Evercore Investment Banking Pitch Book
Process Considerations
MacAndrews & Forbes Holdings' Illustrative Ability to Pay
Implied Purchase Price per Share (Updated Case)
Required
IRR
Purchase
Price
20.0%
22.5%
25.0%
27.5%
30.0%
2015E Trailing EBITDA Exit Multiple
5.0x
5.5x
$24.00
$26.00
$28.00
$30.00
$32.00
4.5x
$22.25
20.27
18.51
16.93
15.51
Implied IRR (Updated Case)
$27.79
25.32
23.12
21.15
19.37
4.5x
18.0%
15.9%
14.0%
12.3%
10.7%
$33.33
30.38
27.73
25.36
23.24
2015E Trailing EBITDA Exit Multiple
5.0x
5.5x
24.0%
21.8%
19.8%
18.0%
16.3%
Source: M & F Worldnde Projections, Updated Case and Financing Case
EVERCORE PARTNERS
6.0x
29.1%
26.8%
24.7%
22.8%
21.1%
$38.88
35.43
32.34
29.58
27.10
6.0x
33.6%
31.2%
29.1%
27.1%
25.3%
Implied Purchase Price per Share (Financing Case)
Required
IRR
Purchase
Price
$37.34
20.0%
22.5%
25.0%
27.5%
30.0%
$0.32
$24.00
$26.00
$28.00
$30.00
$32.00
Preliminary Draft - Confidential
2015E Trailing EBITDA Exit Multiple
5.5x
5.0x
$34.22
31.18
28.47
26.04
23.86
4.5x
$28.17
25.67
23.44
21.44
19.64
Implied IRR (Financing Case)
24.3%
22.2%
20.2%
18.3%
16.7%
$40.27
36.69
33.50
30.64
28.07
29.8%
27.5%
25.5%
23.6%
21.8%
2015E Trailing EBITDA Exit Multiple
4.5x
5.0x
5.5x
6.0x
34.6%
32.2%
30.1%
28.1%
26.3%
$46.31
42.20
38.53
35.24
32.29
6.0x
38.8%
36.4%
34.2%
32.1%
30.3%View entire presentation