Evercore Investment Banking Pitch Book
Discussion Materials
Illustrative Cash EPS Accretion/Dilution to Deluxe - Synergies Ramp-Up
2012E Cash EPS Accretion/(Dilution)
Scenario 1:
100% Debt
Financing
by Deluxe
Scenario 2:
Deluxe
Financing
from Debt
and PIPE
Full
Run-Rate
Synergies
4.9x
$0
48%
$50
58%
$100 67%
$150
77%
Full
Run-Rate
Synergies
$1,500
$0
$50
$100
$150
$1,500
4.9x
28%
36%
52%
HC Purchase Price
$1,600
$1,700
Multiple of HC LFQ EBITDA)
5.3x
45%
55%
65%
74%
5.6x
43%
52%
62%
71%
50%
HC Purchase Price
$1,600 $1,700
Multiple of HC LFQ EBITDA)
5.3x
26%
$1,800
5.6x
24%
32%
40%
48%
5.9%
40%
49%
59%
69%
$1,800
5.9x
21%
29%
37%
45%
(1) Includes allocation of divisional and corporate expense based on peo tata share of M&F Worldwide revenue
Assumes that 50% of total run-rate expense synergies receive credit for purposes of leverage
EVERCORE PARTNERS
Finance-
able
Synergies
Source Faret, Montana Projections-Updated Case
Note: Last Four Quarters (LFQ) as of 6/30/11
Note: Delur existing condit facility limits peo forma leverage 12 months after the close of a transaction to 3.25x pro forma LPQ EBITDA
3
Finance-
able
Synergies
$0
$25
$50
$75
PF Merge Co Leverage - 6/30/11
$0
$25
$50
$75
$1,500
4.9%
3.4x
3.3
3.2
3.1
$1,500
Preliminary Draft - Confidential
($ in millions)
4.9x
3.1x
3.0
2.9
2.8
HC Purchase Price
$1,600 $1,700
Multiple of HC LFQ EBITDA
5.6x
3.7x
3.6
3.5
3.4
3.6x
3.5
3.3
3.2
HC Purchase Price
$1,600 $1,700
Multiple of HC LFQ EBITDA
5.3x
5.6xx
3.3x
3.4x
3.2
3.3
3.1
3.2
3.0
3.1
$1,800
5.9x
3.9x
3.8
3.6
3.5
$1,800
5.9%
3.6x
3.5
3.3
3.2View entire presentation