Evercore Investment Banking Pitch Book
Analysis of Publicly Traded Companies
Financial Solutions - Illustrative Valuation 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 Ir
Computer Services Inc.
Price
as of
8/9/2011
Source: FactSet, Company filings
EVERCORE PARTNERS
$24.00
24.00
% of
52Wk Market Net
High Value Debt
85%
85%
$21.23
76%
21.23 76%
TEV
$27.93 83% $8,736 $4,625 $13,361
54.26 83% 7,782 2,978 10,760
17.93 71% 5,428 3,119
43.49 81% 3,554
672
16.67 80% 2,693 (409)
26.48 78% 2,311
45.79 82% 2,188
4.20 62% 1,436
21.48 40% 1,546
15.98 81% 841
20.74
92%
832
30.00 95%
448
$467 $2,009 $2,476 1.40x
467
2,009 2,476 1.40
$413 $2,009 $2,422 1.37x
413 2,009 2,422 1.37
(0)
TEV/
Revenue
1,009
448
2011E 2012E
8,547 1.75
4,226 2.10
2,284 0.44
189 2,500
2,425
237
144 1,580
152
1,698
70
911
176
Mean
Median
Max
Min
2.32x
2.50
2.50
1.43
2.35
2.44
0.81
2.09
NA
1.88x
2.10x
2.50x
0.44x
X
1.38x
1.36
1.35x
1.33
2.18x
2.39
TEV/
EBITDA
2011E 2012E
5.6x
5.6
5.5x
5.5
7.3
9.2
5.4x
5.1
5.3x
5.0
1.72
1.90
0.42
231
1.39
2.10
2.20
0.76
6.1
1.92 11.8 10.1
ΝΑ NA
NA
8.0
5.8
ΝΑ
8.5
Preliminary Draft - Confidential
($ in millions, except for per share amounts)
7.7x 7.1x
7.7
7.2
6.9
8.3
3.7 6.2
7.2
9.5
5.9 7.4
7.9
7.0
5.5 7.8
1.75x 7.6x 7.0x
1.92x 7.7x 7.1x
2.39x 11.8x 10.1x
0.42x 4.1x 3.7x
TEV /
(EBITDA-Capex)
2011E 2012 E
6.3x
6.3
6.2x
6.2
9.5xx
8.9
8.9
11.2
NA
11.0
18.9
ΝΑ
9.9x
9.2x
18.9x
6.2x
5.9x
5.6
5.8x
5.5
8.2x
8.2
8.3
9.6
4,9
NA
7.6
10.4
8.7
7,0
13.8
ΝΑ
IBES
LT DIV
2011E 2012E Growth Yield
P/E
4.8x
4.8
4.3x
3.8
4.2x 3.8x
42
3.3
12.1x 10.7x
12.0 10.7
8.0
8.7
14.8
13.2
9.3
8.8
16.1
14.5
10.8 11.1
15.4
10.4
11.2
9.9
20.2 17.0
NA NA
11.4
9.1
8.7x 12.8x 11.3x
8.3x 12.0x 10.7x
13.8x 20.2x 17.0x
4.9x 8.7x 8.0x
ΝΑ
NA
ΝΑ
NA
13%
12%
5%
12%
NA
13%
10%
ΝΑ
14%
15%
NA
ΝΑ
12%
13%
15%
5%
0%
0%
0%
0%
1%
0%
5%
0%
0%
2%
2%
17%
0%
0%
1%
2%
2%
1%
17%
0%View entire presentation