Bank of America Investment Banking Pitch Book
Preliminary Valuation Considerations
Summary of Financial Projections - Base Case
Income Statement:
Non-storm-related Services Revenue
96 Growth
Storm-related Services Revenue
96 Growth
New Opportunities Revenue
96 Growth
Total Revenue
% Growth
Gross Profit
96 Margin
EBITDA
%6 Margin
Memo: EBITDA (Excl. New Opportunities)
EPS
Cash Flow:
D&A
96 of Revenue
Capital Expenditures, Gross
96 of Revenue
Business Acquisitions
96 of Revenue
2009A
$461
$153
$613
$110
18.0%
$96
15.7%
$96
$0.94
Source: Pioneer Base Casa as of April 9, 2014.
Note: Dollars in millions, except par share figures.
(1) FI2014E estimates adjusted to reflect actual q3 FY2014 results.
9
$37
6.0%
$27
$25
2010A
$457
(0.7%)
$48
9.596
$47
$65
(69.5%) 38.4%
$22
$504
$594
(17.896) 17.8%
522
$36
7.1%
Historical
$18
3.596
2011A
$15
$529
15.7%
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($0.41) $0.04
$68
11.4%
$48
8.0%
$48
$38
$19
3.296
$0
2012A
$615
16.1%
$71
9.3%
$685
15.4%
$92
13.4%
$64
9.4%
S64
$0.31
$38
5.6%
$34
$17
2.5%
Fiscal Year Ending June 30,
2013A I 2014E
$763
24.1% I
1
$156
121.0%
-
$919
34.1%
$1.03
$103
$147
16.0% I 12.7%
I
$739
(3.196)
$74
1 (52.796)
$110
$69
11.9% I 8.5%
$110
$69
4.5%
I
I
$41 I
$40
$70
$813
(11.5%)
$41
I 5.096
1
1
1
I
I
$0.38
$31
3.995
Pioneer Base Case
2015E
$764
3.396
$75
1.896
$32
NM
$871
7.1%
$118
13.6%
$81
9.3%
$79
$0.59
$41
4.796
$29
3.3%
2016E
$826
8.296
$75
0.096
$54
67.2%
$136
14.2%
$97
10.2%
591
$0.88
$41
2017E
$955 $1,010
9.796
5.8%
$53
5.696
$882
6.796
$75
0.096
$54
0.096
$146
14.4%
$103
10.2%
$96
$1.02
$40
$41
4.196
2018E
$926
12.0%
$75
0.096
$49
(8.496)
$1,050
10.0%
$154
14.6%
$109
10.3%
$102
$1.14
$40
3.896
$45
4.3%
Bank of America
Merrill Lynch
'11-'13A
CAGR
20.0%
55.4%
NA
24.4%
47.2%
51.8%
51.8%
NM
45.4%
L
13A-18E '
CAGR
3.9%
(13.6%)
NA
2.7%
0.996
(0.2%)
(1.59%)
(0.9%)
T
I
2.1%
I
I
2.2% i
T
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