PJT Partners Investment Banking Pitch Book
Lunar Broker Estimates
TARGET
PRICE
BROKER
RBC Capital
Markets
Pacific Crest
Securities
Piper Jaffray
Argus Research
Barrington
Research
FBR Capital
Markets
Evercore ISI
Bernstein
Cowen
B Riley & Co
DATE
6/10/16
6/7/16
6/7/16
6/6/16
6/6/16
6/5/16
6/5/16
6/3/16
6/2/16
5/31/16
$23.00
$27.00
$30.00
$34.00
$27.00
$23.00
$32.00
$34.00
$22.00
$30.00
MULTIPLE
14.4x CY2016E
/CY2017E EBITDA
N/A
N/A
N/A
15x FY2017E EBITDA
N/A
N/A
N/A
N/A
N/A
Source: Company Filings, Bloomberg, Wall Street Research, Thomson One and CapitallQ.
METHODOLOGY/COMMENTARY
> "The next leg in valuation will likely come from key movies doing well (or not) as
we think investors have taken a 'show me' approach to the slate."
"While nothing was said on the Starz front, we've updated our forecast and
think a deal could be highly accretive to LGF Adj. EPS on debt/equity financing
of 40%/60%."
> N/A
> 5-year DCF, 9.0x term EBITDA multiple and 7.2% WACC
> N/A
"The variety of potential contributors to continuing growth is sufficiently
impressive and largely visible, along with management's demonstrated risk
mitigation skills, that we are encouraged as to the ability of Lionsgate's
management to sustain its momentum, albeit unevenly..."
> N/A
> N/A
> N/A
Confidential
> N/A
> N/A
PJT Partners
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