J.P.Morgan Investment Banking Pitch Book
VALUATION ANALYSIS
Trading comparables
Trading comparables (US$mm, unless otherwise stated)
% of
Share price 52-week
(LC)
high
71.1%
83.6%
Company
FMCN (last day prior to offer, mgmt proj)
FMCN@offer price (Mgmt proj)
Global outdoor advertising
JCDecaux
Lamar Advertising
Clear Channel Outdoor
APG|SGA SA
Stroeer Out-of-Home Media
Clear Media
Median
23.38
27.50
PROJECT FOXTROT
18.44
78.5%
40.14
96.7%
6.84 46.0%
99.4%
46.9%
82.7%
195.00
6.98
4.05
Market
value
$3,176
$3,737
Firm
value
$2,481
$3,043
$5,385
$5,515
$3,810
$5,848
$2,443 $6,877
$637
$581
$387
$849
$279
$157
Source: Company reports, broker research, FactSet market data as of Dec 17, 2012
¹ Represents ADS price as of Aug 10, 2012, which is the last trading day prior to the offer
11
FV/ Revenue
CY2012E CY2013E CY2014E
2.6x 2.2x 1.8x
3.2x 2.7x 2.2x
1.6x
5.0x
2.3x
1.7x
1.2x
0.7x
1.6x
1.6x
4.7x
2.2x
1.6x
1.1x
0.7x
1.6x
1.5x
4.5x
2.2x
1.6x
1.1x
NA
1.6x
FV/EBITDA
CY2012E CY2013E CY2014E
5.9x 5.1x
7.3x 6.2x
7,3x
115×
10.1x
6.7x
6.3x
NA
7.3x
7.1x
10.9x
9.5x
7.3x
5.8x
NA
7.3x
4.1x
5.0x
6.7x
10.4x
8.8x
7.0x
5.3x
NA
7.0x
P/E
CY 2012E CY 2013E CY2014E
9.5x
11.2x
8.1x
9.5x
17.7x
NM
19.1x
NM
NM
13.6x
14.0x
10.7x
13.8x 12.5×
NM
13.2x
11.8x
9.0x
6.6x
7.8x
15.7x
42.6x
NM
12.4x
9.6x
NA
14.0x
J.P.MorganView entire presentation