PJT Partners Investment Banking Pitch Book
Relative Valuation Summary(¹)
Current Weighted Avg.
Weighted Avg. Exchange Ratio at
Exchange Ratio: Offer Price:
0.553x 0.776x
Trading Value
(No Takeover Premium)
CY 2016
Discounted Cash Flow
CY 2017
Precedent Transactions
(Relative to Normalized Trading)
CY2016
Standalone
w/ Operating Savings
w/ Operating & Financial Savings
Trading Range
(For Informational Purposes Only)
52-Week Trading
Analyst Targets
0.000
0.276x
0.330x
0.504x
0.411x
0.376x
0.494x
0.500
0.569x
0.731x
0.647x
1.134x
0.861x
1.000
1.352x
1.342x
1.500
1.561x
1.839x
2.000
Key Assumptions:
Solar Comparable Companies Valuation/
Lunar Normalized Valuation
Low/Low Valuation - High/High Valuation
Solar Comparable Companies Valuation/
Lunar Normalized Valuation
Low/Low Valuation - High/High Valuation
Confidential
Solar Precedent Transactions Valuation/
Lunar Normalized Valuation
Low/Low Valuation - High/High Valuation
Low/Low Valuation - High/High Valuation
Low/Low Valuation - High/High Valuation
2.016x Low/Low Valuation - High/High Valuation
Low-High
Source: Public filings, Lunar Management, Solar Management, Bloomberg and Capital IQ. The Solar Management projections were provided to us by Lunar Management.
Note: Market data as of 6/21/16.
(1) Valuation as of 6/21/16 for comparable companies, precedent transactions and normalized trading analysis. Valuation as of 12/31/16 for DCF analysis. Capital structure
assumptions based on pages 13 and 18.
(2) Includes the value of all savings in Solar valuation.
Low/Low Valuation - High/High Valuation
PJT Partners 23View entire presentation