Bank of America Investment Banking Pitch Book
Introduction
Comparison of March 24 and April 9 Pioneer Forecasts
4
March 24 Forecast
Income Statement:
Non-storm-related Srvcs Rev.
96 Growth
Storm-related Srvcs Rev.
% Growth
New Opportunities Rev.
96 Growth
Total Revenue
96 Growth
Gross Profit
96 Margin
EBITDA
96 Margin
Memo: EBITDA (Excl. New Opps)
EPS
Cash Flow:
D&A
96 of Revenue
Capital Expenditures, Gross
96 of Revenue
Source: Pioneer Management.
2014E
$762
(0.1%)
$60
(61.5%)
$822
(10.5%)
$106
12.9%
$72
8.796
$72
$0.44
$41
5.0%
$31
3.8%
Fiscal Year Ending June 30,
2015E
2016E
2017E
$781
2.5%
$75
25.0%
$32
NM
$888
8.1%
$124
13.9%
$83
$81
$0.64
F12014E estimates adjusted to reflect actual q3 FY2014 results.
$41
4.696
$28
3.2%
$849
8.696
$75
$54
67.2%
$142
14.5%
$98
10.1%
$91
$0.91
$41
4.296
$54
5.696
$908
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$75
$977 $1,036 $1,078
10.0%
6.196
10.3%
$5.4
0.096
$153
14.7%
$104
10.0%
596
$1.03
$40
3.8%
$42
2018E
4.1%
$954
12.4%
$75
0.0%
$49
(8.4%)
$161
15.0%
$108
10.0%
$101
$1.12
$40
3.7%
$45
April 9 Forecast
Income Statement:
Non-storm-related Srvcs Rev.
96 Growth
Storm-related Srvcs Rev.
%6 Growth
New Opportunities Rev.
% Growth
Total Revenue
% Growth
Gross Profit
96 Margin
EBITDA
96 Margin
Memo: EBITDA (Excl. New Opps)
EPS
Cash Flow:
D&A
96 of Revenue
Capital Expenditures, Gross
96 of Revenue
2014E
$739
(3.196)
$74
(52.79%)
--
$813
(11.5%)
$103
12.7%
$69
8.596
$69
$0.38
$41
5.0%
$31
3.995
Fiscal Year Ending June 30,
2015E
2016E
2017E
$764
3.3%
$75
$32
NM
$871
7.1%
$118
13.6%
$81
9.3.96
5.79
$0.59
$41
4.796
$29
3.3%
$826
8.2%
$75
0.0%
$54
67.2%
$955
9.7%
$136
14.2%
$97
10.2%
$91
$0.88
$41
4.3%
$53
Bank of America
Merrill Lynch
5.6%
$882
6.796
$75
0.096
$54
0.0%
$1,010
5.896
$146
14.4%
$103
10.2%
$96
$1.02
$40
3.996
$41
4.196
2018E
$926
12.0%
$75
0.096
$49
$1,050
10.0%
$154
14.6%
$109
10.3%
$102
$1.14
$40
3.896
$45View entire presentation