Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Preliminary Valuation Summary
Iverson Enterprise Valuation
Comparable
Transaction
Analysis
(5 in millions)
CY2004 PF Revenues
CY2005 Revenues
CY2004 PF EBITDA
CY2005 EBITDA
CY2004 PF Unlevered NI
CY2005 Unlevered Ni
$7,000
$6,500
$6,000
$5,500
$5,000
$4.500
$4,000
$3,500
$3,000
$2,500
Statistic
$2.562
$2.610
$547
$585
$207
$236
Comparable
Company Analysis
1.6x
1.6x
7.7%
7.2x
20.3x
17.8x
$5,300
$4,200
2.1x
2.0x
9.7x
9.1x
25.6x
22.5
$6,000
$4,700
1.8x
1.8x
8,6x
8.0x
22.7x
19.9x
2.3x
2.3x
11.0x
10.2x
28.9x
255,
Discounted Cash
Flow Analysis
$6,600
$5,300
2.1x
2.0x
9.7x
9.1x
25.6x
225
2.6x
2.5x
12.1x
11.3x
31.8x
28.0x
Enterprise value defined as the total value of Iverson's business as a going concem, excluding any non-operating and financial assets and liabilities
All Iverson financial information provided by the managements of Solar and Iverson. 2004 eperating statistics pro forma for OSSL, Vivista, integrity and RRI acquisitions
CREDIT FIRST
SUISSE BOSTON
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