Perella Weinberg Partners Investment Banking Pitch Book
November 2012, 68 slides
  1. Perella Weinberg Partners
  2. Investment Banking Pitch Books
draft project heat special committee discussion materials partners | Perella Weinberg Partners
agenda draft introduction market perspectives on heat process considerations and next steps | Perella Weinberg Partners
draft i introduction partners | Perella Weinberg Partners
executive summary draft since being engaged by the special committee partners has conducted a detailed analysis of the heat business growth review of the long range plan the recently updated by heat management developed preliminary views on value and value drivers after a successful heat trading performance has come under pressure as decelerating performance overshadowed profitable square footage growth consistent earnings beats and margin expansion of the heat high single digit performance and compelling unit expansion opportunity positioned the company as a high growth retailer earning a premium growth low single digit today the market is awarding heat a multiple consistent with more mature retail peers despite having superior top line prospects and track record of consistent earnings growth and drivers of growth in the plan | Perella Weinberg Partners
executive summary draft based on our work to date we have developed a preliminary view of intrinsic value based on discounted cash flow analysis public market trading value based on comparable companies analysis potential a value based on comparable transaction and premium paid analysis lastly we have developed a framework tor discussion to evaluate your options and key decision points sale leveraged recapitalization other decision points appropriate process | Perella Weinberg Partners
review of proposal draft to to closing price sheet cash retained as financial advisor and as legal advisor final transaction terms subject to approval by the investment committee proposal approved by the approval committee | Perella Weinberg Partners
draft market perspectives on heat partners | Perella Weinberg Partners
heat share price performance since draft bas marron expansion lay conn since i may may flat | Perella Weinberg Partners
heat ratio since draft heat was a its at the mar beat consensus a current ave heat other teen growth teen a high growth on price her at i may missed consensus coop far the companys corse as pasted ton cleat hate | Perella Weinberg Partners
ratio peers since draft current multiple a pressure as heat pasted negative to fay ure | Perella Weinberg Partners
heat peg ratio considerations draft ors | Perella Weinberg Partners
evolution of quarterly store sales draft | Perella Weinberg Partners
wall street research perspectives on the teen sector draft | Perella Weinberg Partners
select analyst commentary draft morgan a lynch heat historical revenue growth rate has been very consistent with a balance new store | Perella Weinberg Partners
impact of heat limited float on trading performance in considering the impact of the pax overhang draft limited float reviewed the following factors average trading volume as a percentage of total shares average daily price volatility since the peer median of daily price volatility cap adjusted | Perella Weinberg Partners
draft ill financial analysis partners | Perella Weinberg Partners
summary of the prepared by management draft a | Perella Weinberg Partners
revenue bridge based on the assumptions draft | Perella Weinberg Partners
draft summary of financial analysis he | Perella Weinberg Partners
equity research price targets draft | Perella Weinberg Partners
illustrative share price trajectory at multiple share price draft share price partners | Perella Weinberg Partners
comparable company considerations teen peers tot sear ate sat as | Perella Weinberg Partners
public trading draft aes a a spat gata a a a selected range fret ers we go fae he ween a | Perella Weinberg Partners
public trading draft fin yas fee we bee a ree i it selected range a bae to false wee an a a ers a a a | Perella Weinberg Partners
relevant sector transactions a he | Perella Weinberg Partners
premiums paid analysis us targets present draft a | Perella Weinberg Partners
discounted cash flow analysis draft a a less taxes ase year | Perella Weinberg Partners
terminal value and perpetuity growth rate considerations draft of terminal multiple sensitivity to annual store openings assuming | Perella Weinberg Partners
discounted cash flow sensitivities analysis draft | Perella Weinberg Partners
potential strategic buyers us draft | Perella Weinberg Partners
potential strategic buyers international draft | Perella Weinberg Partners
leveraged analysis draft | Perella Weinberg Partners
impact of leverage on activity draft average debt multiples of loans | Perella Weinberg Partners
recent leverage in consumer retail draft enterprise value debt debt date announced boy target cry investor group ares i bae ere | Perella Weinberg Partners
potentially interested private equity firms ares bain capital partners draft is | Perella Weinberg Partners
leveraged recapitalization analysis draft shares repurchased pro share price as of net | Perella Weinberg Partners
draft process considerations and next steps partners | Perella Weinberg Partners
committee options and decision points terminate discussions pursue current plan potentially consider a proposal in entertain a proposal now agree on message protocol steps and timing draft pursue a transaction with a agreement process to solicit other buyers dependent on price and evaluation of effectiveness of agreement process post agreement only process market check broad solicitation may be coupled with a go shop pursue a transaction with a post agreement process to solicit other buyers go shop dependent on price and evaluation of effectiveness of post agreement process agreement process partners | Perella Weinberg Partners
summary of go private transactions draft | Perella Weinberg Partners
summary of key terms of go shop provisions of led deals draft | Perella Weinberg Partners
limited examples of successful go shop processes draft | Perella Weinberg Partners
key considerations for the special committee draft is it the right time to pursue a sale of the company at what price today would it make sense to initiate a process of any kind to sell control likelihood of superior offer from other parties company entering critically important selling season valuation impact and management issue time required to complete due diligence announce and close perspective buyer seller and at what price favorable credit conditions currently agreement market check likelihood of higher offer reaction risk and impact of potential leaks limited examples of successful go shop processes perception of as incumbent private equity reluctance to compete against an announced deal with another private equity buyer to support a superior bid | Perella Weinberg Partners
draft appendix partners | Perella Weinberg Partners
analysis at various prices draft | Perella Weinberg Partners
relative operating metrics a margins but is below profit draft bes bee ges so ses cag is soe bes | Perella Weinberg Partners
relative operating metrics observed for he rots beg pet bat a fleas fess file seses my median ose draft ers a see sea be gee as tha a a a pes | Perella Weinberg Partners
relative growth metrics selected peers the i a a average store sales draft retail a a | Perella Weinberg Partners
relative growth metrics selected peers draft a has a zee zat cess me sess fee ary a ses a see a a | Perella Weinberg Partners
industry leverage ghee serra ess a eros a a a i a ase a boa ses a and a a gee ergs me a a car partners | Perella Weinberg Partners
multiple draft toe we moo a heat heat | Perella Weinberg Partners
multiple draft i a a a a a fin be | Perella Weinberg Partners
estimated commerce contribution to total sales selected peers draft a | Perella Weinberg Partners
multiple since draft heat was a at the its a cap of the cones | Perella Weinberg Partners
peg ratio since draft mid cap | Perella Weinberg Partners
| Perella Weinberg Partners
heat research analysts retail coverage universe draft | Perella Weinberg Partners
analyst coverage draft | Perella Weinberg Partners
analysis sensitivities to key assumptions mass store sales growth store sales growth draft | Perella Weinberg Partners
value contribution of canada and commerce operations | Perella Weinberg Partners
leveraged analysis partners | Perella Weinberg Partners
weighted average cost of capital analysis draft as us risk free rate a | Perella Weinberg Partners
shareholder ownership profile draft | Perella Weinberg Partners
overview of go private transactions draft | Perella Weinberg Partners
draft go shop period in recently announced transactions last years averaged days in | Perella Weinberg Partners
debt pricing in recent transactions draft place cas bridal gules party city arrest gon | Perella Weinberg Partners
draft heat institutional shareholder cost basis | Perella Weinberg Partners
comparable company analysis key metrics draft a bank | Perella Weinberg Partners
comparable company analysis key metrics draft high growth peers median i | Perella Weinberg Partners
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