Bank of America Investment Banking Pitch Book
Valuation Supporting Details
Preliminary Discounted Cash Flow Analysis for New Opportunities
Opportunity 7
Revenue
26
% Growth
EBITDA
% Margin
Tax-effected EBIT
Plus: Depreciation & Amortization
Less: Capex, Net
Less: Change in Working Capital
Unlevered FCF
2015E
LOX For more investment banking materials, visit www.10xebitda.com
Discount
Rate
8.0%
9.0%
10.0%
$4.3
NA
(S0.2)
ΝΑ
(S0.1)
(0.5)
($0.6)
Fiscal Year Ending June 30,
2016E
2017E
Source: Pioneer Basa Casa as of April 9, 2014.
Note: Dollars in millions. Assumes valuation as of June 30, 2014, mid-year discounting methodology, 40% tax rate and net debt as of June 30, 2014.
Includes present value of 2019 nelaose of $13 million of working capital.
$125.0
2807.0%
$10.8
8.6%
$6.5
(11.9)
($5.4)
Discounted
Cash Flows
¹15E - ¹18E (¹)
$13
12
12
$125.0
$10.5
56.3
(0.9)
$5.4
2018E
$120.8
(3.4%)
$9.6
8.0%
$5.8
0.4
$6.1
Bank of America
Merrill LynchView entire presentation