Bank of America Investment Banking Pitch Book
Gross Margin
Overhead Distribution
Underground Distribution
Transmission
Substation
Truck Fabrication
Storm
T&D Gross Margin
Engineering and Siting
Klondyke (Union Construction)
Pine Valley (Union Construction)
International
New Opportunities
Gross Margin
Gross Margin (%)
Overhead Distribution
Underground Distribution
Transmission
Substation
Truck Fabrication
Storm
T&D Gross Margin
Engineering and Siting
Klondyke (Union Construction)
Pine Valley (Union Construction)
International
Appendix
Review of Projections - Gross Margin
2012A
$28.8
8.5
12.8
2.1
0.0
23.8
$76.0
$7.1
6.0
2.0
(0.0)
$91.7
2012A
New Opportunities
Gross Margin
Source: Pioneer Forecast and August 2013 Management case. Note: Dollars in millions.
9.8%
13.2%
18.1%
6.6%
0.9%
33.7%
14.0%
10.3%
14.3%
10.6%
(0.0%)
13.4%
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2013A
$27.2
12.0
18.0
3.5
100
88.8
$130.2
$13.4
9.0
(3.4)
(2.0)
$147.2
2013A
10.0%
17.4%
20.3%
10.1%
2.9%
44.0%
20.6%
8.6%
9.0%
(14.1%)
(31.8%)
16.0%
12
2014E
$32.8
12.0
20.5
3.0
OW
Fiscal Year Ending June 30,
2015E
0.3
19.2
$87.7
$15.0
1.7
(0.1)
$108.9
2014E
10.4%
17.9%
22.3%
3.8%
40.9%
15.6%
9.6%
8.4%
4.1%
74.2%
$38.3
12.0
22.6
3.9
13.4%
15.0
$89.8
Fiscal Year Ending June 30,
2015E
$19.9
7.5
5.1
7.8
$130.0
11.6%
17.9%
22.3%
11.4%
30.0%
15.9%
11.7%
12.5%
12.1%
2016E
15.9%
14.7%
$39.5
13.2
24.9
4.2
15.0
$96.8
$24.2
8.5
32.2
$168.3
2016E
11.9%
17.9%
22.3%
11.9%
30.0%
16.0%
12.9%
13.0%
13.0%
15.2%
15.0%
2017E
$42.5
14.3
20.8
4.5
15.0
$103.1
$26.4
7.8
38.2
$182.9
2017E
12.2%
17.9%
22.3%
12.0%
30.0%
16.2%
13.0%
13.5%
13.5%
15.9%
15.3%
2018E
$45.4
15.0
28.2
4.7
15.0
$108.3
$27.7
10.5
8.4
35.8
$190.7
2018E
12.4%
17.9%
22.3%
12.0%
30.0%
16.3%
13.0%
14.0%
14.0%
15.9%
15.4%
Bank of America
Merrill LynchView entire presentation