Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Illustrative Theoretical Stock Price Performance -
Based on 3-year Average Multiple of 19.6x
Future Value
(Using 3-year Average Multiple of 19.6x)
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$26.43
$34.20
$33.57
$39,38 $41.25
$37.97
$32.94
$36.60
$39.04
$44.74 Base Case
$41.56
Jan-1-05 Jan-1-06 Jan-1-07 Jan-1-08 Jan-1-09
-2% Per Annum
Base Case
(9.3 % CAGR)
+2% Per Annum
Present Value
(Discounted at the Cost of Equity of 12.0%)
$50.00
$45.00
$40.00
$35.00
$30.00
$25.00
$26.43
$30 53
$29.97
$31.38
$30.27
$29.41 $29.18
Note: Future values calculated using a 3-year average 1-year forward P/E of 19 6x and a current stock price of $26.43 as of 1/27/05
Note: Present value discounted at 12.0% based on Solar cost of equity
$31,00
$29.36
$27.78
$30 57
$28.44 Base Case
$26.41
Jan-1-05 Jan-1-06 Jan-1-07 Jan-1-08 Jan-1-09
-2% Per Annum
+2% Per Annum
Base Case
(9.3% CAGR)
This analysis is not CSFB's view on the future value of the stock as there are many factors that contribute or affect its value.
CREDIT FIRST
SUISSE BOSTON
11View entire presentation