Evercore Investment Banking Pitch Book
Valuation Analyses
Illustrative PV of Future Stock Price Sensitivity Analysis
Equity Cost
of Capital
20.0%
22.5%
25.0%
27.5%
30.0%
Implied Facture
Stock Price
Implied PV of 2013E Stock Price
4.75x
$21.00
19.95
18.96
18.04
17.19
$33.17
2013E Trailing TEV/EBITDA Multiple
5.00x
5.25x
5.50x
$24.98
$28.96
$32.93
23.72
27.50
31.27
26.14
29.73
24.87
28.29
23.69
26.94
22.55
21.46
20,44
$39.45
Source: MFW Projections
Note: Valuation as of 6/30/11
EVERCORE PARTNERS
$15.73
$52.01
Equity Cost
of Capital
20.0%
22.5%
25.0%
27.5%
30.0%
Implied Future
Stock Price
5.75x
$36.91
35.05
33.32
31.70
30.20
$58.29
4.75x
$22.31
20.33
18.56
16.97
15.55
$50.73
5.00x
$25.08
22.85
Equity Cost
of Capital
20.0%
Implied PV of 2015E Stock Price
20.86
19.08
17.48
22.5%
25.0%
27.5%
30.0%
$57.04
Implied Future
Stock Price
Implied PV of 2014E Stock Price
2015E Trailing TEV/EBITDA Multiple
5.25x
5.50x
$27.85
$30.62
25.38
27.90
23.17
25.48
21.19
23.30
19.42
21.35
$63.34
4.75x
$20.79
19.34
18.02
$69.64
16.81
15.70
$39.41
2014 Trailing TEV/EBITDA Multiple
5.25x
5.50x
$27.32
$30.59
25.42
28.45
23.68
26.51
22.09
24.73
20.64
23.10
5.75x
$33.39
30.43
27.78
25.41
23.28
$75.95
5.00x
$24.06
22.38
20.85
19.45
18.17
$45.60
$51.79
Confidential
$57.97
5.75x
$33.85
31.49
29.34
27.37
25.57
$64.16View entire presentation