Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs Summary of Financial Analyses
Illustrative Valuation
Base Case Assumptions
For Reference
Current vs. 23-Nov-2022 Special Committee Meeting
Financial Analyses
1 Discounted Cash Flow
2
3
Present Value of
Future Share Price
Historical M&A
Premia Analysis
52-Week Trading Range
Analyst Price Targets
Public Company Trading
Illustrative Price per Share¹
$ 42.47
$ 42.35
$65.13
$64.85
$ 35.60
$ 34.48
$40.50
$41.32
$30.65
$ 30.65
$36.00
$36.00
$37.21
$38.861
Current Share Price: $36.78 1
$57.60
$ 55.59
$55.68
$56.81
$ 61.24
$ 67.42
$57.00
$ 57.00
$66.89
$66.19
Comments
Current analysis reflects updated projections and valuation
assumptions, including implied TRA and share count based on
$50 (current offer) vs. $45 (23-Nov-2022) purchase price
■ WACC: 8.75-11.00% ( current) vs. 9.00-11.00% (23-Nov-2022)
Based on updated share price / share count from latest
projections
■Cost of equity: 13.5% (current) vs. 13.9% (23-Nov-2022)
■ Risk free rate: 3.73% (current) vs. 4.14% (23-Nov-2022)
■ Current High: 28-Dec-2021
■ 23-Nov-2022 High: 23-Nov-2021
INVESTMENT BANKING
DIVISION
■ Share Price: $36.78 (current) vs. $37.53 (23-Nov-2022)
I
CONFIDENTIAL
No change
1 Updated CD&R Offer: $50.00
■2023E P/E Low: 8.4x (current) vs. 9.1x (23-Nov-2022)
☐ 2023E P/E High: 15.1x (current) vs. 15.5x (23-Nov-2022)
23-Nov-2022
Current
Source: Bloomberg, IBES, CapIQ, public filings, Ferdinand Management projections. Market data as of 16-Dec-2022 for current analysis and 21-Nov-2022 for analysis presented on 23-Nov-2022.
Includes value of tax adjustments, which represent the tax benefits associated with deductions allowed for tax amortization of intangible assets based on a pro forma 27% income tax rate. ²Selected
wealth management peers include SCHW, LPLA, AMP, RJF, AMK, SF, BCOR.
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