Bank of America Investment Banking Pitch Book
Preliminary Valuation Considerations
Selected Publicly Trading Companies
(1)
(2)
(3)
Price as of 8/01/2014
14
Price as 96 of 52 Wk High
Price as % of 52 Wk Low
Market Value
Enterprise Value
(4)
Moody's Credit Rating
EV / CY 2014E EBITDA
(2)
EV / CY 2015E EBITDA (2)
Price/CY 2014E Earnings
Price / CY 2015 E Earnings
LT EPS Growth Rate
(2)
(2)
Net Debt / CY 2014E EBITDA
Net Debt / CY 2015E EBITDA
Source: Company filings and FactSet as of August 1, 2014.
Note: Dollar amounts in U.S. milions except par shore amounts.
Pioneer
$7.96
63.7%
100.5%
$257
$491
NA
6.4x
5.6x
15.1x
11.5
3.1x
2.7x
1
MYR
$25.11
92.5%
117.6%
IOX For more investment banking materials, visit www.10xebitda.com
$554
$5.00
NA
5.8x
5.4x
16.1x
14.5x
9.7% --
(0.6x)
(0.6x)
GUA
$11.58
85.2%
162.9%
$596
$796
83
6.5x
5.7x
15.0x
10.8x
1.6x
1.4x
AEGION
$23.06
90.5%
120.5%
$886
$1,137
NA
8.3x
7.2x
15.0x
12.3x
13.3%
1.7x
1.5x
DYCOM
$28.12
83.996
118.7%
$995
$1,389
Ba2
7.0x
6.1x
20.5x
15.0x
12.9%
2.0x
1.7x
EMCOR MasTec
$40.82
85.4%
112.6%
$2,782
$2,704
Bal
7.2x
Enterprise Value = Market Value of Equity + Short-tarm Diabt + Long-term Debt + Preferred Equity + Minority Interest Cash and Morlatobla Sacurities.
Estimates obtained from Wall Street research and colendorized when necessary
Based on Wall Street research.
Excluding Pionear.
6.5x
15.Ex
13.7x
12.6%
(0.2x)
(0.2x)
$27.15
61.4%
101.9%
$2,144
$3,034
Ba2
6.7x
5.5x
14.9x
11.0x
12.3%
1.6x
DULITE
SERVIERE
$33.83
91.3% 1
1
132.3%
$7,340
$7,084
WR
9.2x
7.4x
17.1x
14.3x
12.8%
(0.3x)
(0.3x)
1
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1
1
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1
1
I
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Bank of America
Merrill Lynch
Mean (4)
1
7.3x
6.3x
16.3x
13.1x
12.3%
0.9x
0.7x
Median (4) I
1
7.0x
6.1x
15.5x
13.7x
12.7%
1.6x
1.4x
1
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