Evercore Investment Banking Pitch Book slide image

Evercore Investment Banking Pitch Book

Valuation Perspectives Illustrative Present Value of Future Stock Price Analysis- Financing Case Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied Future Stock Price Implied PV of 2013E Stock Price 4.75x $28.86 27.40 26.05 24.79 23.61 $15.57 2013E Trailing TEV/EBITDA Multiple 5.00x 5.25x 5.50x $33.07 $37.27 $41.48 31.40 35.40 39.39 29.85 33.65 37.45 28.40 32.02 35.64 27.05 30.50 33.94 $52.22 Source: M & F Worldwide Projections, Financing Case Note Valuations as of 6/30/11 EVERCORE PARTNERS $58.87 $65.52 Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied Fature Stock Price 4.75x $31.20 28.43 25.96 23.74 21.75 5.75x $45.69 43.39 41.25 39.25 37.39 $70.95 $72.17 5.00x $34.22 31.18 28.47 26.04 23.86 Equity Cost of Capital 20.0% 22.5% 25.0% 27.5% 30.0% Implied PV of 2015E Stock Price $77.83 Implied Future Stock Pria 21 2015E Trailing TEV/EBITDA Multiple 5.25x $37.24 33.94 30.98 28.34 25.96 Implied PV of 2014E Stock Price 4.75x $30.10 28.00 26.09 24.34 22.74 $84.70 $57.05 5.50x $40.27 36.69 33.50 30.64 28.07 $91.58 2014E Trailing TEV/EBITDA Multiple 5.50x 5.00x 5.25x $33.65 $37.20 $40.75 31.31 34.61 37.91 32.24 35.32 30.08 32.95 28.10 30.78 29.16 27.21 25.42 $63.78 Preliminary Draft - Confidential 5.75x $43.29 39.45 36.01 32.94 30.18 $98.45 $70.51 $77.24 5.75x $44.30 41.21 38.40 35.82 33.46 $83.97
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