Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Comparable Company Analysis
ihn mios, except per share amounts
COMPANY (FYE
Solar Street (Dec.)
Iverson Street (Dec.)
Financial Service
ADP (Jun)
Fen (Dec)
S8 Investerents Co. (Dec)
DST Systems (Dec.)
Bays (Jun)
Median
Mean
Securities Trading
CME (Dec)
Factset (Aug
Archipelago (Dec.)
Median
Mean
Source: Wall Street equity research.
CREDIT FIRST
SUISSE BOSTON
Stock
Price
3/18/05
$24.95
NA
544.78
37.12
37.12
44.83
14.82
$193.39
32:01
18:50
(3 in millions)
FO Capitalization
Equity
Market
Value
CYOSE EBITDA
CYOFE EBITDA
CYOSE Revenue
CY06E Revenue
$7,362
NA
$26.000
7.302
4,004
3,877
1.796
56.767
1.826
1.016
CYOSE Unlevered Ni
CYOGE Unlevered Ni
Enterp
Market
Value
$7,669
NA
$25,037
3,768
4,118
2.052
$6.039
1.568
842
Statistic
$2,612
2.838
593
693
244
295
Source: Statistics per Company management
PT Mulple
CYOS
16.1x
NA
276x
17.0
21.3
15.9
19.2x
13.2x
20 Ax
22x
15.4x
17.3
17.3
19.5
CYDE
14.4x
NA
23.7K
14.0x
19.3x
14.8x
16.0
Theo
17.84
19.3x
NA
15.3x
17.6
2.0x
2.0x
7.5x
7.0x
CYOS
Revenues
2.0x
NA
2.8x
2.0x
6.1x
24x
1.8x
2.4x
2.8x
6.7x
1.5x
4.8x
4.4K
Range
FO Enterprise Vale
2.5x
2.5x
9.5x
9.0x
CYOS
1.9x
NA
2.7%
1.B
4.7
2.34
1.7
2.
EBITDA
17.0x
22.0x
15.0x
20.0x
Enterprise Value Reference Range
CYOS CYDG
7.0x
NA
11.7x
82
15.5
8.0
9.0k
9.0x
105
6.9
NA
1.5
8tc
3.7x 11.0
19.3
11.0
6.6x
NA
11.2x
76x
14.fx
7.5x
8.3x
8.3x
9.7x
9.4x
10.9x
75x
9.4x
$4.450
$4.848
Operating Statistics
Reverse
Growth
15:14
$4.155
$4,464
$4.300
5.4%
3.4%
10.1%
8.2%
5.3%
7.7%
7.7%
6.9%
14.3%
NA
(0.0%)
6.9%
6.0%
CYBS
EDIT
Margin
20.3%
19.9%
19.2%
30.4%
20.3%
14.8%
19.9%
20.9%
Implied Enterprise Value
$5.225
$5.677
54.7%
35.0%
14.0%
35.0%
34.8%
$6.531
$7,096
$5,637
$6.233
$5,377
$5.952
$5.500
LT CY2005
Gr. Rate
ATGR)
13.5%
NA
11.2%
15.9%
15.6%
13.1%
14.0%
14.0%
14.0%
16.0%
16.0%
10.5%
15.0%
13.8%
PE/
LTOR
1.2x
NM
2.5x
1.1x
1.4x
1.3x
1.4x
14x
1.5x
1.5k
1.0x
1.5x
1.4x
19View entire presentation