Bank of America Investment Banking Pitch Book
Revenue
Gross Margin
EBITDA
Fiscal Year 2015E
Overhead Distribution
Underground Distribution
Transmission
Substation
Storm
T&D Revenue
Engineering and Siting
Klondyke (Union Construction)
Pine Valley (Union Construction)
New Opportunities
Total Revenue
Overhead Distribution
Underground Distribution
Transmission
Substation
Storm
T&D Gross Margin
Engineering and Siting
Klondyke (Union Construction)
Pine Valley (Union Construction)
New Opportunities
Gross Margin
Gross Margin Change
G&A Change (New Opportunities)
G&A Change (Other)
D&A Changes within COPS and G&A
Other
EBITDA
Review of Projections
Bridge Between Pioneer Forecast and Aug-13 Management Case
Aug-13
Forecast
$340.4
73.4
98.0
34.0
82.5
$628.2
$164.9
87.2
50.5
$930.8
$41.9
13.1
22.1
24.8
$106.0
$20.4
11.3
$146.1
$106.7
Pioneer
Forecast
LOX For more investment banking materials, visit www.10xebitda.com
$314.1
67.3
101.2
33.7
50.0
$566.3
$170.8
60.0
42.3
48.0
$887.4
536.3
12.0
22.6
15.0
$89.8
$19.9
7.5
5.1
7.6
$130.0
$88.6
Source: Pioneer Forecast and August 2013 Management case.
Note: Dollars in millions. Track Fabrication and International not shown as both forecasts are zero each year..
Variance
($26.3)
(6.1)
3.2
(0.2)
(32.5)
($61.9)
$5.8
(27.2)
(8.2)
48.0
($43.4)
($5.5)
(1.0)
0.5
(0.4)
(9.8)
($16.2)
($0.5)
(3.8)
(3.3)
7.6
($16.0)
($16.0)
(4.3)
0.5
1.7
0.1
($18.1)
4
Notes
Changed to 0% growth over 2014 due to Duke Impact
Changed to 0% growth over 2014 due to Duke Impact
Growth rate of 10% unchanged - growth off higher actual base
Revised down given lower level of storm related activities compared to 2013
Telecom growth and focus change on type of work to pursue
Lack of Az work and few solar opportunties
Lowered growth assumptions based on experience with project losses
Reference "New Opportunities" pages
70 bps lower GM% based on actual performance trend and lower revenue base
10 bps lower GM% on lower base revenue
Revised down given lower level of storm related activities compared to 2013
40 bps lower GM% based on actual performance trend and lower revenue base
450 bps lower GM% based on actual performance trend and lower revenue base
Reference "New Opportunities" pages
Bank of America
Merrill LynchView entire presentation