Base Case
Statistic
($mm)
Statistic
$7.96
8.59
9.09
12.49
7.96
$76
78
89
Implied
Multiple
7.8x
7.5
6.6
Pioneer Sensitivity Case
Statistic Implied
($mm)
Multiple
$76
79
98
7.8x
7.5
6.0
$12.00
50.8%
39.6%
32.0%
(3.9%)
50.8%
32.771
$393
196
$589
Bank of America
Merrill Lynch
Wall Street Research
Statistic
($mm)
$70
76
87
Implied
Multiple
8.4x
7.7
6.7
Source: Pioneer Management, public filings and FactSet as of August 1, 2014.
Note: Dollars in millions, except pershare figures. Pioneer fiscal year ands June 30
(2)
(1) Assumes $196.0 million in net debt as of June 30, 2014 based on revised Pioneer Management estimates as of July 29, 2014.
FY2014E financial results for Pioneer Bose Cose and Pioneer Sensitivity Case adjusted to reflect actual results through May as well as preliminary June results as of August 1, 2014. Figures colandorized where appropriate.
Includes $5 million adjustment related to Loss on Sale and Other Expenses, M&A expenses, Tres Amigos reserves, California Job Losses and Severance. CY2014E includes half of the "$5 million adjustment due to
calendarization.View entire presentation