H aronson sample ppt deck

Hez Aronson

Sample Portfolio

0X H.Aronson Samples

YTD PerformancePassenger / Light Truck Sales

PASS & LT ASP

PASS & LT SALES $($ Millions)

MEDIUM TRUCK SALES $($ Millions)

MEDIUM TRUCK ASP

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0.0

50.0

100.0

150.0

200.0

250.0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

'10 Actual '10 Budget '09 PY

0.0

5.0

10.0

15.0

20.0



75.0

90.0

105.0

120.0



150.0

175.0

200.0

225.0

250.0




Company OverviewREVENUES($ Millions)

CURRENT LOCATIONS

COMPANY DESCRIPTION

$54$92

$121

$207

$277

2006 2007 2008 2009 2010E

(1) Family FoundationSource: Financials and map of locations from Company Management

HeadquartersCurrent Office2010 Opening

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$0$2$4$6$8

$10$12$14$16

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

E20

10P

2011

P20

12P

2013

P20

14P

2015

P20

16P

2017

P20

18P

2019

P

EXPENDITURES1999–2019P ($ Billions)

Source: Centers for Services

51%

Spending has grown every year since 1999

9

M&A Transaction Multiples – Diversified Industrials

2 Sector Cyclicality – Deal Valuations

H.Aronson Samples

9.8x

7.7x

9.1x 9.5x

10.9x

12.2x

15.9x

7.7x 7.9x

9.0x

10.8x 10.4x

Pre 2003 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

2009 Investment

@ 3.8x EBITDA

MEDIAN TEV / LTM EBITDA

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$501.6

$33.2

$477.7

$13.8$19.1

($18.6)($5.7)

($19.3)

($46.4)

2008 Actuals Company A Company B Company C Company D Company E Company F Company G 2009 Revenue

2008–2009 Revenue Bridge

2008–2009 REVENUE BRIDGE(U.S. $ Millions)


Title

DEAL VALUE($ Billions)

$295

$685$659

$186

$82

2005 2006 2007 2008 2009

Past

FuturePROTECTED

BUYOUT DEAL VALUE($ Billions)

$137 $176$302 $362

2010E 2011E 2012E 2013E 2014E

$842

$123 $159$272 $326

2010E 2011E 2012E 2013E 2014E

$758

$109 $113 $155 $148$276

2010E 2011E 2012E 2013E 2014E

$96 $86 $104 $87$142

2010E 2011E 2012E 2013E 2014E

$82 $64 $65 $47 $65

2010E 2011E 2012E 2013E 2014E

100%

90%

80%

70%

60%

2005–2009 OVERHANG($ Billions)

Present

Total Buyout Deal Value

$1,906


26.0

%

7.4%

2004A 2009A

0.68%

2004A 2009A

Company Overview

11.4%

4.0% 2.8% 2.4% 1.3%

Co

. A

Co

. B

Co

. C

Co

. D

Co

. E

Before After

2004 RATIO

2.3%

9.6% 8.6% 8.6% 8.0%

Co

. A

Co

. B

Co

. C

Co

. D

Co

. E

2004 CAR

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— June 2004

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18

53

2004A 2009A

24

67

2004A 2009A

DEPOSIT($ Billions)

LOANS($ Billions)

2.8x 2.9x

732

50

2004A 2009A

NET PROFIT ($ Millions)

14.6x

3.5x

ROAERATIO

8.9%

2.3%

2004A 2009A

3.9x

RATIO

11.41%


1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Company A

Company C

Company B

Company D

Company E

201120102009

Progression of Opportunities

Nam liber tempor cum soluta nobis


What is Cap-and-Trade Anyway?

How Does Cap-and-Trade Work? Illustrative Economics ($/MWh)

EMISSIONSCREDITS

Cap-and-trade would set emissions targets for major emitters, who would then have to buy credits to compensate for over-emitting

PAYMENTS Refinery Produces CO2 Over Baseline

Initial Tax Recoveryfrom

MarketPricing

RenewableSubsidies

EmissionCredits

EffectiveTax

Source of Revenue in EuropeNuclear Plant (no CO2)


Building Out of Management Team

VP IT

VP Accounting

FP&A

Tax

Eastern Hemisphere

Lat America

Processing

Dir. Sales Ops

Regional Sales

VP North

VP South

VP East

VP Rockies

VP Supply Chain

VP Manufacturing

Fleet

Prod Equip.

CEO

CFO CHRO SVP International VP Sales COO

Sales

Field Ops

Supply

Product Org.

9= New Positions

9 9

9

9

9

9

9

9

99

9

= New Hires

= To be hired

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VP Compression

Int’l Ops

VP Integrated Services

9

99

Dir. Sales Analysis 9

9Dir Quality

Dir Special Projects

General Counsel

5X H.Aronson Samples 5

Global Organization

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In hendrerit in vulputate

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Area

Area

Area

Area

Area

Area

Area

Area

Area

Area

D

Strategic Footprint

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

Indu

stry

A

B

C

Company C

Company D

Company E

Company BCompany A

8

Energy: Second Derivative and Out of Favor Plays

MOTIVATED SELLER

(Shifting Focus to Liquids-Rich Plays)

LATER STAGE DEVELOPED ASSET

(PV-102 $MM)

$29.51

$11.84

$3.08

$8.60

$40.47

Prior Peak

(05/07)

Mid Cycle

(Median)

Trough

(11/08)

NTE

Signed

(10/10)

Peak

(10/12)

249 287 371 477 729 899

1,201 1,340 1,470

1,619

1,797 1,985

1,450 1,626

1,841 2,096

2,526

2,884

2008 2009 2010 2011 2012 2013E

0%

5%

10%

15%

20%

25%

30%

35%

40%

2000 2003 2006 2009 2012 2015E

USGC 3-2-1 CRACK SPREADS

($ / Barrel)

CRUDE OIL PRODUCTION

(Thousand Barrels / Day)

SHALE PRODUCTION

(As % of Total Natural Gas Production)

CONTRACT SERVICES BUSINESS

1,494

335

Total PV-10:

$1.8B

Existing Production

Undeveloped Value

Jonah Field (WY, Natural Gas)

Eagle Ford Asset

(TX, Oil)

Opportune Timing Oilfield Services Compelling Risk / Reward

H.Aronson Samples

Company 1 Company II Company III

7

0

1

1

2

2

3

3

(5%)

15%

35%

55%

75%

95%

115%

135%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14

UPB

Modeled ROI

Actual ROIROI UPB

Liquidations

H.Aronson Samples

REO

Liq

uid

atio

ns

Short

Sal

e L

iquid

atio

ns

Fir

st L

ien L

iquid

atio

ns

Company 1 Company II Shared

0%

20%

40%

60%

80%

100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14

REO UPB SS UPBOther UPB Modeled ROIActual ROIROI % of UPB

0%

20%

40%

60%

80%

100%

0%10%20%30%40%50%60%70%80%90%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14


0%

20%

40%

60%

80%

100%

0%

20%

40%

60%

80%

100%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14


0

1

2

3

(80%)

(30%)

20%

70%

120%

170%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14

UPBModeled ROIActual ROIROI UPB

0

2

4

6

8

10

0%

10%

20%

30%

40%

50%

60%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14

UPB

Modeled ROI

Actual ROIROI UPB

0

1

2

3

4

5

6

(25%)

(5%)

15%

35%

55%

75%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14

UPB

Modeled ROI

Actual ROIROI UPB

0123456789

(5%)

15%

35%

55%

75%

95%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14

UPBModeled ROIActual ROIROI UPB

0

5

10

15

20

0%

10%

20%

30%

40%

50%

Mar

13

Apr

13

May

13

Jun 1

3

Jul 13

Aug

13

Sep 1

3

Oct

13

Nov

13

Dec

13

Jan 1

4

Feb 1

4

Mar

14

UPB

Modeled ROI

Actual ROIROI UPB

10

4 Fund Perspective

2002 Vintage 2006 Vintage

2008 Vintage 2012 Vintage

Shutdown 14

Companies

A rapidly maturing portfolio

Exited

S-1 Submitted

Public

Company

Company

Company

Company

Company

Company

Company Company

Company

Company

Company

Company

Company

Company

Poised for continued success

19

Companies

Exited

Private

Public

Shutdown

S-1 Submitted

Company Company

Company

Company

Company

Company

Company

Company

Company Company Company

Company

Company

Company

Company

Company

Company

Company

Company Company

Company

Company

Company

Company

Company

Company

Company

Company Company

Company Company

Company

Company

Company

Company

Company

Company

Company Company Company Company

Company

Company

Company

4 Companies

Continuation of a proven

strategy

Private

Expected

Investments

21

Companies

An exciting year for IPOs

Exited

S-I Submitted

Public

Private

Shutdown

Company

H.Aronson Samples

Company

11

Accessing Potential Public Markets – Success Factors

H.Aronson Samples

2

A diversified portfolio, ready to meet changing market directions

Portfolio Diversity

6

INVESTOR DEAL OPS INNOVATION

EXECUTION CHANGE BIG DATA PRICING

DIGITAL GLOBAL MARKETING RECRUITING

Icons

H.Aronson Samples

1 1 H.Aronson Samples

2 2

10 Surprises in 2013

H.Aronson Samples

Weak

Deal

Market 1

Data Challenges

4

Debt Market Amnesia

3

Terms

Shift

6

The Mega Bounce

5

Second Time Around

2

Liquidity Wave

9

The Spigot Problem

10

Co-Invest Phenomenon

7

LP Composition

Shift

8

3 3

We Are an “Industry”

H.Aronson Samples

122 conferences across 25 countries

View from the Top: The Future of America Oct-12 New York City, NY

The Private Equity C-Level Summit Oct-12 New York City, NY

Overseas Private Investment Corporation: Silicon Valley Forum Nov-12 Palo Alto, CA

Canada Private Equity Summit Nov-12 Toronto, ON

Venture Capital Executive Program Dec-12 Berkeley, CA

Strategic considerations and trends for private equity firms Dec-12 New York City, NY

PEI CFO Forum Jan-13 New York, NY

The 5th Annual New Opportunities in the DCIO Market Jan-13 Boston, MA

Energy Investment Forum Jan-13 Austin. TX

Dow Jones Private Equity Analyst Outlook Jan-13 New York City, NY

SuperInvestor 2013 Jan-13 San Francisco, CA

National Family Office Forum Jan-13 Beverly Hills, CA

Wharton Private Equity & Venture Capital Conference Feb-13 Philadelphia, PA

14th Annual Corporate Venturing and Innovation Partnering Conference Feb-13 Newport Beach, CA

Consumer Health and Wellness Innovation Summit Feb-13 Newport Beach, CA

Kellogg Private Equity and Venture Capital Conference Feb-13 Chicago, IL

Harvard Venture Capital & PE Conference Feb-13 Boston, MA

4th Infrastructure Investors Forum (IIF) Americas Feb-13 New York City, NY

UCLA Anderson’s Laurence and Lori Fink Center for Finance & Investments – Annual Private Equity Summit Mar-13 Los Angeles, CA

Investor Dialogue Series Mar-13 San Francisco, CA

Investor Dialogue Series Mar-13 Chicago, IL

Investor Dialogue Series Mar-13 New York, NY

5th Annual Women’s Private Equity Summit Mar-13 Half Moon Bay, CA

Private Equity Summit for Institutional investors Mar-13 San Francisco, CA

Global AgInvesting 2013 Apr-13 New York City, NY

LP-GP Forum: Clean Energy & Sustainability US 2013 Apr-13 New York City, NY

PERE Global Investor Forum Apr-13 Los Angeles, CA

Envirotech & Clean Energy Investor Summit US 2013 Apr-13 New York City, NY

The 10th Annual MIT Sloan Private Equity Symposium May-13 Boston, MA

12th Annual Medtech Investing Conference May-13 Minneapolis, MN

IFC’s 14th Annual Global Private Equity Conference held in association with EMPEA May-13 Washington, DC

PESS – Private Equity Software & Services Showcase May-13 New York City, NY

Canada VCA 2013 Annual Conference May-13 Montreal, QC

Dow Jones Limited Partners Summit May-13 New York City, NY

PEI Responsible Investment Forum Jun-13 New York NY

SuperReturn US 2013 Jun-13 Boston, MA

Valuation of Hard-to-Value Securities and Portfolios Jun-13 New York City, NY

PEI Investor Relations & Communications Forum Jun-13 New York City, NY

Private Equity World Latin America Jun-13 Miami, FL

23rd Annual Venture Capital Investing Conference Jun-13 San Francisco, CA

New Opportunities in the Defined Contribution Jun-13 New York City, NY

Investment Trends Summit Sep-13 Santa Barbara, CA

LAVCA Annual Summit and Investor Roundtable Sep-13 New York City, NY

National Family Office Private Forum Sep-13 Boston, MA

Dow Jones Private Equity Analyst Conference Sep-13 New York, NY

Infrastructure Investor: Energy Summit 2013 Oct-13 New York, NY

Best Practices For Launching & Managing An SBIC Oct-13 New York, NY

Asset Allocation & Emerging Markets Summit Oct-13 Las Vegas, NV

Emerging Markets Investing Summit Oct-13 New York City, NY

Quant Invest Canada Oct-13 Toronto, ON

Client Servicing for Institutional Asset Managers Oct-13 New York City, NY

PEI Operating Partners Forum: New York Oct-13 New York City, NY

Event Driven Alternative Investing Oct-13 New York City, NY

Emerging Markets Investing Summit : BRIC & Beyond Oct-13 New York City, NY

Quebec City Conference Oct-13 Quebec City, QC

Private Equity Operations and Compliance Forum Oct-13 New York City, NY

LP-GP Forum: Infrastructure Oct-12 London, UK

DACH Private Equity Congress Oct-12 Munich, Germany

Capital Impact 2012 (EMPEA) Oct-12 London, UK

Private Equity in Africa Oct-12 London, UK

Nordic Private Equity Conference Nov-12 Copenhagen, Denmark

SuperInvestor 2012 Nov-12 Paris, France

Private Equity Exchange & Awards 2012 Nov-12 Paris, France

LSE SU Alternative Investments Conference Jan-13 London, UK

6th Infrastructure Investors Forum Europe Feb-13 London, UK

SuperReturn International 2013 Feb-13 Berlin, Germany

Swiss Private Equity Conference Mar-13 Zurich, Germany

Infrastructure Investor: Berlin Summit 2013 Mar-13 Berlin, Germany

LP-GP Forum: Asia Private Equity May-13 London, UK

PERE Summit: Europe Jun-13 London, UK

PEI Operating Partners Forum 2013 Europe Jun-13 London, UK

PESS – Private Equity Software & Services Showcase Jun-13 London, UK

Super Return Emerging Markets 2013 Jun-13 Geneva, Switzerland

Capital Creation 2013 Sep-13 Cannes, France

PEI Turkey Forum Sep-13 Istanbul, Turkey

13th Russian Venture Fair Sep-13 Irkutsk, Russia

European Alternative & Institutional Investing Forum Oct-13 Monte Carlo, Monaco

LP-GP Forum: Infrastructure Oct-13 London, UK

Venture Capital Forum Oct-13 Amsterdam

Private Equity in Emerging Markets 20123 Oct-13 London, UK

Asset Allocation Summit Oct-13 London, UK

PERE Global Investor Forum Oct-13 Amsterdam, Netherlands

SuperReturn Middle East Oct-12 Dubai 12th Annual AVCJ Forum – Japan 2012 Oct-12 Tokyo, Japan 24th Annual AVCJ Forum 2012 Nov-12 Hong Kong MENA Investment Management Forum Nov-12 Doha, Qatar SuperReturn Africa Nov-12 Nairobi, Kenya 12th Annual AVCJ Forum – India 2012 Dec-12 Mumbai, India Super Investor Asia Jan-13 Hong Kong PERE Summit: Asia Feb-13 Hong Kong, China Private Equity in Southern Africa Feb-13 Johannesburg, South Africa 9th Annual AVCJ Australia and New Zealand forum 2013 Mar-13 Sydney, Australia The 7th Annual Private Equity Southeast Asia Summit Mar-13 Novotel Clarke Quay, Singapore Private Equity World Africa Mar-13 London, UK AVCJ Forum – Indonesia 2013 Mar-13 Jakarta, Indonesia PEI Capital Connect: MENA Forum Apr-13 Dubai, India Super Return China 2013 Apr-13 Beijing, China PEI MENA Forum Apr-13 Dubai Private Equity International Forum: Asia Apr-13 Hong Kong PE Asia Forum 2013 Apr-13 Hong Kong 11th Annual AVCJ Forum – China 2013 May-13 Park Hyatt, Beijing PERE Forum: Japan Jul-13 Beijing, China AVCJ – Private Equity & Venture Forum – Singapore 2013 Jul-13 Singapore Marriott Hotel Strategic Growth Forum - India Sep-13 Mumbai, India 13th Annual AVCJ Forum – Japan 2013 Sep-13 Conrad Tokyo, Japan SuperReturn Asia 2013 Sep-13 JW Marriott, Hong Kong Global AgInvesting Asia Sep-13 Singapore PE Asia India Summit Oct-13 Mumbai, India Southeast Asia Private Equity Conference Oct-13 Ho Chi Minh, Vietnam SuperReturn Middle East 2013 Oct-13 Dubai

PEI Brazil Forum Oct-12 Rio de Janeiro, Brazil

FundForum Latin America Nov-12 Sao Paulo, Brazil

Columbia Private Equity and VC Forum Nov-12 Bogota, Columbia

Latin American Investment Forum Dec-12 Sao Paulo, Brazil

SuperReturn Latin America 2013 Mar-13 Tivoli, Sao Paulo

Congresso ABVCAP 2012 (ABVCAP Conference 2013) Apr-13 São Paulo, Brazil

LAVCA Chile Private Equity and Venture Capital Forum Jun-13 Santiago, Chile

Private Equity World Latin America Jun-13 Miami, USA

Chilean Investors Forum 2013 Aug-13 Santiago, Chile

Europe

Asia, Middle East and Africa

Latin America

U.S. and Canada

Global AgInvesting 2013

Private Equity in Southern Africa

Columbia Private Equity and VC Forum

4 4

Global Investment Perspectives

H.Aronson Samples

8%

1%

7%

5%

6%

2%

3%

0%

4%

22% 11% 17% 3% 3% 8% 3% 3%

% Share of Global GDP

2013E R

eal

GD

P G

row

th

U.S

Eurozone

China

Japan

Brazil

UK

Russia

India

Global GDP: 3.6%

2013E PROJECTED REAL GDP GROWTH RATES

(As of October 2012)

Nunc viverra imperdiet enim. Fusce est. Vivamus a tellus. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis

0.2

%

8.0

%

1.1

%

4.0

%

4.3

%

1.9

% 1

.9%

7.0

%

To better meet the needs of its customers

HOW IS [Company I] USING BIG DATA?

To accelerate store expansion

Big Data is about extracting valuable insights from data that was too big, too dirty or to hard to access to use previously

1 2

H.Aronson Samples

Date post:	25-Jan-2015
Category:	Presentations & Public Speaking
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H aronson sample ppt deck

Presentations & Public Speaking