Bank of America Investment Banking Pitch Book
Public Market Overview
Cu
Pric as
52-Week High (5/3/13)
% of 52-Week High
Diluted Shares Outstanding (mm) (1)
Equity Value
Plus: Total Debt
Less: Cash & Cash Equivalents
Enterprise Value (2)
Debt/2013E EBITDA
CYE December 31,
2014E
2015E
Financial Results (3)
2014E
2015E
Trading Multiples
EV / EBITDA
Wall Street Pioneer
Research
7.3x
NA
Pioneer
$77
NA
co
Appendix
Public Market Perspectives
103
$0.55
NA
PIE
Pioneer
Wall Street
Forecast Research Forecast
8.9x
19.6x
16.0x
5.4
NA
10.7
$10.79
15.95
67.6%
31.888
Average Daily Trading Volume
(Thousands, ADTV)
300
200
100
0
(4)
$344
221
Post-Spike
$562
$0.64
1.01
3-Year Stock Price Performance
(%, Indexed Stock
Price)
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200%
150%
100%
Pre-Spike
Source: Pioneer forecast and FactSet as of March 14, 2014.
Note: Dollars in millions, except per share amounts
(1) Shares outstanding and options per company filings. Options accounted for using the treasury stock method.
(2) Exterprise Value Market Value of Equity+ Short-teru Debt +Long-term Debt + Minority Interest - Cash and Marketable Securities
(3) Estimates obtained from Wall Street research and calendarizad when necessary. Pioneer CY 2015E estimates per BofAML JBK forecast.
(4) Pre-Spike period referring to March 14, 2011 to May 6, 2013 and Post-Spike period referring to May 8, 2013 to Manci 14, 2014.
(5) Parrs including Acgion, Dycom, Emor, Mas Tec, MYR Group, Quanta Services and Willbras Group.
50%
December 4, 2012
Pioneer declares a
special dividend of
$1.00 per share
February 5, 2013
FY2013 Q2 earnings
beat street estimates
13
May 6, 2013
FY2013 Q3 earnings
miss street estimates
wwwww
Mar 11 Jun 11 Sep '11
Jan 12 Apr 12 Ju 12
(Thousands, Daily
Trading Volume)
8,000
May 13, 2013
Pioneer announces
secondary offering of
6.5 million shares of
common stock
6,000
4,000
2,000
Oct 12 Feb'13 May 13 Aug13 Dec'13 Mar 14
Peers (51:
+54.0%
S&P 500:
+42.0%
Pioneer:
+17.7%
Bank of America
Merrill LynchView entire presentation