Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Overview of Saturn Proposal (Cont'd)
Sin millions, except per share values)
Implied Premiums
Unaffected Price (3/18/05)
10-Day Average
30-Day Average
60-Day Average
90-Day Average
10-Day Prior
30-Day Prior
60-Day Prior
90-Day Prior
LTM High (04/14/04)
LTM Low (08/09/04)
Historical
Price
$24.95
CREDIT FIRST
SUISSE BOSTON
$25.31
$25.85
$26.53
$26.60
$25.94
$26.85
$27.76
Pre Spin-Off Ann. (10/1/04) $24.42
$26.65
$28,64
$22.54
Premium/(Discount) to Solar Price
Unaffected Price
Proposal
$24.95
$36.00
0.0%
(1.4%)
(3.5%)
(5.9%)
(6.2%)
(3.8%)
(7.1%)
(10.1%)
(6.4%)
2.2%
(12.9%)
10.7%
44.3%
42.2%
39.3%
35.7%
36.3%
38.8%
34.1%
29.7%
35.1%
47.4%
25.7%
59.7%
Implied Multiples
Implied Equity Value
Implied Enterprise Value
FY2004 PF Revenue
FY2005E Revenue
FY2004 PF EBITDA
FY2005E EBITDA
FY2004A EPS
FY2005E Street EPS
(1) Solar closing stock price preceding rumors of a potential sale (3/13/05 closing stock price)
(23) Per Solar Management 2004 statistics pro forma for CSSI. Infow. Vivista. Integrity and RR acquistions and BRUT divestiture.
(3) Assumes pro forma net debt of $307 million per Solar management.
(4) Per Wall Street Research
Note: Dased on closing stock prices.
Operating
Statistics
$3,691
3.937
$1,088
1,145
$1.40
$1.55
Implied Multiples
Unaffected Price
$24.95
$7.362
7.669
2.1x
1.9x
7.0x
6.7x
17.8x
16.1x
Proposal
$36.00
$10.952
11.200
3.1x
2.9x
10.3x
9.8x
25.7x
23.2x
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