PJT Partners Investment Banking Pitch Book
Implied TEV/FY2017E EBITDA Multiple at Various Offer Prices
Based on FY2017E EBITDA (Pre-SBC) Multiples
EXCLUDING NPV OF TAX SYNERGIES
Solar Adj. EBITDA
$450
$475
$500
$510
$525
$550
$560
Offer Price Per Solar Class A Share (¹)
$31.00
$33.00
9.3x
9.8x
8.8x
9.3x
8.4x
8.8x
8.2x
8.7x
8.0x
8.4x
7.6x
8.0x
7.5x
7.9x
$29.00
8.8x
8.3x
7.9x
7.8x
7.5x
7.2x
7.1x
$35.00
10.3x
9.8x
9.3x
9.1x
8.8x
8.4x
8.3x
FY2017E EBITDA (Pre-SBC)
FY2017E EBITDA (Pre-SBC) [*]
FY2017E EBITDA (Pre-SBC) including $35mm of cost synergies
FY2017E EBITDA (Pre-SBC) [*] and including $35mm of cost synergies
INCLUDING NPV OF TAX SYNERGIES(2)
Solar Adj. EBITDA
$450
$475
$500
$510
$525
$550
$560
Confidential
Offer Price Per Solar Class A Share (¹)
$31.00
$33.00
7.8x
8.3x
7.4x
7.8x
7.0x
7.4x
6.8x
7.3x
6.7x
7.1x
6.3x
6.8x
6.2x
6.6x
$29.00
7.3x
6.9x
6.5x
6.4x
6.2x
5.9x
5.8x
Source: Capital IQ and Bloomberg.
Note: Market data as of 5/20/16. Analysis shows implied TEV/FY17E multiples of Solar at various prices upon closing. Valuation includes Lunar ownership in Solar,
(1) Offer value of cash and stock consideration only. Excludes value of warrants. Includes 10% premium for Solar Class B stock.
(2) Assumes $693mm total value of tax synergies based on run rate tax benefit of $60mm discounted at Lunar's cost of equity (8.7%).
$35.00
8.8x
8.3x
7.9x
7.7x
7.5x
7.2x
7.0x
PJT Partners
3
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