Evercore Investment Banking Pitch Book
Analysis of Publicly Traded Companies
Financial Solutions - Operating Metrics
Company
Montana:
At Offer: Updated Case
At Offer: Financing Case
At Market: Updated Case
At Market: Financing Case
Financial Solutions
Fidelity National Info. Sys.
Fiserv Inc.
Wolters Kluwer N.V.
Global Payments Inc.
NCR Corp.
Jack Henry & Associates Inc.
DST Systems Inc.
Misys PLC
Temenos Group AG
Euronet Worldwide Inc.
Heartland Payment Systems Inc.
Computer Services Inc.
Source FactSet, Company filings
EVERCORE PARTNERS
Revenue Growth
'10A- '11E- '10A-'12E EBITDA Margin '10A-
'HE '12E CAGR 2011E 2012E '11E
(1%)
(1%)
1%
3%
1%
(1%)
(1%) 3%
11%
6%
4%
5%
(3%) 2%
14%
11%
7% 6%
11%
8%
(1%) 3%
(23%) 12%
15% 11%
8% 7%
8%
ΝΑ
9%
ΝΑ
5% 7%
Mean
Median 8% 7%
15% 12%
Max
Min
(23%) 2%
0%
2%
0%
2%
18%
9%
(2%)
26%
14%
20%
2%
(14%)
28%
16%
18%
NA
12%
16%
28%
(14%)
26
25%
25%
25%
25%
24%
24%
26%
27%
33%
11%
26%
27%
Preliminary Draft - Confidential
($ in millions, except for per share amounts)
EBITDA Growth IBES Capex as Net Debt
'11E- '10A-'12E
LT
% of Revenue / 2011E
'12E CAGR Growth 2011E 2012E EBITDA
(7%) 4%
(7%) 10%
30%
31%
6% 9%
33%
33%
24%
4% 7%
25% 8% 7%
23% 11% 11%
23%
11%
11% 18% 11%
32% 13% 10%
31%
25% 24% 18% (2%)
NA 27% ΝΑ ΝΑ
29% 31% (4%) 21%
13% 14% 4% 11%
39% 18%
NA ΝΑ
18% 19%
NA NA
(7%) 4%
(7%) 10%
25% 12% 10%
25% 10% 10%
33% 39% 21%
11% (4%) (2%)
(2%)
1%
(2%)
1%
ΝΑ 3% 2%
NA 3% 2%
NA
ΝΑ
8% 13%
5% 12%
7% 5%
11% 12%
15% 19%
12%
13%
8%
10%
NA
15%
14%
8%
7% 15%
28% 18%
ΝΑ
NA
11%
8%
28%
5%
13%
13%
19%
5%
3% 2%
3%
2%
4.6x
4.6
4.6x
4.6
6%
4%
2.7x
4% 4%
2.1
4%
4%
2.7x
4%
3%
1.5
4% 3% NM
5% NA
6%
5%
NA
7%
6%
3% 3%
7% 5%
ΝΑ
0.6
0.6
NA
0.8x
0.5
2.1
NA NA
5% 4%
1.5x
5% 4%
1.5x
7% 7% 2.7x
3%
3%
0.5xView entire presentation