LionTree Investment Banking Pitch Book
Preliminary Liquidity Analysis - Subject to Further Diligence
(Smm, unless indicated)
Saturn EBITDA
Luna EBITDA
EBITDA Synergies
Total EBITDA
Less: Capex
Less: Investment in Film and TV, Net of Amort.
Less: Working Capital
Less: Other Adjustments
Unlevered Pre-Tax FCF
Less: Pro Forma Interest
Less: Pro Forma Taxes
Free Cash Flow
Less: Dividend
Post-Dividend Cash Flow
Ending Net Debt
Ending Net Leverage
Lion Tree
Calendar YE Dec. 31,
2016
2017
490
229
-
719
(37)
(120)
70
(76)
556
(170)
386
(82)
304
3,507
4.9x
543
260
20
823
(27)
75
(68)
(80)
723
(170)
553
(86)
467
Draft Working Materials - Subject to Change
3,039
3.7x
Source / Preliminary Assumption
612
Per Saturn management
327 As reported by Luna management
40 Subject to further diligence
979
2018
(20) Per Luna and Saturn management plans
(13) Per Luna and Saturn management plans
(97)
Per Luna and Saturn management plans
(67)
782
(170)
612
522
(90) Assumes same dividend per share issued to all pro forma shareholders
2,517
Includes adjustments for acquisition related charges,
restructuring, EMEs, start-up costs and gain on investments
2.6x
Based on preliminary financing structure as described on page 16
Assumes pro forma company pays no taxes through 2018
(subject to further diligence)
23View entire presentation