Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Discounted Cash Flow Analysis
Discounted Cash Flow Matrix
CREDIT FIRST
SUISSE BOSTON
(Sin millions)
Discount
Rate
10.5%
11.5%
12.5%
EBITDA Margin
Improvement
Terminal EBITDA Multiple(2009)
8.5x
9.5x
7.5x
$807
2.812
$3.619
6.6x
$787
2.688
$3.475
6.4x
$768
2.571
3.339
6.1x
0.0%
0,5%
1.0%
1.5%
2.0%
$807
3.187
$3,994
7.3x
$787
3.046
$768
2.913
3,682
6.8x
$807
3.562
$4,369
8.0x
$3.834 $4.192
7.0k
7.7x
$787
3,405
0.0%
$3,834
$3,883
$3,932
$3,981
$4,030
$765
3.256
4,024
7.4x
Present Value of Free Cash Flow (2005-2009)
Present Value of Terminal Value
Enterprise Value
impiled Enterprise Value/2004 PF EBITDA Multiple
Present Value of Free Cash Flow (2005-2009)
Present Value of Terminal Value
Enterprise Value
implied Enterprise Valbue/2004 PF EBITDA Multiple
Present Value of Free Cash Flow (2005-2009)
Present Value of Terminal Value
Enterprise Value
Implied Enterprise Value/2004 PF EBITDA Multiple
Growth and Margin Sensitivity
Revenue Growth Improvement
0.5%
$3,896
$3,946
$3,996
$4,046
$4.096
1.0%
$3,960
$4,010
$4,061
$4,112
$4,163
1.5%
$4,024
$4,076
$4,127
$4,179
$4,231
Note: % increase in EBITDA margin applies to 2009; each year assumes a fifth of the % increase in margin until 2009
Note: Assumes midpoints of the discounted cash flow matrix for discount rate (11.5%) and terminal EBITDA multiple (8.5x).
2.0%
$4,089
$4,142
$4,194
$4,247
$4,299
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