Bank of America Investment Banking Pitch Book
Potential Strategic Buyer Affordability Analysis
Estimated Willingness to Pay of Other Potential Buyers
Offer Considerations
28
Transaction
Statistics
Pro Forma
EPS Impact
Acquiror Standalone
Statistics
Pro Forma Leverage
Statistics
Offer Price Per Share
Premium to Current
Transaction Value (
Trans. Value / CY2014E EBITDA
CY2015E % Accretion / (Dilution) - $
CY2015E % Accretion/(Dilution) - %
Pre-tax Synergies (Cushion) to Breakeven - $
CY2016E % Accretion / (Dilution) - $
CY2016E % Accretion/(Dilution) - %
Pre-tax Synergies (Cushion) to Breakeven - S
CY2014E EV / EBITDA
CY2014E P/E
2015E FFO/Debt
2015E Debt/Total Capitalization
2015E Debt / EBITDA
Credit Rating
PF Debt/Total Capitalization
PF 2015E Debt/ EBITDA
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$10.98
10.0%
100% Cash
$542
7.2x
$0.07
3.3%
($26)
$0.12
5.3%
($46)
11.4%
0.6x
QUANTA
SERVICES
9.1x
19.4
NM
0.1%
0.0x
--/--
$12.48
25.0%
$592
7.9x
$0.06
2.8%
($23)
$0.11
($42)
12.4%
0.7x
MasTec
75% Stock /25% Cash
$10.98
10.0%
$542
7.2x
$0.07
2.5%
($11)
ΝΑ
NA
NA
Source: Pioneer Basa Casa as of April 9, 2014 and FactSet as of April 25, 2014
Note: Dollars in millions Transaction value based on 31.921 million common shares outstanding, 2.887 million options at a strike price of $11.49 per shore and 0.379 milion RSUS, per Fionaar Management and accounted
for using the treasury stock method and as of March 31, 2014. Assumas Guanta Services transaction deot at 5% and MasTac ot 3.73%. Assumas transaction close of June 30, 2014. Assumes 20% write-up of excess
purchase price amortized over 20 years. Excludes synergies.
Excludes transaction fees/working capital. Assumes $182 million of net debt.
Bank of America
Merrill Lynch
46.3%
1.8x
7.7x
17.8
74.5%
44.6%
1.3x
BB/Ba2
$12.48
25.0%
$592
7.9x
$0.03
1.2%
($5)
NA
ΝΑ
NA
45.9%
1.8xView entire presentation