Evercore Investment Banking Pitch Book
Process Considerations
Financial Sponsor 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
4.5x
5.0x
5.5x
$24.00
$26.00
$28.00
$30.00
$32.00
$14.27
11.65
9.32
7.22
5.35
$19.81
16.70
13.93
11.44
9.21
Implied IRR (Updated Case)
12.6%
11.4%
10.2%
9.1%
8.1%
$25.35
21.75
18.54
15.66
13.07
17.0%
15.7%
14.5%
13.4%
12.3%
2015E Trailing EBITDA Exit Multiple
4.5x
5.0x
5.5x
Source: M & F Worldhande Projections, Updated Case and Financing Case
Note: Aumes sponsor acquisition using leverage at 40x LFQ EBITDA
EVERCORE PARTNERS
6.0x
20.9%
19.6%
18.3%
17.1%
16.0%
$30.90
26.81
23.15
19.88
16.94
6.0x
24.4%
23.0%
21.7%
20.5%
19.4%
15.
Implied Purchase Price per Share (Financing Case)
Required
IRR
Purchase
Price
20.0%
22.5%
25.0%
27.5%
30.0%
$0.17
$24.00
$26.00
$28.00
$30.00
$32.00
2015E Trailing EBITDA Exit Multiple
5.5x
5.0x
$26.01
22.36
19.09
16.16
13.53
4.5x
$19.97
16.85
14.06
11.56
9.32
Preliminary Draft - Confidential
Implied IRR (Financing Case)
4.5x
17.1%
15.9%
14.6%
13.5%
12.4%
$32.06
27.87
24.12
20.76
17.75
2015E Trailing EBITDA Exit Multiple
5.0x
5.5x
21.3%
20.0%
18.8%
17.6%
16.4%
6.0x
25.1%
23.7%
22,4%
21.2%
20.0%
$38.10
33.37
29.15
25.36
21.96
6.0x
28.5%
27.1%
25.7%
24.5%
23.3%View entire presentation