Evercore Investment Banking Pitch Book
Analysis of Publicly Traded Companies
Printing - Operating Metrics
Company
Montana:
At Offer: Updated Case
At Offer: Financing Case
At Market: Updated Case
At Market: Financing Case
Printing
Das Nippon Printing Co. Ltd.
Toppan Printing Co. Ltd.
R.R. Donnelley & Sons Co.
Quad/Graphics Inc.
Vistaprint N.V.
Transcontinental Inc. (CIA)
Deluxe Corp.
Consolidated Graphics Inc.
Cenveo Inc.
Standard Register Co.
Source: FactSet, Company filings
EVERCORE PARTNERS
Mean
Median
Max
Min
Revenue Growth
'10A- '11E- '10A-'12E EBITDA Margin
'11E 12E CAGR 2011E 2012E
1%
(1%)
(1%) 3%
(1%) 1%
3%
(2%)
2%
(2%)
2%
7% 1%
41%
(1%)
23%
21%
3%
6%
1%
1%
3%
4%
ΝΑ ΝΑ
0%
NA
8% 5%
3% 2%
41% 21%
(2%) (1%)
0%
2%
0%
(1%)
0%
8%
40%
48%
10%
3%
7%
NA
ΝΑ
14%
7%
48%
(1%)
25%
25%
25%
25%
10%
8%
13%
15%
17%
18%
25%
13%
NA
8%
14%
13%
25%
8%
ल
Preliminary Draft - Confidential
($ in millions, except for per share amounts)
26%
27%
Net Debt
EBITDA Growth IBES Capex as
'10A- '11E- '10A-'12E LT % of Revenue / 2011E
'11E '12E CAGR Growth 2011E 2012E EBITDA
26% (7%)
27% (7%) 10%
(7%) 4%
(7%) 10%
10%
(4%)
(2%)
8%
13% 6% 4%
18%
15%
43% 21%
1% 3%
8%
3%
18% 2%
26% (2%)
13% 1% 8%
NA NA 3%
77%
20%
NA
4%
15% 13% 8%
14% 1% 4%
26% 77% 21%
8%
3%
(2%) NA
1% NA
(2%) NA
1% NA
NA
46%
3% 2%
3% 2%
6%
6%
4% 5%
(0%) 16%
1% 50%
5% 11%
31% NA
2% 2%
4%
4%
2% 18%
6% 6%
5%
3%
3%
3%
0%
6%
2%
2%
4%
NA
5% 6%
13%
NA NA
8% NA NA
10%
15%
4% 12%
46% 50%
(0%) 3%
3%
3% 2%
4% 4%
4% 4%
6% 6%
2% 2%
4.6x
4.6
4.6x
4.6
NM
1.5
2.8
2.2
NM
1.6
2.1
1.3
5.2
0.8
2.2x
1.9x
5.2x
0.8xView entire presentation