Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Comparable Company Analysis
(5 millons, except per share acont
COMPANY (FY
Solar Street (Dec.)
Iverson Street (Dec.)
Financial Servi
ADP (Jun)
Fiserv (Dec.)
DST Systems (Dec.)
SE investments Co. (Dec)
Bisys (Jun)
Median
Mean
Securites Trading
CME (Dec.)
Factset (Aug)
Archipelage (Dee)
Median
Stock
Price
3:24/95
CREDIT FIRST
SUISSE BOSTON
$24.95
NA
$45.16
37.85
46.17
35.90
16.17
$193.25
32.40
Source: Wall Street equity research.
Note: Salar unaffected stock price as of 3/18/05
(3 in millions)
CYOSE Revenue
CYOGE Revenue
CYOSE EBITDA
CYOFE EBITDA
FD Capitalization
Equity
Market
Value
$7,362
NA
526.783
7.450
4.005
$6.702
1.647
960
CYOSE Unlevered Ni
CYOGE Unlevered Ni
Enterp
Market
Value
$7,669
NA
$25.270
7,539
4.247
$6.034
1.579
704
Statistic
$2.612
2.838
593
693
244
295
Source Statistics per Company management
PIE Mutiple
CYDS
16.1x
NA
27.9
17.4x
19.7x
19.7x
206
22.7x
15.6
16.4
16.4
18.2
2.0x
2.0x
7.5x
7.0x
CYOS
14.4x
NA
23.9
15.3
18.7x
16.9
16.9
19.0
19.3x
NA
15.0
17.2x
17.2
Range
Revenues
CYBS
2.0x
NA
2.8x
2.11
4.9
1.9
2.5
2.8x
14x
4.9
2.5x
2.5x
FD Enterprise Value
9.5x
9.0x
CYOS
1.9x
NA
24x
4.5k
1.7x
2.4x
2.60
NA
1.4K
3.7x
17.0x
22.0x
15.0x
20.0x
Enterprise Value Reference Range
ESTDA
CYOS CYB
7,0x
NA
8.4x
8.2x
9.2
10.5
11,0x
12.1x
7.5x
11.0
10.2x
6.6x
NA
11.4x
7.8x
7.7x
13.6x
8.5x
8.5x
9.8x
11.fx
7.0M
9.4x
9.2x
$4.450
$4.848
Operating Statistics
Revenge
Growth
95.5
$4.155
$4,464
$4.300
5.4%
5.6%
3.4%
10.1%
5.3%
7.37%
7.7%
14.3%
NA
(0.6%)
6.8%
Implied Enterprise Value
$5.225
$5.677
$8.531
$7,096
$5,637
$6.233
$5,377
$5.952
$5.500
CYSS
EDIT
Margin
20.3%
17.2%
19.9%
19.2%
20.3%
30.4%
14.9%
15.9%
54.7%
35.0%
14.3%
35.0%
34.9%
LT CY2005
PR/
LTGR
Gr. Rate
(LTGR)
13.6%
NA
11.2%
15.9%
13.1%
15.6%
14.0%
14.0%
14.0%
15.0%
16.0%
10.5%
15.0%
13.8%
1.2x
NM
2.0x
1.3
14X
1.3x
1.5x
1.0x
1.6x
1.5x
1.3x
19View entire presentation