Bank of America Investment Banking Pitch Book
Opportunity
Opportunity
5
Opportunity
6
Opportunity
7
Source: Pioneer Forecast.
Note: Dollars in milions.
■
■
7
■
■
■
Review of Projections
Summary of New Opportunities - Construction Related
Commentary
Regular calls from Duke and others to do E&C work in
Northeast; have deferred to date
View upside as reasonable but no contracts in place at this
time
Transmission lines out of SCANA, Pioneer providing proposal
shortly and expect to pick up 50-200 miles (modeled 100
miles)
Project would take 2-3 years, leased equipment lowers
margins but no capex required
Decision point between now and June 2014
Project in conjunction with Fluor, no contract in place but
"won" the business, waiting on regulatory approval (9-12
months)
Upon approval would start engineering in 2015 and
construction in 2016; leased equipment so no capex
Commentary based on discussions with Pioneer Management.
Includes add-back of New Opportunities depreciation and amortization, assumed to be 100% attributable to Opportunity 5.
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Revenue
Gross Profit
EBITDA 2
Capex
Revenue
Gross Profit
EBITDA
Capex
7
Revenue
Gross Profit
EBITDA
Capex
Subtotal:
Revenue
Gross Profit
EBITDA
Capex
Total:
Revenue
Gross Profit
EBITDA
Capex
2015E
2015E
Forecast Performance
2015E
1.0
$18.0
2.3
0.7
$4.3
0.6
(0.2)
$22.3
3.0
1.6
0.0
$48.0
7.6
4.3
9.8
2016E
2016E
$12.0
1.8
3.6
5.9
(00)
$22.5
2.9
2.9
2016E
$125.0
15.8
11.6
$159.5
20.6
18.1
5.9
$211.6
32.2
29.1
21.2
2017E
$18.0
2.7
5.9
3.0
2017E
$22.5
50
2.9
2.9
2017E
$125.0
15.8
15.8
$165.5
21.5
24.7
3.0
$227.8
36.2
38.9
3.0
2018E
$24.0
3.6
7.1
3.0
2018E
$18.0
2.3
2.3
2018E
$120.8
15.2
15.2
$162.8
21.1
24.6
3.0
$225.1
35.8
38.9
3.0
Bank of America
Merrill LynchView entire presentation