Evercore Investment Banking Pitch Book
Analysis of Publicly Traded Companies
Education - Operating Metrics
Company
Montana:
At Offer: Updated Case
At Offer: Financing Case
At Market: Updated Case
At Market: Financing Case
Education
Pearson PLC
McGraw-Hill Cos.
Washington Post Co. (CIB)
K12 Inc.
Scholastic Corp.
SMART Technologies Inc. Cl A
QuinStreet Inc.
Renaissance Learning Inc.
School Specialty Inc.
Promethean World PLC
Cambium Learning Group Inc.
Source: FactSet, Company filings
EVERCORE PARTNERS
Mean
Median
Max
Min
Revenue Growth
'10A- 11E- '10A-12E EBITDA Margin
'11E '12E CAGR 2011E 2012E
(1%)
(1%)
(1%)
(1%)
4%
5%
1%
3%
1%
3%
4%
5%
(6%) (9%)
27% 19%
1%
2%
NA 6%
17% 15%
7% 5%
NA NA
(10%) 6%
NA NA
6% 6%
5% 5%
27% 19%
(10%) (9%)
0%
2%
0%
2%
8%
11%
(15%)
51%
3%
NA
34%
13%
NA
(4%)
NA
13%
9%
51%
(15%)
38
25% 26%
25% 27%
25% 26%
25% 27%
Preliminary Draft-Confidential
($ in millions, except for per share amounts)
EBITDA Growth IBES Capex as Net Debt
10A- '11E- '10A-'12E LT % of Revenue / 2011E
'11E '12E CAGR Growth 2011E 2012E EBITDA
(7%) 4%
(7%) 10%
(7%) 4%
(7%) 10%
18% 18% 4% 6%
27% 27% 9% 6%
13%
NA (16%)
17% 32% 35%
14%
15%
9%
22%
21%
29%
ΝΑ
12%
ΝΑ
10% (11%) 10%
23% NA
8%
20% 14% 11%
30%
8%
11%
ΝΑ NA NA
14% (21 %) 18%
NA NA NA
19% 19% 6% 9%
18% 18% 9% 8%
29%
30%
32% 35%
9% 10% (21%) (16%)
(2%)
1%
(2%) NA 3% 2%
1% ΝΑ 3% 2%
NA 3% 2% 4.6x
NA 3% 2% 4.6
5% 7%
7% 11%
ΝΑ 29%
34% 27%
(1%) 9%
ΝΑ
20%
12%
15%
10%
5%
NA
NA NA ΝΑ
(4%)
NA
3% 3%
ΝΑ
ΝΑ NA ΝΑ
9%
7%
34%
(4%)
15%
13%
29%
5%
3%
3%
1.2x
2%
2% NM
7% 6% NM
3% ΝΑ
NM
3%
3%
0.9
4% 4%
1.3
NM
NM
ΝΑ
NM
NA
1% 1%
1% 2%
4.6x
4.6
3% 3%
3% 3%
7%
6%
1%
1%
1.1x
1.2x
1.3x
0.9xView entire presentation