Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Comparable Acquisitions Analysis
(3 in milions)
Date
Anne. Target / Acquiror
08/06/2004 Synstar PLC /Hewlett Packard
07/13/2004 National Processing / Bank of America
03/14/2004 UGS PLM Solutions/Consortium
03/10/2004 American Mgmt Systems/CGI Group
02/23/2004 Triston GmbH/Hewlett-Packard
04/02/2003 Concord EFS/First Data
11/14/2002 EDS Consumer Network Services / Fiserv
04/26/2002 Guardian IT /SunGard
10/12/2001 Comdisco Avalability Solms /SunGard
07/19/2001 Lockheed Martin IMS Corp /Affiliated Computer Services
Median
Mean
Source: SDC, company press releases and Wall Street equity research.
CREDIT FIRST
SUISSE BOSTON
(3 in millions)
CY04 PF Revenue
CY04 PF EBITDA
CY04 PF Unlevered Ni
Statistic
(1)
$1.258
(1) 2006 as promowan.
545
216
3.0x
8,0x
FD
Equity
Value
$293.4
1.425.0
$266.6
1.138.5
2,050.0 2,050.0
902.4
840.1
427.0
427.0
7,448.1
6,194.0
320.0
320.0
265.0
85.0
850.0
825.0
Range
3.5x
FD
Enterp.
Value
11.0x
850.6
825.0
22.0x - 26.0x
Enterprise Value Reference Range
Enterprise Value /
Revenue
LTM
0.7x
2.2x
2.4x
0.9x
0.9x
3.1x
NA
1.6x
1.8x
1.3x
1.6x
1.7x
$4.356
Implied Enterprise Value
$3.774
$4.404
$4.747
$4.600
EBITDA
LTM
8.0x
9.9x
9.2x
11.0x
NA
11.0x
NA
5.9x
6.1x
7.6x
8.6x
8.6x
-
- $5.990
55.610
$5.800
P/E
LTM
NM
25.7x
19.7x
35.3x
NA
20.4x
NM
15.1x
NM
NA
20,4x
23.2x
26View entire presentation