Credit Suisse Investment Banking Pitch Book
3 Discounted cash flow analysis - excluding tax benefits
($ in millions, except per share amounts)
Revenue
% growth
EBITDA (1)
% margin
(-) Depreciation
EBIT
(-) Taxes
% tax rate
NOPAT
(+) Depreciation & amortization
(-) Capital expenditures
(-) Change in working capital
Unlevered free cash flow
Sensitivities
Discount
rate (%)
(1)
(2)
13.0%
14.5%
16.0%
Source:
Note:
2.0%
($88)
414
$326
127.0%
59
$384
268.550
$1.43
($100)
321
$221
145.5%
59
$279
265.758
$1.05
($111)
253
$142
178.2%
59
$201
265.295
$0.76
2022A
$69
($107)
(154%)
Perpetuity growth rate
3.0%
($88)
455
$367
124.0%
59
$426
269.648
$1.58
($100)
349
$249
140.4%
59
$307
266.093
$1.15
($111)
273
$162
168.8%
59
$220
265.358
$0.83
2023E
$101
45%
($116)
(115%)
(4)
($119)
29%
($119)
4
(2)
(15)
($133)
2024E
$168
67%
($100)
(59%)
($111)
296
$184
(5)
($104)
29%
($104)
5
(4)
(0)
($104)
2025E
$282
68%
($59)
(21%)
(5)
($64)
29%
($64)
5
(5)
(5)
($68)
Equity value per share
2026E
$436
54%
($7)
$243 Equity value
265.440 Fully diluted shares
$0.92 Equity value per share
(2%)
(6)
($13)
4.0%
($88) Present value of cash flows
506
Present value of terminal value
$418
Enterprise value
121.1%
PV of terminal value as % of enterprise value
Corporate Adjustments (2)
59
$476
Equity value
271.880 Fully diluted shares
$1.75
29%
($13)
6
(5)
(3)
($14)
($100)
PV of cash flows
382
PV of terminal value
$282
Enterprise value
135.6% PV of terminal value as % of enterprise value
(2)
59 Corporate Adjustments
$341
Equity value
267.275 Fully diluted shares
$1.27 Equity value per share
PV of cash flows
PV of terminal value
Enterprise value
160.3% PV of terminal value as % of enterprise value
59 Corporate Adjustments (2)
Calendar year ended
2027E
2028E
$639
47%
$67
10%
(8)
$59
(17)
29%
$42
8
(8)
(10)
$32
$767
20%
$93
12%
(9)
$83
(24)
29%
$60
9
(9)
(16)
$45
■
2029E
$882
15%
$120
-
14%
(11)
$110
(31)
29%
$78
11
(10)
(15)
Assumptions
$65
2030E
$970
10%
$148
15%
(12)
$136
(39)
29%
$97
12
(11)
(12)
$87
2031E
$1,043
8%
$176
17%
(13)
$163
(46)
29%
$116
13
(12)
(10)
$107
2032E
$1,095
5%
$202
18%
(13)
$188
Company filings, Bravo management.
Fully diluted shares based on current shares of 322.2m, including 242.5m common shares outstanding, 20.2m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx
warrants. Common shares outstanding include 2.9m unvested RSAS. Stock options exclude 1.1m of Bravo CEO's unvested performance-based options. Assumes a treasury stock method for purposes of
Burdened by SBC.
calculations.
Assumes Bravo cash balance as of 12/31/22 per Bravo management. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40 cash offer per share.
(54)
29%
$135
13
(13)
(8)
$127
Mid-year discounting convention
Terminal
2033E
$1,128
3%
$226
10-year DCF discounted to 12/31/2022
20%
(14)
$212
(60)
29%
$152
14
(14)
(7)
$145
'23E-¹32E
CAGR
30%
▪ Assumes unlevered free cash flow projections
discounted using assumed 13.0%-16.0% WACC
▪ Assumes 2.0% -4.0% terminal value perpetuity
growth rate per Bravo management
ΝΑ
▪ Assumes tax rate of 29.0% per Bravo management
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