Bear Stearns Investment Banking Pitch Book
Discounted Cash Flow Analysis-Global Services
PV of Period Cash Flows
PV of Terminal Value
PV of Enterprise
Implied FCF Growth Rate
PV of Period Cash Flows
PV of Terminal Value
PV of Enterprise
Implied FCF Growth Rate
PV of Period Cash Flows
PV of Terminal Value
PV of Enterprise
Implied FCF Growth Rate
PV of Period Cash Flows
PV of Terminal Value
PV of Enterprise
Implied FCF Growth Rate
WACC
13.50%
14.00%
14.50%
15.00%
Forward Revenue Multiple
0.95x
$873.3
1,964.0
$2,837.4
0.80x
$873.3
1,653.9
$2,527.2
4.3%
$863.5
1,622.1
$2,485.6
4.7%
$853.8
1,591.0
$2,444.8
5.2%
$844.3
1,560.7
$2,405.0
5.6%
5.6%
$863.5
1,926.2
$2,789.7
6.1%
$853.8
1,889.3
$2,743.1
6.5%
$844.3
1,853.3
$2,697.6
7.0%
1.10x
$873.3
2,274.1
$3,147.5
6.6%
$863.5
2,230.4
$3,093.8
7.1%
$853.8
2,187.6
$3,041.4
7.6%
$844.3
2,145.9
$2,990.2
8.0%
Forward EBITDA Multiple
6.0x
$873.3
2,304.3
$3,177.7
5.0x
$873.3
1,920.3
$2,793.6
5.4%
$863.5
1,883.3
$2,746.8
5.9%
$853.8
1,847.3
$2,701.0
6.4%
$844.3
1,812.0
$2,656.3
6.8%
Note: Financial projections based on Wall Street equity research and Bear Stearns Investment Banking estimates.
Note: EBITDA, EBIT, and Unlevered Net Income are all adjusted for allocation of corporate overhead.
CONFIDENTIAL
6.7%
$863.5
2,260.0
$3,123.5
7.2%
$853.8
2,216.7
$3,070.5
7.6%
$844.3
2,174.4
$3,018.7
8.1%
Draft of 8202529, v1, printed 10/14/2008 10/14/2008
7.0x
$873.3
2,688.4
$3,561.7
7.6%
$863.5
2,636.7
$3,500.1
8.1%
$853.8
2,586.2
$3,439.9
8.6%
$844.3
2,536.8
$3,381.1
9.0%
Forward EBIT Multiple
8.5x
$873.3
2,326.0
$3,199.3
7.5x
$873.3
2,052.3
$2,925.7
5.9%
$863.5
2,012.8
$2,876.3
6.4%
$853.8
1,974.3
$2,828.1
6.9%
$844.3
1,936.6
$2,780.9
($ in millions)
7.3%
6.8%
$863.5
2,281.2
$3,144.7
7.2%
$853.8
2,237.5
$3,091.3
7.7%
$844.3
2,194.8
$3,039.1
8.2%
9.5x
$873.3
2,599.6
$3,472.9
7.4%
$863.5
2,549.6
$3,413.1
7.9%
$853.8
2,500.7
$3,354.5
8.4%
$844.3
2,453.0
$3,297.3
8.9%
56View entire presentation