LionTree Investment Banking Pitch Book
Selected Publicly Traded Companies
Company
Walt Disney
Time Warner Inc.
Fox
Viacom
Discovery Communications
Scripps Networks
AMC Networks
Mean
Median
Saturn @ Market
Management Case²
Sensitivity Case
Research Case
Closing Price
6/13/2016
Lion Tree
$97.57
$73.13
$28.91
$41.24
$25.97
$62.89
$60.05
$26.01
Saturn @ Offers Based on Management Case²
Luna Offer @ 3.0% Discount
$31.67
% of
52-Week
High
79.9%
80.1%
83.3%
Source: Public company filings, Wall Street research
Notes:
Draft Working Materials - Subject to Change
1) EBITDA shown pre stock based compensation
2) Based on Saturn management plan as of June 2016
60.2%
74.3%
91.9%
68.9%
55.8%
68.0%
Market Enterprise
Cap
($mm)
160,709
58,932
55,168
16,679
15,939
8,154
4,470
2,687
3,343
Value
($mm)
180,306
78,160
59,372
28,120
23,048
11,922
6,821
3,783
4,439
EV/
EBITDA¹
'16E-'18E CAGR
2016E 2017E Revenue EBITDA
10.0x
9.2x
8.2x
7.3x
9.3x
8.3x
7.6x
7.7x
8.4x
8.1x
9.1x
9.6x 5.1%
8.6x
5.5%
7.5x
5.6%
7.1x
2.6%
8.9x 5.9%
8.0x
4.3%
7.2x
5.6%
7.0x
7.5x
7.3x
8.2x
4.8%
4.9%
0.9%
4.8%
7.1%
8.4%
3.0%
5.4%
3.5%
3.1%
11.8%
12.7%
9.5%
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