Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
Ferdinand Enterprise Value Bridge
($ in millions)
Price per Share
Diluted Shares Outstanding
Fully Diluted Equity Market Capitalization
Net Debt
(+) Debt
(-) Cash and Marketable Securities
Total Net Debt
Enterprise Value Before Adjustments
Enterprise Value Adjustments
(-) Investments (Using Cost Accounting Method)
(-) Investments (Using Equity Accounting Method)
(+) Contingent Liabilities (Earnouts from Acquisitions to Date)
(+) NPV of Existing TRA¹
Enterprise Value With Non-Transaction Adjustments
Transaction Adjustments
(+) NPV of TRA Triggered by Change of Control
Enterprise Value With All Adjustments
As of 30-Sep-2022
Standalone
Value
$31.51
85.1
$ 2,681
$ 2,439
(129)
$ 2,310
$4,991
$(20)
(10)
189
138
$ 5,288
$5,288
Transaction
Value
$ 50.00
85.1
$ 4,254
$ 2,439
(129)
$2,310
$6,564
$(20) Includes Smart Asset
(10)
189
138
$6,861
$ 156
$7,017
INVESTMENT BANKING
DIVISION
CONFIDENTIAL
Per Earnings Supplement / Principal Outstanding
Per Balance Sheet
Comments
Includes Osbourne Partners and Beryllus
Source: Management, Company filings, CapIQ. Market data as of 30-Sept-2022.¹ Debt not pro forma for current financing that is in-market.
Per 9/30/2022 Balance Sheet
Stone Point and 5 NEOs comprise 19%
GS estimate based on management provided estimates
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