Bank of America Investment Banking Pitch Book
Financial Analyses Summary
52-Week Price Range
RHO Unaffected Stock Price on 01/15/16: $13.49
Low
$13.12
$19.95
LTM Stock Price
Performance
1/14/16
$13.12
Reached on:
High
Wall Street Research"
3/24/15
Informational Reference Points
$22.53
Law
$16.48
Wall Street Research
Analysts'
NAV Estimates
Source: R40 Projections, FoctSet, SML Financial
Note: Ronge rounded to neovest $0.25.
High
Selected Precedent
Transactions
$26.50
Selected Precedent
Transactions
Low
High
Underwritten NC (2006)
$215mm
Cap Rate
6.5%
Implied Price Range
$26.50
Net Asset Value
Low
$21.75
71%
$16.75
High
Underwritten NOI (2005)
NAV
Market Capa
7.5%
Implied terenceRange
$21.75
Discounted Cash Flow
Low
$25%
1.50%
Transaction Consideration: $18.25
$22.00
$15.25
DCF
Discount Rite
High
$75%
Perpetuity Growth
2.00%
Implied Reference Range
$15.25
$22.00
Low
6.5 x
$1.98
Selected Public Companies
$17.75
$12.75
2016E FFQ
Multiples
20160¹
High
90x
$1.98
Bank of America
Merrill Lynch
Implied Reference Range
$12.75
$17.75
Low
60x
$20.75
(EU Includes the variations of MAY estimates: 30 NTM, 2015, and 2016.
(
Reflects caprate implied from WPG/GRT merger. Giren lock of recent MBA activity in mall sector and limited comparability, the selected precedent transaction is not relevant and is shown for informational purposes only.
Based on closing prices.
Besed on RHO Projections.
$14.75
2017E FFO
2017EITO**
High
$2.45
Implied Reference Range
$14.75View entire presentation