Credit Suisse Investment Banking Pitch Book
3 Preliminary Bravo standalone financial analyses
Overview of key assumptions:
■ Selected companies analysis:
-
2.0x-5.0x 2023E Revenue
■ Selected transactions analysis:
4.0x-8.0x 2022A Revenue
■ Discounted cash flow analysis:
(1)
(2)
13.0% -16.0% WACC
2.0% - 4.0% terminal value
perpetuity growth rate
Agreement ([3/10]): $1.40
($ in millions except per share values)
Implied equity value (²)
Implied enterprise value
Implied share price
Implied multiples (EV)
FY 2022A Revenue
FY 2023E Revenue
FY 2024E Revenue
FY 2027E EBITDA
Metric:
--
$69 I
I
| $101
$168
$67
Selected companies Selected transactions
analysis
analysis
$260
201
$0.98
2.9x
2.0x
1.2x
3.0x
L
$2.03
$0.98
Primary methodologies
Without PIPE financing
$562
504
$2.03
7.3x
5.0x I
3.0x
7.5x
$336
278
$1.26
r
4.0x
--
2.8x
1.7x
4.1x
$2.20
$1.26
$614 $274
555
216
$2.20 $1.04
8.0x
5.5x
3.3x
8.3x
Discounted cash flow
analysis incl. tax
benefits w/o S382
limitation
-
3.1x
2.1x
1.3x
3.2x
$2.08
$1.26
$1.04
$0.77
7.3x
5.0x
3.0x
7.6x
Discounted cash flow
analysis incl. tax
benefits w/ S382
limitation
I
L
$567
$248
509
189
$2.08 $0.94
2.7x
1.9x
1.1x
2.8x
$1.96
With $200m PIPE financing (¹)
$4.12
$1.20
$0.94
$0.72
Reference data
-
I
$533
475
$1.96
6.8x
4.7x
2.8x
7.1x
Source: Company filings, Bravo management, FactSet as of 3/14/23, IRS bulletin as of 2/23.
Note: Share price based on current shares of 323.3m, including 242.3m common shares outstanding, 21.4m stock options, 19.5m RSUS, 14.8m of Class A common stock warrants, and 25.3m of FedEx warrants.
Common shares outstanding include 2.9m unvested RSAs. Assumes a treasury stock method for purposes of calculations.
Assumes $200m convertible PIPE with $180m net proceeds, conversion price based on closing price as of 3/14/23 at no conversion premium, 12% PIK rate. Assumes conversion at end of 5-year term.
Per Bravo management, corporate adjustments based on $64m of cash as of 12/31/22. Includes $6m value attributable to 9.6m and 5.2m public and private warrants outstanding, respectively, at $1.40
cash offer per share.
52-week high / low
(reference only)
$135
76
$0.51
1.1x
0.8x
0.5x
1.1x
$0.51
-
$1,204
1,146
$4.12
16.5x
11.4x
6.8x
17.1x
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