Bank of America Investment Banking Pitch Book
Appendix
New Opportunities Included in Pioneer Base Case
Opportunity
Opportunity 6
Opportunity 3
Opportunity 4
Opportunity 1
■
1
E
■
■
■
Commentary
Transmission lines out of SCANA, Pioneer providing proposal shortly and
expect to pick up 50-200 miles (modeled 100 miles)
Project would take 2-3 years, leased equipment lowers margins but no capex
required
Contract is being put out to RFP and management has a high degree of
confidence that Pioneer will win the business
Have contract in place and base business in model; upside from ramp up to
run-rate
Gross margins grow from 15% to 18%, capex already in place and in model
Contract in place, have already started work with over 100 people; opportunity
is additional upside
Traditional T&D customer looking for an additional supplier; assume 20%
margin
Working with SVP of Transmission; currently in test with 10 employees
Pioneer Management advised that it was not a finalist for the 7-year MSA
contract but plans to bid for smaller projects with potentially higher margins
Source: Pioneer Management.
Note: Dollars in milions. Assumes new capital expenditures depreciated to pero over ten years.
30
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Revenue
Gross Profit
EBITDA
Capex
Revenue
Gross Profit
EBITDA
Capex
Revenue
Gross Profit
EBITDA
Capex
Revenue
Gross Profit
EBITDA
Capex
Subtotal:
Revenue
Gross Profit
EBITDA
Capex
Forecast Performance
2015E
$18.0
2015E
0.7
$2.0
0.3
0.1
2015E
0371
$7.0
1.0
0.7
4.0
2015E
6104
$5.0
8070
1.0
0.7
4.8
$32.0
4.6
2.3
2016E
$22.5
2.9
1.3
2016E
$2.0
0.3
0.1
2016E
$14.0
2.0
2.2
5.5
2016E
$15.0
3.0
3.5
9.8
$53.5
8.2
7.0
15.3
2017E
Bank of America
Merrill Lynch
$22.5
2017E
1.2
$2.0
2017E
0.1
$14.0
2.0
2.1
2017E
$15.0
3.0
3.4
$53.5
8.2
6.9
0.0
2018E
$18.0
2.3
0.5
2018E
$2.0
'
0.1
2018E
$14.0
2.0
2.1
2018E
$15.0
3.0
3.4
$49.0
7.7
6.1View entire presentation