Credit Suisse Investment Banking Pitch Book
Equity value to enterprise value build
Current price
03/14/23
A
B
D
E
F
G
Source:
($ in millions except per share amounts)
Share value
Total Class A common shares outstanding
Total Class C common shares outstanding
Shares converted from outstanding options (WAEP: $0.04)
Shares converted from outstanding options (WAEP: $0.56)
Shares converted from outstanding options (WAEP: $0.98)
Shares converted from outstanding options (WAEP: $1.14)
Shares converted from outstanding options (WAEP: $1.56)
Shares converted from outstanding options (WAEP: $2.76)
Shares converted from outstanding options (WAEP: $3.34)
Shares converted from outstanding options (WAEP: $4.26)
Shares converted from outstanding options (WAEP: $4.75)
Shares converted from outstanding options (WAEP: $8.75)
RSUS
Shares converted from FedEx warrants (WAEP: $1.67)
Fully diluted shares outstanding
Equity Value
(+) Value to public/private warrants
(-) Cash and cash equivalents
Enterprise value
Bravo management, Goodwin as of 2/16/23, Bloomberg as of 3/10/23.
$1.07
236.6
5.8
2.1
1.8
0.0
I
I
19.5
265.8
$284
6
(64)
$226
Potential
offer price
$1.40
236.6
5.8
2.1
2.3
0.0
2.2
19.5
268.5
$376
6
(64)
$317
Commentary
A 236.6m of Class A common shares
Includes 2.9m unvested RSAs
B 5.8m of Class C common shares
F
Class C common shares automatically convert into Class
A common shares on a one-for-one basis in a Change of
Control
Treasury stock method applied to 21.4m total stock options
outstanding with various WAEP
19.5m unvested RSUS
E 25.3m vested FedEx warrants outstanding with WAEP of
$1.67 out of money
Assumes zero cash consideration at closing
Includes $6m value attributable to 9.6m and 5.2m public and
private warrants outstanding, respectively, at $1.40 cash offer
per share.
G $64m cash balance as of 12/31/22
| Draft | 14View entire presentation