Evercore Investment Banking Pitch Book
Appendix
2-Year Historical Relative Trading Multiple - TEV/LFQ EBITDA
6.5x
6.0x
5.5x
5.0x
4.5x
4.0x
3.5x
9/9/09
MFW (Unaffected-6/10/11)
MFW (Current-9/9/11)
RR Donnelley
Deluxe
Quad/Graphics
11/29/09
ملح
2/18/10
MFW
Current
9/9/11
5.4x
5.0
4.7
3.7
WAWA
5/10/10
6/10/11
5.2x
5.7
5.0
5.3
7/30/10
RRD
1 Month 2 Months
5.4x
5.3x
5.4
5.5
5.0
5.3
4.8
5.0
3.8
4.2
Source FactSet, Company filings
Note: LFQ through 6/30/11. Figures adjusted for acquations where relevant and possible using public information
EVERCORE PARTNERS
12
10/19/10
Average Multiple
3 Months 6 Months
DLX
5.2x
5.5
5.4
5.1
4.5
Offer Price:
5.6x
1/8/11
5.1x
5.4
S.S
53
4.8
1 Year
5.1x
5.2
5.2
5.4
5.1
2 Years
5.5x
5.5
52
5.5
5.1
6/13/11-Offer
by MacAndrews &
Forbes Holdings
3/30/11
QUAD
6/19/11
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