Bank of America Investment Banking Pitch Book
Preliminary Valuation Considerations
Selected Publicly Trading Companies
(3)
(3)
Price as of 4/25/2014
11
Price as % of 52 Wk High
Price as % of 5.2 Wk Low
Market Value
Enterprise Value
Moody's Credit Rating
EV/CY 2014E EBITDA
EV/CY 2015E EBITDA (2)
Price / CY 2014E Earnings
Price / CY 2015E Earnings
LT EPS Growth Rate
(2)
(2)
Net Debt / CY 2014E EBITDA
Net Debt / CY 2015E EBITDA
Source: Company filings and FactSet as of April 25, 2014.
Note: Dollar amounts in U.S. milions capt per share amounts.
Pioneer
$9.98
62.6%
114.4%
$324
$542
ΝΑ
7.0x
NA
18.2x
NA
2.8x
(3) 1
1
NA
MYK
CHAU
$24.12
88.4%
127.9%
$530
LOX For more investment banking materials, visit www.10xebitda.com
$454
NA
5.4x
5.0x
15.7x
14.3x
8.1% --
(0.9x)
(0.9x)
U
CMILGROE
$11.37
87.1%
185.5%
$583
$817
83
5.8x
14.2x
10.3x
1.9x
1.7x
KO
AEGIONY.COM
$23.91
93.9%
124.9%
$948
$1,196
NA
8.1x
7.3x
15.0x
12.6x
15.0%
1.6x
1.4x
$31.21
91.8%
173.5%
$1,104
$1,513
Ba2
7.5x
NA
21.7x
ΝΑ
14.5%
2.0x
ΝΑ
Enterprise Value = Market Value of Equity +Short-term Dabt +Long-term Debt + Preferred Equity + Minority Interest-Cash and Morlatable Securities.
Estimates obtained from Wall Straat rasearch and calendarized when necessary
Based on Wall Streat research.
Excluding Pioneer.
EMCOR MasTec
$45.28
94.3%
127.3%
$3,075
$3,003
Bal
8.1x
7.2x
17.6x
15.0x
13.1%
(0.2x)
(0.2x)
$40.76
91.0%
154.0%
$3,212
$4,010
Ba2
7.7x
6.8x
17.8x
14.7x
16.2%
1.5x
1.3x
OLANTA
dentis
$35.20
94.1%
139.4%
$7,649
$7,169
WR
9.1
7.6x
19.4x
16.5x
12.5%
1
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Bank of America
Merrill Lynch
Mean (4)
1
1
6.6x
17.4x
13.9x
13.2%
0.7x
0.5x
Median (4) I
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17.6x
14.Ex
13.8%
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