Goldman Sachs Investment Banking Pitch Book
Goldman
Sachs
WACC
WACC
Discounted Cash Flow Analysis
Base Case
($ in millions)
Implied Enterprise Value (incl. Tax Adjustments)
Terminal P/E Multiple (NTM)
8.5 x
9.0 x
8.750 %
9.875%
11.000 %
8.750 %
9.875%
8.0 x
11.000 %
$ 7,124
6,737
6,376
8.0 x
$ 1,132
1,052
$ 7,419
980
7,020
6,646
Implied Enterprise Value Attributable to Tax Adjustments¹
Terminal P/E Multiple (NTM)
8.5 x
9.0 x
$ 1,132
1,052
$7,714
980
7,302
6,917
$ 1,132
1,052
9.5 x
980
$8,009
7,584
7,187
9.5 x
$ 1,132
1,052
980
10.0 X
$ 8,304
7,867
7,457
10.0 x
$ 1,132
1,052
980
WACC
WACC
8.750 %
Implied Equity Value Per Share (incl. Tax Adjustments)
Terminal P/E Multiple (NTM)
8.5 x
9.0 x
9.875%
11.000 %
8.750%
9.875%
8.0 x
11.000 %
$51.26
46.71
42.47
8.0 x
$ 13.31
12.36
$ 54.73
11.51
50.03
45.64
$ 13.31
INVESTMENT BANKING
DIVISION
12.36
11.51
$ 58.19
53.35
48.82
Implied Equity Value Per Share Attributable to Tax Adjustments¹
Terminal P/E Multiple (NTM)
8.5 x
9.0 x
$ 13.31
CONFIDENTIAL
12.36
11.51
9.5 x
$61.66
56.67
52.00
9.5 x
$ 13.31
12.36
10.0 x
11.51
$ 65.13
59.99
55.17
10.0 x
$ 13.31
12.36
11.51
Source: Ferdinand Management, received 28-Nov-2022. Note: Capital deployment includes earnouts, Mid-year discounting used.
Tax adjustments represent the tax benefits of intangible assets, including goodwill, associated with deductions allowed for tax amortization of intangible assets in the respective periods based on a pro
forma 27% income tax rate.
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