Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Comparable Company Analysis
in millions except per share amounts)
COMPANY (PYE)
Sixers Street (Dec.)
Iverson Street (Dec.)
Financial Services
ADP (Jun)
Fiserv (Dec)
DST Systems (Dec)
SEI Investments Co (Dec)
Medan
Mean
Securities Trading
CME (Dec.)
Factset (Aug)
Espeed (Dec.)
Median
Mean
Source: Wall Street equity research.
CREDIT FIRST
SUISSE BOSTON
Stock
Price
$27.00
NA
$44.92
39.06
49.16
41.41
$219.67
50.20
10 88
($ in millions)
CY04 Revenue
CY05 Revenue
CY04 EBITDA
CY05 EBITDA
FD Capitalization
Equity
Market
Value
$8,051
NA
$25,669
7,812
5,178
4.516
$7,503
1,707
628
CY04 Unlevered NI
CY05 Unlevered NI
Aggr.
Market
Value
$8,122
ΝΑ
$25,603
8,081
4,570
4.293
$7,220
1,508
405
Statistic
$2,208
$2.352
$517
$548
$208
$227
PE Muple
сто CYOS
19.3x 15.9x
NA NA
27.6x 23.5x
20.5 18.2x
21.7x 18.8x
24.1x 21.0x
24.1x
21.0x
S
30.0x
28.0 24.1x
19.8x
28.0x 24.1x
27.7x 24.8x
2.0x
2.0x
8.0x
7.5x
Revenues
CYOA CYUS
2.3x 2.1x
NA
NA
3.2x
26x
2.9x
3.6x
3.0M
2.fx
2.5x
5.7
Range
2.7k
3.3K
8.8
6.9x 5.0
2.4
5.9x 5.0
6.1x 5.4x
2.5x
2.5x
10.0x
9.5x
FD Aggregate Value!
EBITDA
CYO CYOS
7.8x
NA
7.3x
NA
14.2x 124K
9.7x 8.6
9.3x 8.2x
18.7x 173.
12.0x
13.0x
10.5
11.7x
17.1x
15.1x
14.2x 125
6.1x 6.4K
14.2x 125x
25
11.3x
18.0x
24.0x
17.0x
22.0x
Enterprise Value Reference Range
EDIT
CYG CYOS
11.5x 10.2x
NA
NA
17.2x 14.9
12.7x 11.3x
13.7x 11.8
20.3 19.0k
15.4x 13.4.
16.D 14.2x
19.6x 17.0
17.2x 14.6
8.4x
17.2x 14.6
15.1x
13,6x
$4,136
$4,109
$3,752
$3,856
$4,000
-
Operating Statistics
Revenue CY04 CYOS CY2005
Growth
EBIT
EBIT PE/
04-05 Margin Margin LTGR
-
7.8% 19.9%
10.4% 16.8%
Implied Enterprise Value
$4,417
$4,703
7.6% 18.6%
10.8% 18.6%
6.5% 19.3%
9.6% 30.8%
8.6% 18.9%
8.6% 21.9%
11.6%
18.6%
4.2%
11.0%
$5,521
$5,879
$5,171
$5,205
50.3%
34.4%
29.5%
34.4%
58.1%
$5,002
$4.989
$5,000
20.5%
18.3%
19.9%
18.9%
21.0%
30.1%
20.4%
22.5%
51.8%
34.3%
25.8%
34.3%
37.3%
NM
2.2x
1.1x
1.4k
1.4x
1.54
2.0M
1.9
1.6
1.8
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