Bank of America Investment Banking Pitch Book
Historical Forward FFO Multiples
2014 - 2016YTD
(39)
13 (4)
Since RHO's spin-off, the Company has on average traded at a 0.7x premium to retail peer selected companies. In last six months, until
BOREAS' initial 1/19/16 acquisition proposal announcement, this premium had been declining
25.0x Other retail selected companies"
15.0x
10.0x
RHO P
Delto to retail peer selected companies
Retail peer selected companies
PET
C
5.0x
mar
10-Year
Average
8.1x
15.3x
6/7/2014 8/24/2014
S-Year
Average
9.0x
94x
86
18.0x
Historical Average NTM FFO Multiples
Average
2-Year
Since Spin-off Average
10.0x
10.0x
9.3x
9%
11/10/2014
18.7x
1/2/2014
3/21/2014
Source: SML Financial os of February 22, 2016.
Note: RO shown from Morch 6, 2014 since there were no Woll Street FFO consensus estimates for RO prior to that date
(3) Averages through January 15, 2016.
(2)
Bosed on SW consensus estimates.
1/27/2015
9.2x
10.6x
Retailpeer selected companies include PEI, CBI, and WPG.
Other real selected companies include SPG, GGP, MAC, TCO, and SKT. Shown for informational purposes.
7.8
18.&
1-Year
Average
4/15/2015
I.S
7.3x
7.60
19.1x
6-Month
Average
8.5x
0.5m
7.9x
11.00
6.2
66r
18.2x
7/2/2015
3-Month
Average
8.1x
7.7x
111x
18.4x
On
1/15/2016
6.7x
6.7x
10.1x
17.7x
9/18/2015 12/5/2015
Bank of America
Merrill Lynch
Current
(02/22/2016)
8.8x
6.3x
4.5x
17.3x
Other retail
selected
companies (4)
17.3x
Implied multiple
at BOREAS
proposed
transaction
consideration
9.1x
2/22/2016
RHO
8.8x
Retail peer
selected
companies (3)
6.3xView entire presentation