Evercore Investment Banking Pitch Book
Appendix
Analysis of Publicly Traded Companies
Operating Metrics
MFW:
At Offer
At Market
Company
Financial Solutions
Fidelity National Info. Sys.
Fiserv Inc.
Wolters Khrwer N.V.
Jack Henry & Associates Inc.
Temenos Group AG
Flavorings and Fragrances
Givandan S.A.
International Flavors & Fragrances
Symrise AG
Huabao International Holdings Lad
Sensient Technologies Corp.
T. Hasegawa Co. Lad
Takasago International Corp.
Source FactSet, Company filings, MFW Projections
EVERCORE PARTNERS
Revenue Growth
EBITDA Growth IBES Capex as Net Debt
10A- 11E-10A-12E EBITDA Margin 10A- 11E-10A-12E LT % of Revenue / 2011E
'HE 12E CAGR 2011E 2012E '11E 12E CAGR Growth 2011E 2012E EBITDA
(1%) 1%
1%
(1%)
11%
6%
4%
5%
(4%) 2%
11%
14% 10%
Mean 7% 6%
Median 11% 6%
Max
Min
14% 10%
(4%) 2%
(7%)
8%
22%
10%
2%
5%
4%
20%
(1%) (0%)
1%
2%
Mean
Median 2%
Max
Min
5% 5%
22% 20%
(7%) (0%)
0%
0%
17%
9%
18%
26%
14%
17%
29%
30%
33%
26%
(2%) 24%
(5%)
13%
47%
15%
(1%)
11%
6%
47%
(5%)
25%
25%
17
30%
33%
24%
32%
27%
20%
20%
20%
64%
16%
19%
10%
Confidential
($ in millions, except for per share amounts)
24%
20%
64%
10%
26% (7%) 4% (2%) NA 3% 2%
26% (7%) 4%
3% 2%
(2%)
NA
7%
31% 6% 9%
33% 4% 7%
2.5% 8% 6%
5%
7%
32% 13% 8% 11%
31% (99%) 25%
7%
30%
11%
6% 8%
31%
33% 13% 25%
25% (9%) 6%
7%
21% (5%) 8%
63%
16% 19 %
17% 10%
18%
10% 0%
11%
5%
22% (17%) 10%
(5%)
20% 12% 8% 10%
1%
17%
8%
4% (5%) (1%)
6%
24%
7%
5%
20% 4% 8% 3%
63% 16% 19% 17%
10% (17%) (5%) (5%)
13%
12%
4%
12%
13%
10%
6%
11%
16%
7%
ΝΑ
ΝΑ
5%
4%
4%
4%
7%
10%
10%
16%
6%
1%
4%
4%
9%
6%
11% 5% 5%
1.7x
12%
4%
2.1
13%
7%
6%
2.7
4%
4% 4% 0.3
5% 4%
5% 5%
4.6x
4.6
20x
1.5
1.8
12%
10%
NM
5% 6% 13
5%
5%
27x
21
27
0.3
1.0x
6%
5% 5%
12% 10%
4% 4%
NM
2.5
1.8x
1.8
2.5
1.3View entire presentation