Evercore Investment Banking Pitch Book
Appendix
Printing - Operating Metrics
Company
Montana:
At Offer: Updated Case
At Offer: Financing Case
At Market: Updated Case
At Market: Financing Case
Printing
Dai Nippon Printing Co. Ltd.
Toppan Printing Co. Ltd.
R.R. Donnelley & Sons Co.
Quad/Graphics Inc.
Vistaprint N.V.
Transcontinental Inc. (CIA)
Deluxe Corp.
Consolidated Graphics Inc.
Cenveo Inc.
Standard Register Co.
Source: FactSet, Company filings
EVERCORE PARTNERS
Preliminary Draft - Confidential
($ in millions, except for per share amounts)
EBITDA Growth
Revenue Growth
IBES Capex as Net Debt
'10A- 11E- '10A-'12E EBITDA Margin '10A- 11E-10A-'12E LT % of Revenue / 2011E
'11E 12E CAGR 2011E 2012E 'HE '12E CAGR Growth 2011E 2012E EBITDA
Max
Min
(1%)
(1%)
(1%)
1%
3%
1%
3%
(3%)
(2%)
7% 1%
2%
2%
40% (3%)
22%
21%
3%
1%
3%
ΝΑ
0%
1%
4%
NA
NA
Mean
8% 4%
Median 3% 2%
40%
21%
0%
0%
(1%)
0%
8%
35%
48%
10%
3%
7%
ΝΑ
NA
48%
(1%)
25%
25%
25%
25%
10%
8%
13%
14%
17%
18%
25%
13%
NA
8%
14%
13%
25%
8%
26% (7%)
27% (7%) 10%
26%
27%
4%
(7%) 10%
10%
(4%)
4%
8%
(2%)
4%
9%
13% 6% 4%
16% 37%
15% 1%
18% 2% 8%
26%
3%
8%
13% 1%
NA ΝΑ 3%
NA 77% 20%
15% 13% 7%
14%
1%
4%
26%
77%
20%
8% (4%)
(2%) NA 3%
1%
3%
NA
ΝΑ 3%
ΝΑ
1%
1%
5%
22%
11%
ΝΑ
18%
5%
3%
0%
6%
4%
15%
NA 13%
8%
9%
4%
16%
50%
46%
(0%)
15%
13%
50%
3%
2%
3% 2%
6%
6%
4%
5%
2% 2%
4%
4%
6% 6%
3% 3%
2%
2%
5% 6%
NA NA
NA
NA
4%
4%
6%
2%
4%
6%
4.6x
4.6
4.6x
4.6
NM
1.5
2.8
2.3
NM
1.6
2.1
1.3
5.1
0.8
2.2x
1.9x
5.1x
0.8xView entire presentation