Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Solar Preliminary Valuation Summary
Solar Equity Valuation (Per Share)
Comparable
Transaction
Analysis
$37.90 ($11,500)
(Sin millions)
Price per Share (Enterprise Value)
Impiled Multiples
Cv2000 Revise
CY2005 Rovices
CV 2004 ETDA
OY 2006 ETDA
cr200 revered M
CV2005 UN
$33.00 $35.00
22
22 Dr
215
CY2004 Revenues
CY2005 Revenues
CY2004 EBITDA
CY2005 EBITDA
CY2004 Unlevered Ni
CY2005 Unlevered NI
CREDIT FIRST
SUISSE BOSTON
$40.00
25 $35.00
29x
10.x
MOX
24%
230 $30.00
$25.00
$20.00
$15.00
Statistic
$3.411
3.613
1,045
1.098
430
458
Comparable
Company Analysis
$31.89 ($9,500)
$25.68 ($7,500)
22x
2.1x
7.2x
6.8x
17.4x
16.4x
Note: Net Cash of $105MM as of 12/01/04 per Soler management
28x
2.6€
9.1x
8.7x
22.1x
20.7x
$30.36 ($9,000)
2.6x
2.5x
8.6x
8.2x
20.9x
19.7x
ə
-
.
.
▼
3.2x
11.0x
105
26.7x
25.1x
Discounted Cash
Flow Analysis
$38.10 ($10,900)
$27.27 ($8,000)
2.3x
22x
7.7x
7.3x
18.6x
175.
. 3.2x
3.0
-
-
10.4x
9.9
25.3x
- 23.8x
$35.00 ($10,533)
---$33.00 ($9,866)
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