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
$83.97View entire presentation