Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Precedent M&A Transactions - Valuation Summary
Metric
Cash Flow-2012E (SMM)
Cash Flow - 2013E (SMM)
EBITDAX-2012E ($MM)
EBITDAX 2013E ($MM)
Proved Reserves (Bafe)
Production - 2013E (Mcfed)
(1) Estimates as per MMR Operating Model
EVERCORE PARTNERS
Precedent Corporate Transactions - Valuation Summary
Data
94.5
121.0
175.4
177.0
208.5
138,809
Low
14.5x
10.0x
14.58
12.0x
Relevant Multiples
$8.00 / Mofe
$20,000/ Mcfed
Implied Equity Value
Implied Enterprise Value Range
Add: Cash
Less: Debt
Less: Preferred Shares
36
High
Diluted Shares Outstanding
Implied Equity Value per Share
18.0x
15.0x
17.0x
$12.00 / Mcfe
15.5x
$25,000/Mcfed
Value Range ($MM)
Low
High
$2,463
$2,300
$2,543
$2,124
$1,668
$2,776
Confidential
$2,312
191.9
(567.8)
(700.0)
$1,236
163.8
$7.55
$2,800
$2,917
$2,982
$2,743
$2,502
$3,470
$2,902
191.9
(567.8)
(700.0)
$1,826
164.2
$11.12
MOMORANView entire presentation