Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
> Management Financial Projections
(Cont'd)
(US$ in millions)
☐IBES estimates indicate that Wall Street research analysts have different expectations regarding Opal's financial
outlook than are suggested by the 9/21 Case financial projections
- Analysts expect little to no revenue growth in FY2014 and FY2015 and have lower EPS projections than the 9/21
Case financial projections
Revenue
Revenue Growth
PRELIMINARY CONFIDENTIAL DRAFT-SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW
INVESTMENT BANKING
DIVISION
Operating Income
% Margins
EPS
% Difference
Source: Management and IBES
FY2013
$ 57,490
(7.4)%
$ 3,999
7.0%
$ 1.70
9/21 Case
FY2014 FY2015
$ 59,933 $ 63,232
4.2%
5.5%
$ 4,188
7.0%
$ 1.84
$ 4,851
7.7%
$ 2.20
Opal IBES Estimates
FY2013 FY2014 FY2015
$ 57,443 $ 58,001 $ 57,143
(7.5)%
1.0 % (1.5)%
$ 4,029
7.0 %
$ 1.74
$ 4,099
7.1 %
$ 1.80
$ 4,001
7.0%
$ 1.79
IBES less 9/21 Case
FY2013 FY2014 FY2015
$(47)
$(1,932)
$(6,089)
(0.1)%
(3.2)%
(7.0)%
$ 30
0.0 %
$ 0.04
2.4%
$(88)
0.1%
$(0.04)
(2.2)%
$(850)
(0.7)%
$(0.41)
(18.6)%View entire presentation