Moelis & Company Investment Banking Pitch Book
Valuation Overview
(5 in millions, except per share figures)
METHODOLOGY
SELECTED
PUBLICLY TRADED
COMPANIES
SELECTED
PRECEDENT
TRANSACTIONS
DISCOUNTED CASH
FLOW
Price per Share
Implied TEV
Source:
Notes:
1.
Rhombus
Current Price: $10.25
$8.60
$8.00
$388
$9.68
$9.25
$10.00
$496
VALUATION RANGES
$12.31
$12.00
$606
$13.16
$12.04
Rizvi Offer: $11.00
$14.00
$718
$14.79
$16.00
$831
STRICTLY CONFIDENTIAL
MOELIS & COMPANY
COMMENTARY
8.5x-11.0x
CY2015E Adj, EBITDA
($56.4)
7.5% -10,0x
$17.31 CY2016E Adj. EBITDA*
($88.8)
$18.00
$947
8.0x11.5x
LTM 06/30/15A Adj. EBITDA
($52.7)
10.8% 13.8% Discount Rate.
2.0% 4.0% Perpetuity Growth Rate
Includes $0.35-$0.44 per share value
attributable to Company tax
attributes
(Implied Terminal EBITDA
Multiple of 4.8x-8.5x)
Company Management, Capital 10
Current price as of 11/04/15
As directed by Rhombus management, nine months ending 12/31/16 estimated based on FY2017 projections and average quarterly ERITDA contributions over the past four years
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