Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
Future Value of Future
Share Price
$90
$80
$70
$60
$50
$40
$30
$20
8.0x NTM P/E
9.0x NTM P/E
10.0x NTM P/E
EPS
8.0x NTM P/E
9.0x NTM P/E
10.0x NTM P/E
2 Present Value of Future Share Price
Base Case
($ in millions except per share)
Adj. Net Income (excl. Tax Adj.)
Tax Adjustments
Adj. Net Income (incl. Tax Adj.)
Shares Outstanding (mm)
Estimated Future Value of Share Price
9.0x NTM P/E
10.0x NTM P/E
$51.24
$46 46
$41.70
2024E
Implied Future Share Price
8.0x NTM P/E
$66.18
$59.99
$53.80
2025E
2024E
$368
87
$455
87.35
88.15
88.84
$ 5.21
$ 5.16
$ 5.12
2023E
$41.70
$46.48
$51.24
$86.91
$78.71
$70.51
CD&R Offer:
$50.00
Current Share Price:
$36.78
-8.0x NTM P/E
2025E
$ 502
107
$609
90.55
91.35
92.00
$6.72
$6.67
$6.62
2024E
$53.80
$59.99
$66.18
-9.0x NTM P/E
2026E
$ 692
129
$ 822
93.21
93.93
94.53
$8.81
$8.75
$ 8.69
2025E
Present Value of Future
Share Price
$70.51
$78.71
$86.91
$90
$80
$70
$60
$50
$40
$30
$20
Estimated Present Value of Future Share Price
CD&R Offer:
$50.00
$43.75
$39.68
$35.60
2024E
-10.0x NTM P/E
$49.78
$45-13
$40.47
INVESTMENT BANKING
DIVISION
2025E
CONFIDENTIAL
$57.60
$5217
$46.74
Current Share Price:
$36.78
Discounted at Cost of Equity of 13.5%¹
Source: Ferdinand Management projections, Capital IQ. Market data as of 16-Dec-2022.
Note: Present value includes the projected future share price based on the assumed range of NTM P/E multiples discounted to 30-Sep-2022. Assumes no dividend payout, in line with Ferdinand
historical patterns. See page 39 for cost of equity build.
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