Bear Stearns Investment Banking Pitch Book
Valuation Matrix
Premium Over:
Stock Price (05/27/05)
52-Week High
52-Week Low
Average Last 30 days
x Shares Outstanding plus Exercisable Options
- Option Proceeds
Equity Value
+ Debt
+ Minority Interest
- Cash
Enterprise Value
Equity Value as a Multiple of:
CY 2007E Net Income
CY 2006E Net Income
CY 2005E Net Income
Enterprise Value as a Multiple of:
CY 2007E Revenue
CY 2006E Revenue
CY 2005E Revenue
CY 2007E EBITDA
CY 2006E EBITDA
CY 2005E EBITDA
$9.53
17.76
7.76
9.00
$396.2
367.3
296.8
$5,719.5
5,395.8
5,029.5
$788.9
686.9
626.4
Market
$9.53
0.0
%
(46.3
22.8
5.9
497.739
$80.4
$4,663.0
$22.0
688.3
$3,996.7
11.8
X
12.7
15.7
0.70
X
0.74
0.79
5.1
X
5.8
6.4
$10.00
4.9%
(43.7)
28.9
11.2
497.739
$80.4
$4,896.9
$22.0
688.3
$4,230.6
12.4x
13.3
16.5
0.74x
0.78
0.84
5.4x
6.2
6.8
Note Financial projections based on Wall Street equity research and Bear Stearns Investment Banking estimates. 8.2x
(1) Multiple of Equity Value.
$11.00
15.4%
(38.1)
41.8
22.3
497.739
$80.4
$5,394.7
$22.0
688.3
$4,728.4
13.6x
14.7
18.2
0.83x
0.88
0.94
6.0x
6.9
7.5
9.2x
($ in millions, except per share data)
Potential Price per Share
$12.00
25.9%
(32.4)
54.6
33.4
497.739
$80.4
$5,892.4
$22.0
688.3
$5,226.1
14.9x
16.0
19.9
0.91x
0.97
1.04
6.6x
7.6
8.3
10.2x
$13.00
36.4%
(26.8)
67.5
44.5
508.173
$212.0
$6,394.2
$22.0
688.3
$5,727.9
16.1x
17.4
21.5
1.00x
1.06
1.14
7.3x
8.3
9.1
11.1x
$14.00
46.9%
(21.2)
80.4
55.6
508.173
$212.0
$6,902.4
$22.0
688.3
$6,236.1
17.4x
18.8
23.3
1.09x
1.16
1.24
7.9x
9.1
10.0
12.1xView entire presentation