Credit Suisse Investment Banking Pitch Book
Preliminary financial analysis summary
Present value of merger consideration:
$12.21-$12.37 per share assuming 12/31/17 closing(2)
$12.10-$12.25 per share assuming Q1 2018 closing(2)
Headline merger consideration
(undiscounted): $12.44 per share
assuming 12/31/17 closing: $12.32
per share assuming Q1'18 closing
(Sin millions except per share amounts)
Preliminary financial analysis
(3)
Informational reference points
Preliminary selected
public companies
analysis
Preliminary
selected precedent
transactions analysis
Preliminary dividend
discount analysis
52-week trading
range
Research analyst
stock price targets
Osprey closing stock
price (10/3/17):
$11.88
$8.03
Implied equity value per share
$10.49
$11.99
$10.15
$12.00
Source: Osprey management and public filings, SNL Financial and FactSet
Note: Market data as of 10/3/17.
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(2)
$13.28
$13.28
$11.99
$13.43
$14.00
Implied adj. Q2¹17A
P/TBV multiple
0.70x 0.90x
0.80x 0.90x
0.68x
- 0.91x
0.54x 0.80x
0.80x
0.96x
PRELIMINARY | SUBJECT TO FURTHER REVIEW & REVISION
Selected commentary
0.70x-0.90x reference multiple range applied to
6/30/17A adjusted tangible book value of
$622mm(3)
☐ 0.80x -0.90x reference multiple range applied to
6/30/17A adjusted tangible book value of
$622mm(3)
= 0.75x-0.95x terminal multiple range applied to
12/31/20E tangible book value of $683mm
■ 7.0% - 10.0% discount rate range
■ 52-week intraday low and high as of 10/3/17
Low and high of available Wall Street equity
research analyst target prices (two reports)
Based on fully diluted shares outstanding, calculated based on 41,480,754 basic shares (ind unvested restricted stock), 0.125 million options and 12.0 million warrants as of
9/30/17, per Osprey management. Assumes treasury stock method for the upfront cash consideration only, per Merger Agreement draft dated 10/5/17.
Based on fully diluted shares outstanding, calculated based on 41,480,754 basic shares (incl. unvested restricted stock), 0.125 million options and 12.0 million warrants as of
9/30/17, per Osprey management. Assumes treasury stock method.
Calculated based on 0217A tangible book value, adjusted for $3.3 million cash used to repurchase shares and $0.3 million cash proceeds received from exercise of options settled
during 7/1/17-9/30/17, per Osprey management
Confidential
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