Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Overview of Saturn Proposal (Cont'd)
(5 in millions, except per share values)
Implied Premiums
Current (03/18/05)
10-Day Average
30-Day Average
60-Day Average
90-Day Average
10-Day Prior
30-Day Prior
60-Day Prior
90-Day Prior
$26.65
Pre Spin-Off Ann. (10/1/04) $24.42
LTM High (04/14/04)
LTM Low (08/11/04)
Historical
Price
CREDIT FIRST
SUISSE BOSTON
$24.96
$25.31
$25.85
$26.53
$26.60
$25.94
$26.85
$27.76
$28.90
$22.40
Premium/(Discount) to Solar Price
Current
Proposal
$24.95
$36.00
0.0%
(3.5%)
(5.9%)
(6.2%)
(3.8%)
(10.1%)
(6.4%)
2.2%
(13.7%)
11,4%
44.3%
42.2%
39.3%
35.7%
35.3%
38.8%
34.1%
29.7%
35.1%
47.4%
24.6%
60.7%
Implied Multiples
Implied Equity Value
Implied Enterprise Value
FY2004 PF Revenue
FY2005E Revenue
FY2004 PF EBITDA
FY2005E EBITDA
FY2004A EPS
FY2005E Street EPS
(1) Per Solar Management. 2006 statistics pro forma for OSS Infow, Vivista, Integrity and RRI acquisitions and BRUT dvesture
(2) Assumes pro forma net debt of $307 million per Solar management
(3) Per Wall Street Research.
Operating
Statistics
$3,691
3,937
$1,068
1,145
$1.40
$1.55
Implied Multiples
Current
$24.95
$7,362
7,669
2.1x
1.9x
7.0x
6.7x
17.8x
16.1x
Proposal
$36.00
$10.952
11,260
3.1x
2.9x
10.3x
9.8x
25.7x
23.2x
8View entire presentation