INVESTMENT BANKING IN THIS EDITION M&A INSIGHT
Transcript of INVESTMENT BANKING IN THIS EDITION M&A INSIGHT
INVESTMENT BANKING Q3 2021
M&A INSIGHTMERGERS, ACQUISITIONS, DIVESTITURES AND VALUATIONS FOR MIDDLE-MARKET COMPANIES
FOR INSTITUTIONAL USE ONLY
IN THIS EDITION
Global M&A Commentary 3
Near-Term Leading M&A Indicator 4
U.S. Private Equity Commentary 5
U.S. Corporate Finance Commentary 6
M&A Market Statistics 7
Economic Commentary 9
About Raymond James 10
Raymond James Investment Banking Transactions 11
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 2
Raymond James Contacts
JEFF MAXWELL – ST. PETERSBURGManaging Director
Head of M&A Investment Banking 727.567.5222
DON BLAIR – ST. PETERSBURGManaging Director
BRENT KRIEGSHAUSER – ST. PETERSBURGManaging Director
ALLAN BERTIE – LONDONManaging Director
Head of European Investment Banking 44.20.3798.5701
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 3
0
2,000
4,000
6,000
8,000
10,000
$0
$250
$500
$750
$1,000
$1,250
3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21
U.S. Disclosed Value ($B) Europe Disclosed Value ($B)
Asia Pacific Disclosed Value ($B) Total Number of Transactions
0
5,000
10,000
15,000
20,000
25,000
30,000
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
2017 2018 2019 2020 2020 YTD 2021 YTD
U.S. Disclosed Value ($B) Europe Disclosed Value ($B)Asia Pacific Disclosed Value ($B) Total Number of Transactions
(1) FactSet; Number of transactions includes those with undisclosed values; Includes transactions with disclosed values over $10MM; Data as of 09/30/21.
(2) Reuters.
Global M&A Market Commentary
HISTORICAL QUARTERLY M&A ACTIVITY
The substantial increase in Y-o-Y global deal values during the
third quarter of 2021 led to Q3 being the best quarter ever on
record when measured by total deal value(2). Notwithstanding a
historic second quarter, sequential quarter-over-quarter global
announced and completed volume and disclosed values observed
high single-digit growth, increasing ~9% and ~8%, respectively(1).
Asia Pacific deal value and volume recorded notable sequential
quarter-over-quarter improvements increasing ~59% and ~4%,
respectively. In addition to the structural macro factors described
above, the surge in M&A activity is paralleled by global vaccine
availability and distribution, helping mitigate economic concerns
related to COVID-19.
HISTORICAL ANNUAL M&A ACTIVITY
Total year-over-year (“Y-o-Y”) M&A deal counts involving targets
based in the U.S., Europe and Asia Pacific increased by
approximately 55% for the first three quarters of 2021 when
compared to the same period a year ago(1). The sustained
elevated M&A transaction volume has translated into record
disclosed deal value for the first nine months of the year(2). The
transaction market continues to demonstrate strength, as
investors and corporate buyers take advantage of inexpensive
access to financing and seek growth-oriented opportunities to
deploy capital. The expectation of near-term legislative changes,
notably the proposed tax reform, has also contributed to the
strength of this year’s transaction market as certain sellers seek to
push deals into calendar 2021.
Y-o-Y Value Change: US: +192% | EU: +129% | AP: +70% | Total: +143%
Q3 2021M&A INSIGHT
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-
50
100
150
200
250
300
350
400
450
Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21
Assessing a Near-Term Leading M&A Indicator
Yearly AverageHSR Filings
Mon
thly
HSR
Fili
ngs
A Leading Indicator for Continued Strong M&A Activity Levels: HSR FILINGSNew Hart-Scott-Rodino ("HSR") regulatory filings can be a leading indicator of M&A activity. M&A markets remain robust as 3Q’21 filings were up 127% over the same period a year ago;Trailing 12 month average stands 80% higher than the historical average(1)(2).
2017 Average: 1722016 Average: 149 2018 Average: 183 2019 Average: 166 2020 Average: 169
2021 YTD Average:
311
(1) Historical period defined as 2016-2020.(2) Federal Trade Commission; Data as of 09/30/21.Note: Effective September 27, 2021, the Bureau of Competition recommends enforcement actions for companies that fail to file a premerger notification when retirement of debt is part of the consideration for a deal; this change will increase the volume of transactions subject to the HSR Act.
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Q3 2021
$590 $642
$722 $751
$424
$649
4,4704,893
5,678 5,709
3,597
4,806
Capital Invested ($B) Number of Deals
2016 2017 2018 2019 2020 YTD
2021 YTD
U.S. Private Equity Deal Flow(1)
U.S. PRIVATE EQUITY COMMENTARY
U.S. private equity activity deal value in the third quarter of2021 increased approximately 50%, when compared to thesame period a year ago. When measured by volume, over1,495 transactions closed in the third quarter of 2021,representing an increase of approximately 18% compared to3Q’20. Compositionally, deal sizes from $100M – $500Mrepresented 34% of the total count, an increase ofapproximately 12% from the same period a year ago; dealsunder $25M made up 39% of the total count, down 7% fromthe same observation period last year. $100M – $500M dealsizes also recorded increases in exit activity over 82%, upapproximately $12B to $27B from the same period a yearago. Deal sizes $1B+ remain the largest contributor of alldeal tranches, representing 75% of the total exit value.
Similar to the M&A market, the leveraged loan market is onpace for a record year when measured by total issuancevalue. Evolving demand, primarily driven by appetite forhigher yielding securities, has resulted in an unprecedentedoutstanding U.S. leveraged loan balance of ~$1.3T(3)(4). Theprimary CLO market achieved its third consecutive quarterof record-setting issuance value, reaching ~$45B. This year’srun rate is expected to surpass the incumbent issuancerecord of ~$125B by a significant margin(3). Further, overallborrower risk profiles have fundamentally changed for U.S.leveraged loan issuance, as “B-” borrowers now representover 50% of total single B issuances, the highest recordedlevel in history(3).
(1) PitchBook, “US PE Breakdown”. Data as of 09/30/21.(2) S&P LCD Report. Data as of 09/30/21.(3) S&P Global.(4) Outstanding loan balance measured via S&P / LSTA Leveraged Loan Index.
Debt Multiples of Large Corporate LBO Loans(2)
5.2x 5.5x 5.7x 5.7x 5.4x 5.4x
0.3x0.3x 0.2x 0.3x 0.4x 0.3x
5.5x5.8x 5.9x 6.0x 5.8x 5.7x
2016 2017 2018 2019 2020 2021 YTD
Bank Debt/EBITDA Non-Bank Debt/EBITDA
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Q3 2021
(50.0%)
(25.0%)
0.0%
25.0%
50.0%
(50.0%)
0.0%
50.0%
100.0%
150.0%
Announced M&A Volume Y-O-Y % ChangeReal GDP, S.A.A.R.
-
1.0%
2.0%
3.0%
4.0%
10-Yr. TreasuryBAML US Corp. BBB Option-Adj. Spread5-Yr. TreasuryFed Funds Rate1-Yr. Treasury
2016 2017 2018 2019 2020 2021
Sept.Avg.
1.37%1.11%0.86%0.25%0.08%
The slowdown of GDP growth and the expectation of lessaccommodative monetary policy resulted in a modestwidening of credit spreads and a subsequent steepening ofthe yield curve in 3Q’21. Inflation has continued to placeupward price pressure on a wide basket of goods andservices domestically, contributing to a deterioration ininvestor sentiment as longer-lasting inflation could result indeflated forward-looking earnings for major indices andtheir constituent securities. As investors navigated acomplex ecosystem of mixed economic outlook, the S&Pinched higher for the quarter, gaining 0.5%; other majorindices declined by low single digits.
U.S. real GDP growth, historically an indicator of M&A activityand a barometer for overall economic health, is estimated tohave increased at an annualized pace of over 2.0% in 3Q’21,a sharp decline Y-o-Y as GDP expanded nearly 34% in 3Q’20.The marginal increase in third quarter GDP reflectedincreases in private inventory investment, personalconsumption expenditures, state and local governmentspending and nonresidential fixed investment. Real personalspending, which accounts for approximately 70% of GDP,had a positive impact on growth, increasing 1.6% in the thirdquarter of 2021. Government assistance payments in theform of forgivable loans to businesses, grants to state andlocal governments and social benefits to households alldecreased.
U.S. CORPORATE FINANCE COMMENTARY
Real
GDP
, S.A
.A.R
.
Announced M&A Volum
e
U.S. GDP Growth vs. M&A Activity(1)(2)(3) U.S. Corporate Spreads(1)
Spot Rate(9/30)
1.52%1.10%0.98%0.25%0.09%
(1) U.S. Bureau of Economic Analysis. Data as of 09/30/21.(2) Factset.(3) GDP growth based on 2012 dollars.
Q3 2021M&A INSIGHT
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Consideration Offered in U.S. M&A Transactions(1) U.S. Median Quarterly EBITDA Multiples(1)
U.S. Private Equity Fundraising(3)Average Size of U.S. M&A Transactions(1)(2)
M&A Market Statistics
(1) FactSet; Data as of 09/30/21.(2) Includes transactions with disclosed values over $10MM.(3) PitchBook, “US PE Breakdown”. Data as of 09/30/21.
69% 74% 76%65% 68% 67%
54%63%
76%
23% 17% 15%23% 19% 20%
28%22%
15%
8% 9% 9% 12% 13% 13% 18% 15% 9%
3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21
Cash Combination Stock
12.3x
10.4x 10.8x
12.6x11.5x
12.4x13.2x
14.9x14.2x
3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21
Median EBITDA Multiples
$774
$600
$785
$914$831
$723
$976
2016 2017 2018 2019 2020 2020 YTD 2021 YTD
Average Disclosed Value ($MM)
$196
$256
$193
$327 $311
$241 $238
0
100
200
300
400
500
2016 2017 2018 2019 2020 2020 YTD 2021 YTD
Capital Raised ($B) Number of Funds Closed
439
508
435 509 505
202
295
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$30B$66B
$276B
$19B
$134B`
United States Europe Asia Pacific$166B
Cross Border M&A Deal Activity – 2021 YTD(1)
M&A Market Statistics
(1) FactSet; Number of transactions includes those with undisclosed values; Includes transactions with disclosed values over $10MM; Data as of 09/30/21.
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 9
Economic CommentarySCOTT J. BROWN, Ph.D. November 19TH, 2021
Chief Economist, Private Client Group The New York Fed’s Weekly Economic Index edged up to +3.85% for the
week ending October 16, vs. +7.91% a week earlier (revised from 7.67%).
The WEI is scaled to Y-o-Y GDP growth (+4.9% Y-o-Y in 3Q’21).
Breakeven inflation rates (the spread between inflation-adjusted and fixed-
rate Treasuries) continue to suggest an elevated near-term inflation
outlook. The 5- to 10-year outlook remains receded in the latest week,
reflecting the belief that the Fed will raise rates sooner to keep inflation in
check.
Jobless claims fell by 10,000, to 281,000 (a pandemic low) in the week
ending October 23. Unadjusted claims are approaching the pre-pandemic
levels of 2018 and 2019, consistent with a tight labor market.
The Chicago Fed Advance Retail Trade Summary (CARTS) was up 0.2% in the
second week of October, following a 1.2% gain in the previous week.
October retail sales (ex-autos) were projected to rise 2.3% from September.
The University of Michigan’s Consumer Sentiment Index edged up to 71.7 in
the mid-month assessment for September (vs. 71.4 at mid-month and 72.8
in August). Inflation expectations rose. The report noted that “the positive
impact of higher income expectations and the receding coronavirus has
been offset by higher rates of inflation and falling confidence in government
economic policies.”
Supply Chains, Demand and Inflation
You can learn a lot by talking to people. The economy is “strong,” but also
“terrible.” Higher inflation is “transitory,” but also “likely to persist.” Fed
policy is “behind the curve,” but also “appropriately positioned.” In truth,
the outlook for growth, inflation, and monetary policy is evolving.
The argument for transitory inflation – Nonfarm payrolls are still down by
more than four million since the start of the pandemic and we would have
likely added more than three million jobs over the last 20 months if not for
the pandemic. That’s a lot of slack. The unemployment rate was 4.6% in
October, but we learned in the last cycle that labor supply is a lot more
flexible than the unemployment rate would suggest. Higher consumer price
inflation has been concentrated in restart pressures. Supply chains are slow
to recover after every downturn. It’s a matter of time before they clear up.
The argument for longer-lasting inflation – More firms are reporting
difficulties in finding and retaining workers. Job vacancies and quit rates are
at or near record highs. Wage inflation follows rather than leads price
inflation, but could reinforce higher price inflation (if firms are successful in
passing higher costs long). While higher inflation has been concentrated in
things like used motor vehicles, price increases appear to be broadening
across categories. Supply chain issues have been more severe and have
lasted longer than expected, and while there have been some signs of
improvement, strains are expected to last into 2022. Moreover, it’s not just
supply chain bottlenecks. There has been a marked shift from consumer
services to goods, a trend which has continued even as the service side of
the economy recovers. While long-term inflation expectations remain
consistent with the Fed’s long-term inflation goal, inflation expectations for
the next five years have risen a lot in recent weeks.
The Employment Cost Index (for civilian workers) rose 1.3% in the three
months ending in September, up 3.7% Y-o-Y (vs. +2.9% Y-o-Y in June and
+2.4% Y-o-Y a year earlier).
Real GDP rose at a 2.0% annual rate in the advance estimate for 3Q’21,
reflecting drags from the Delta variant and the semiconductor issue in
autos, but boosted by 2.1 percentage points due to a smaller decline in
inventories. Consumer spending rose at 1.6% annual rate, while business
fixed investment rose 1.8%.
Personal income fell 1.0% in September, reflecting a 73.2% plunge in
unemployment insurance payments. Private-sector wages and salaries rose
0.9% (+10.5% Y-o-Y). Personal spending rose 0.6% (+10.9% Y-o-Y), up 0.3%
(+6.2% Y-o-Y) adjusting for inflation. The PCE Price Index rose 0.3% in
September (+4.4% Y-o-Y), up 0.2% ex-food & energy (+3.6% Y-o-Y).
Durable goods orders fell 0.4% in September, reflecting a 27.9% decline in
civilian aircraft orders. Ex-transportation, orders rose 0.4%, with orders for
nondefense capital goods ex-aircraft up 0.8%. The U.S. merchandise trade
deficit rose to a record $96.3 billion in the advance estimate for September.
The Conference Board’s Consumer Confidence Index rose to 113.8 in
October (vs. 109.8 in September), reflecting easing concerns about the Delta
variant. Short-term inflation concerns rose to a 13-year high, but “the
impact on confidence was muted” (a contrast to the University of Michigan
survey).
Economic Monitor
Gauging the Recovery
Source: Raymond James Weekly Economic Monitor, “Supply Chains, Demand, and Inflation”. Link.
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 10
RAYMOND JAMESRaymond James is one of the largest full-service investment
firms and New York Stock Exchange members headquartered in
the Southeast. Founded in 1962, Raymond James Financial,
together with its subsidiaries Raymond James Financial Services
and Raymond James Ltd., has more than 100 institutional sales
professionals and over 8,400 affiliated financial advisors, as of
09/30/21, in North America, and Europe, Raymond James boasts
one of the largest sales forces among all U.S. brokerage firms.
Industry knowledge and distribution power are central to helping
Raymond James’ investment bankers serve the needs of growth
companies in the areas of public equity and debt underwriting,
private equity and debt placement, and merger and acquisition
advisory services. Raymond James investment banking offices
are located in 21 North American cities, including Atlanta,
Baltimore, Boston, Calgary, Chicago, Dallas, Denver, Greater
Washington D.C., Houston, Los Angeles, Memphis, Nashville, New
York, Raleigh, San Francisco, St. Petersburg, Toronto and
Vancouver, along with Munich, Frankfurt and London in Europe.
Int’l Headquarters IB Office
St. Petersburg
MERGERS & ACQUISITIONSJeff MaxwellHead of Mergers & Acquisitions727.567.5222 [email protected]
BUSINESS DEVELOPMENTKen GriderHead of Business [email protected]
CONSUMERJohn BergHead of Consumer [email protected]
CONVENIENCE STORE & FUEL PRODUCTS DISTRIBUTIONScott GarfinkelHead of Convenience Store & Fuel Products Distribution [email protected]
DIVERSIFIED INDUSTRIALSAlper CetingokHead of Diversified Industrials Group [email protected]
ENERGYMarshall AdkinsHead of Energy Group713.278.5239 [email protected]
EUROPEAN ADVISORYAllan BertieHead of European Investment [email protected]
FINANCIAL SERVICESJohn Roddy Head of Financial Services [email protected]
FINANCIAL SPONSORSDavid ClarkHead of Financial Sponsors [email protected]
HEALTH CAREAndrew GitkinCo-Head of Health Care Group424.281.2094 [email protected]
Riley SweatCo-Head of Health Care [email protected]
RECAPITALIZATION & RESTRUCTURINGGeoffrey RichardsHead of Recapitalization & Restructuring [email protected]
REAL ESTATEBrad ButcherCo-Head of Real Estate [email protected]
Jamie GraffCo-Head of Real Estate Group727.567.5289 [email protected]
TECHNOLOGY & SERVICESBrendan RyanCo-Head of Technology & Services Group [email protected]
Jon Steele Co-Head of Technology & Services Group617.624.7020 [email protected]
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 11
Raymond James Recent Advisory Transactions (07/01/21 – 09/30/21)
Past performance is not indicative of future results.
September 2021
Has invested in
September 2021
Has been acquired by
A portfolio company of
September 2021
Has been acquired by
September 2021
A portfolio company of
Has been acquired by
September 2021
Has merged with
September 2021
Has merged with
September 2021
Has received a majority growth capital
investment from
A portfolio company of
September 2021
Has been acquired by
September 2021
A portfolio company of
Has been acquired by
September 2021
Has acquired
A portfolio company of
September 2021
Has been acquired by
Newark Facility Management
September 2021
Has received an investment from
September 2021
Has entered into a definitive agreement to
combine with
To form
And intends to list on the NASDAQ via a
combination with
September 2021
Has acquired
September 2021
Has entered into a definitive agreement to
invest in
September 2021
A portfolio company of
Has been acquired by
September 2021
Has received a minority investment from
September 2021
Has been acquired by
A portfolio company of
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 12
Raymond James Recent Advisory Transactions (07/01/21 – 09/30/21)
Past performance is not indicative of future results.
September 2021
Has been acquired by
A portfolio company of
September 2021
Has been acquired by
September 2021
Has invested in
September 2021
A portfolio company of
Has agreed to receive a strategic growth investment from
September 2021
Has been acquired by
A portfolio company of
September 2021
Has been acquired by
September 2021
Has sold substantially all assets to
A portfolio company of
September 2021
Has been acquired by
A portfolio company of
August 2021
Has been acquired by
August 2021
Has been acquired by
A business unit of
A Dentsu Group company
August 2021
Has announced a business combination
with
MedTech Acquisition Corporation
August 2021
A portfolio company of
Has been acquired by
A portfolio company of
August 2021
Has been acquired by
August 2021
Has been acquired in a business combination
with
August 2021
A portfolio company of
Has received a strategic investment from
August 2021
Strategic advisory for Epigenomics AG
including the sale of selected assets to
August 2021
Has been acquired by
August 2021
Has entered into a definitive business
combination agreement with
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 13
Raymond James Recent Advisory Transactions (07/01/21 – 09/30/21)
Past performance is not indicative of future results.
August 2021
Has been acquired by
August 2021
Has been acquired by
August 2021
Has been acquired by
August 2021
A portfolio company of
Has been acquired by
August 2021
Has been acquired by
August 2021
A portfolio company of
Has entered into a definitive agreement to
be acquired by
August 2021
A portfolio company of
Has been acquired by
August 2021
Has been acquired by
August 2021
A portfolio company of
Has received a strategic growth investment from
August 2021
Has acquired
August 2021
&
Have acquired
August 2021
Has been acquired by
July 2021
Has been acquired by
&
July 2021
Has been acquired by
July 2021
Has sold ~300,000 acres of Timberlands
Manager of Joint Venture
August 2021
A portfolio company of
Has been acquired by
July 2021
Has merged with
July 2021
Has acquired
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 14
Raymond James Recent Advisory Transactions (07/01/21 – 09/30/21)
Past performance is not indicative of future results.
July 2021
Has merged with
July 2021
A portfolio company of
Has been acquired by
July 2021
Has entered into a licensing agreement for
fexuprazan with
July 2021
Has acquired
From ICM’s management team and
July 2021
Has acquired
July 2021
Has received an investment from
July 2021
A portfolio company of
Has been sold to
A portfolio company of
July 2021
A portfolio company of
Has been acquired by
July 2021
Has acquired
July 2021
A portfolio company of
Has been acquired by
July 2021
A portfolio company of
Has been acquired by
July 2021
Has entered into a definitive agreement to
acquire a strategic stake in
July 2021
Has been acquired by
A portfolio company of
July 2021
Has been acquired by
Q3 2021M&A INSIGHT
RAYMOND JAMES INVESTMENT BANKING 15
Raymond James Recent Capital Markets Transactions (07/01/21 – 09/30/21)
Past performance is not indicative of future results.
September 2021 September 2021 September 2021 September 2021 September 2021 September 2021
September 2021 September 2021 September 2021 August 2021 July 2021
July 2021 July 2021 July 2021 July 2021
September 2021
July 2021July 2021
$1,779,855,000
Initial Public OfferingPassive Bookrunner
$33,321,250
Follow-on OfferingLeft Bookrunner
$435,045,000
Initial Public OfferingPassive Bookrunner
$63,250,000
Initial Public OfferingLeft Bookrunner
$1,128,600,000
Initial Public OfferingCo-Manager
$103,569,000
Follow-on OfferingActive Bookrunner
$883,200,000
Follow-on OfferingCo-Manager
$1,117,800,000
Follow-on OfferingCo-Manager
$3,392,500,000
Follow-on OfferingCo-Manager
$1,003,125,000
Follow-on OfferingCo-Manager
$43,253,700
Follow-on OfferingLeft Bookrunner
$250,000,000
Follow-on OfferingPassive Bookrunner
$271,485,000
Initial Public OfferingPassive Bookrunner
$373,880,000
Initial Public OfferingPassive Bookrunner
$489,325,000
Initial Public OfferingPassive Bookrunner
$60,375,000
Follow-on OfferingLeft Bookrunner
$138,000,000
Initial Public OfferingLeft Bookrunner
$371,985,789
Initial Public OfferingPassive Bookrunner
M&A INSIGHT Q3 2021
USAATLANTA | BALTIMORE | BOSTON | CHICAGO | DALLAS | DENVER | HOUSTON | LOS ANGELES | MEMPHIS
NASHVILLE | NEW YORK | RALEIGH | RESTON | SAN FRANCISCO | ST. PETERSBURG
EUROPELONDON | MUNICH | FRANKFURT
CANADACALGARY | TORONTO | VANCOUVER
raymondjames.com/ib
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