Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
Summary of Ferdinand Projections (3/3)
Received 28-Nov-2022 - ($ in millions, except per share)
YoY
Growth
YoY
Growth
Tax Adjustments¹
Adjusted Net Income Excl. Tax Adjustments
$ 179
$147
2019A
42.5%
$ 2.38
'19A-'22E CAGR = 27.2 %
$325
$ 233
$ 1.96
2019A
36.8 %
$32
$ 196
2020A
30.4 %
$ 0.42
$ 37
$2.93
$2.46
2020A
23.1%
$ 279
'19A - '22E CAGR = 22.8%
$ 3.92
2021A
$ 0.47
39.8 %
Tax Adjustments Per Share¹
Adjusted Net Income Excluding Tax Adjustments Per Share
$ 3.36
2021A
$ 47
33.8 %
$ 0.56
Adjusted Net Income
$368 $ 64
$ 303
2022E
13.0 %
$4.41 $0.771
$3.64
2022E
12.5%
$ 377
$ 305
2023E
2.4%
Adjusted EPS
$ 4.43
$3.59
2023E
$71
0.5%
$ 0.84
'23E-¹27E CAGR = 29.3 %
$455
$368
2024E
20.9%
$ 5.12
$0.98
$4.14
$ 87
2024E
15.6 %
$ 609
$ 502
2025E
'23E-¹27E CAGR = 25.3 %
33.7%
$6.61
$1.16
$ 5.45
$ 107
2025E
29.1 %
INVESTMENT BANKING
DIVISION
$ 822
$ 692
2026E
34.9%
$8.69
$ 1.37
$7.32
2026E
31.5%
CONFIDENTIAL
$ 129
$ 1,054
$ 902
2027E
28.3 %
$ 10.93
$1.57
$ 9.36
2027E
25.8%
$ 152
Source: Ferdinand Management projections, received 28-Nov-2022. Represent the tax benefits of intangible assets, including goodwill, associated with deductions allowed for tax
amortization of intangible assets in the respective periods based on a pro forma 27% income tax rate.
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