Evercore Investment Banking Pitch Book
Summary Trading Analysis
2-Year Historical Relative Trading Multiple - TEV/LFQ EBITDA
6.5x
6.0x
5.5x
5.0x
4.5x
4.0x
3.5x
Montana (Unaffected-6/10/11)
Montana (Current - 8/9/11)
RR Donnelley
Deluxe
Quad/Graphics
розчи
8/10/09
Univ
men
10/30/09
1/19/10
-M & F Worldwide
Current
8/9/11
5.4x
5.4
5.1
4.8
42
4/10/10
6/10/11
5.2x
5.2
5.7
5.0
5.5
им
6/30/10
RRD
1 Month 2 Months
5.4x
5.3x
5.5
5.5
5.5
5.6
5.2
5.2
5.3
5.5
Source FactSet, Company filings
Note: LFQ through 6/30/11. Figures adjusted for acquations where relevant and possible using public information
EVERCORE PARTNERS
9/19/10
Average Multiple
3 Months 6 Months
5.2x
5.5
5.7
5.3
5.7
Offer Price:
5.6x
12/9/10
5.1x
5.3
5.6
5.5
5.8
-DLX
Preliminary Draft - Confidential
1 Year
5.1x
5.2
5.2
5.5
5.7
2 Years
5.5x
5.5
52
5.6
5.7
6/13/11 - Offer
by MacAndrews &
Forbes Holdings
2/28/11
-QUAD
5/20/11
8/9/11View entire presentation