Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Sin million)
Solar Valuation Scenarios
The following is based on preliminary valuation using comparable trading and comparable
transactions
Aggregate Value
Iverson
Allen
Total Sixers Aggregate Value
Net Debt
Equity Value
FD Shares Outstanding
Price per Share
Implied Multiples
FY2004 PF Revenue
FY2005 Revenue
FY2004 PF EBITDA
FY2005 EBITDA
FY2004 PF EPS
FY2005 EPS
FY2004 Street EPS
FY2005 Street EPS
Operating
Statistics
CREDIT FIRST
SUISSE BOSTON
$3,820
3,939
1,092
1.153
$1.39
$1.53
$1.40
$1.00
Scenario 1
Allen and Iverson
Remain Independent
Low
$4,200 .
3.600
7,800
308
7,492
296.0
$25.31
2.0x
2.0x
7.1x
6.8x
18.2x
1652
18.1x
15.8x
-
.
$5,300
4.600
9,900
308
9,592
301.3
$31.84
2.6x
2.5x
9.1x
8.6x
22.9x
20.8x
22.7x
19.9x
Scenario 2
Iverson Remains Independent
Allen is Sold Tax Free
Low
High
$4,200
4.600
8,800
308
8,492
298,1
$28.48
2.3x
2.2x
8.1x
7.6x
20.4x
18.6x
20.3x
17.8x
(1) Operating statistics per Solar Management, 2004 statistics pro forma for OSSI, inflow. Vivista, Integrity and acquisitions
(2) Per Wall Street Research
$5,300
5,800
11,100
308
10,792
304.4
$35.46
10.2x
9.6x
Implied Multiples
2.9x
2.8x
BÁN
23.2x
Scenario 3
Iverson is Sold Tax Free
Allen Remains Independent
Low
25.3x
22.2x
$4,700
3.600
8,300
308
7,992
297.0
$26.91
2.2x
2.1x
7.6x
7.2x
19.3x
17.6x
19.2x
16.8x
$6.000
4.600
10,600
308
10,292
303.1
$33.95
2.8x
2.7x
9.7x
9.2x
24,4x
22.2x
24.3x
21.2x
Scenario 4
Allen and Iverson are
Sold Tax Free
Low
$4,700
4.600
9,300
308
8,992
299.6
$30.01
2.4x
2.4x
8.5x
8.1x
215
19.6x
21.4x
18.8x
$6.000
5.800
11,800
308
11,492
306.0
$37.56
3.1x
3.0x
10.8x
10.2x
27.0x
2.5
26.8x
23.5
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