Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Comparable Company Analysis
in mültons, except per share acont
COMPANY YE
Solar Street (Dec.)
Allen Street (Dec.)
Business Contruty Services
IBM (Dec.)
HP (0d.)
Accenture (Aug)
EDS (DK)
CSC (Mar)
ACS (Jun)
Medan
Mean
S&P 509 Includry Indices
Industrials
Utaties
Medan
Mean
Source: Wall Streat equity research
CREDIT FIRST
SUISSE BOSTON
Stock
Price
3/13/95
$24.95
NA
$03.20
20.10
23.66
20.57
44.96
50.25
NA
NA
(3 in millions)
CY05E Revenue
CYOSE Revenue
CYOSE EBITDA
CYOSE EBITDA
FD Capitalization
Equity Enterp
Market Market
Value
Value
CYOSE Unlevered NI
CYOSE Unlevered NI
57,362
NA
$143,419 $162.121
50,772
52.383
22,756
21.041
10.647
8.723
6.597
$7,669
NA
NA
NA
11.298
10.353
6,821
NA
NA
Statistic
$1.324
1.387
551
575
222
231
Source: Statistics per Company management.
PE Multiple
CYDS
16.1x
NA
15.x
12.7
16.6x
41.1x
15.1
14.x
15.3x
19.2x
18.9
15.4
17.2x
17.2x
2.0x
2.0x
6.5x
6.0x
CYOS
14.4x
NA
NA
13.7x
33.2x
13.04
13.7x
13.7x
17.7x
16.5
14.2
15.4x
10.Ax
Range
Revenues
CYOS
NA
0.6K
1.3x
0.6x
0.7x
1.5x
1.0x
1.0x
NA
NA
NA
NA
3.0x
3.0x
8.5x
8.0x
FO Enterprise Value
18.0x
- 17.0x
CY
1.9x
NA
1.5x
NA
1.2x
0.6
0.5x
1.3
1.2x
1.0x
NA
NA
NA
NA
14.0x
13.0x
Enterprise Value Reference Range
EBITDA
GY65 CYBE
7.0x
NA
9.2x
6.7x
8.9
4.0x
5.0
7.0x
6.0x
6.9
NA
NA
NA
NA
6.6x
NA
0.0x
NA
8.3x
4.2x
NA
7.3x
6.9x
NA
NA
NA
NA
$3.583
$3,453
Operating Statistics
Revenue CYDS
Growth
EBIT
95-96 Margin
$3,109
$2,999
$3.300
-
5.4%
5.0%
-
50%
NA
10.5%
(2.9%)
74%
Implied Enterprise Value
$2,649
$2,773
14.0%
74%
6.8%
7.2%
1.3%
4.0%
$3.973
$4.160
$4.685
$4.604
$3.998
$3.921
$4.300
20.3%
30.1%
13.3%
64%
13.0%
3.1%
64%
15.0%
9.7%
9.6%
15.6%
19.7%
17.7%
17.7%
LT CY2005
PE/
LTOR
Gr. Rate
(LTORI
13.5%
NA
10.5%
10.9%
13.4%
11.2%
16.0%
12.3%
12.6%
NA
NA
NA
NA
1.2x
NM
1.2x
1.2x
3.0x
0.9
1.3x
1.5K
NA
3333
NA
NA
NA
-
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