Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Comparable Acquisitions Analysis
CREDIT FIRST
SUISSE BOSTON
(5 in millions)
Date
Annc. Target Acquiror
12/16/2004 BHC Investments/Fidelity Investments (National Financial
10/20/2004 EquiServe/Computershare Limited
09/08/2004 Intercept/Fidelity National
07/13/2004 National Processing/ Bank of America
05/06/2004 Refco /Thomas H. Lee Partners
05/25/2004 Brut LLC/Nasdaq Stock Market
05/17/2004 NYCE/Metevente
04/06/2004 Barra/Morgan Stanley
04/06/2004 Tradeweb LLC/ Thomson Financial
02/09/2004 Aurum Technology/Fidelity National
12/10/2003 SCT/Sungard
04/02/2003 Concord EFS/First Deta
03/14/2003 InterPay (FleetBoston)/ Paychex
01/29/2003 Altel Financial Services/Fidelity National
01/06/2003 Pershing/Bank of New York
11/14/2002 EDS Consumer Network Services/Fiserv
08/05/2002 BrokerTec Trading Operations/ICAP
05/10/2002 Island ECN/Instint
04/28/2002 HNC Sofbware/Fair, Isaac and Company
05/14/2001 NYCE/First Data Corp
05/07/2001 NOVA Corp (GA)/US Bancorp
Median
Mean
Source: SDC, compery press releases and Wall Street equity research.
Note: Tradeweb transaction includes 50% of $150MM eamout
(3 in millions)
CY04 PF Revenue
CY04 PF EBITDA
CY04 PF Unlevered Ni
Statistieto
$2.432
544
207
2.0x
9.0x
$365.0
307.0
423.3
435.5
1.425.0 1.138.5
2.074.6 2.250.0
190.0
610.0
828.2
460.0
306.0
196.4
7,448.1
155.0
1,050.0
2,000 0
FO
FD
Equity Enterp
Value
Value
320.0
240.0
500.0
906.9
551.7
2.252.1
Range
[1] 2004 pro form for OS, fom, Venta regrity and Ragurations
2,5x
12.0x
$385.0
307.0
190.0
610.0
620 8
435.0
306.0
5025
6,194.0
155.0
1,050.0
2,480.0
320.0
240 0
508.0
839.0
551.7
2.4744
22.0x
26.0x
Enterprise Value Reference Range
Enterprise Value!
Revenue
LTM
3.4x
1.0x
2.3x
22x
24x
NA
4.3x
4.1x
44x
19x
3.1x
NA
1.3x
3.1x
NA
2.4x
3.1x
3.7x
NA
1.6x
2.4x
2.7x
$4.894
EBITOA
LTM
NA
$4.547
$4.700
18.3x
9.9x
-
8.4x
NA
NA
11.9x
15
Implied Enterprise Value
$4.865
$6,081
NA
10.8x
11.0x
NA
NA
NA
NA
NA
NA
9.7x
NA
12.4x
11.0x
$6.525
$5.374
$6.000
PE
LTM
NA
NA
NM
26.7x
17.9x
NA
19.9x
23.6ix
NA
NA
30.9x
20.4x
NA
NA
NA
NM
NA
195,
47.2x
NA
25. Ox
23.6x
23
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