Evercore Investment Banking Pitch Book
Appendix
Analysis of Publicly Traded Companies
Illustrative Valuation Metrics
MFW:
At Offer
At Market
Company
Financial Solutions
Fidelity National Info. Sys.
Fiserv Inc.
Wolters Kluwer N.V.
Jack Henry & Associates Inc.
Temenos Group AG
Flavorings and Fragrances
Givaudan S.A.
Int'l Flavors & Fragrances
Symrise AG
Husbao Int'l Holdings Ltd.
Sensient Technologies Corp.
T. Hasegawa Co. Ltd.
Takasago International Corp.
Price
as of
9/9/11
$25.00
$20.37
% of
52Wk Market Net
High
Source FactSet, Company filings, MFW Projections
EVERCORE PARTNERS
Value Debt TEV
89% $187 $2,009 $2,496
$397 $2,009 $2,406
73%
$25.37 76% $7,898 $4,625
51.47 79% 7,374 2,978
17.01 70% 5,151 3,007
27.99 82% 2,450 90
19.02 43% 1,366 152
$889.69
56.06
25.02
0.71
33.20
84%
16.87 85%
5.04 72%
75% $8,265 $1,783
86% 4,639
864
80% 2,957 794
40%
2,242
1,678
709
504
(87)
317
(107)
353
Mean
Median
Max
Min
$10,048
5,503
3,750
2,155
1,996
$12,523 217x
10,352 2.40
8,158 1.74
2,540 2.54
1,518 261
TEV/
Revenue
Mean
Median
Max
Min
2011E 2012E 2011E 2012E
1.41x 1.39x 5.7x
1.36x 1.34x
5.5x
2.26x
1.94
1.71
5.03
1.37
602 1.05
857 0.58
2.30x 2.16x
2.40
2.29
2.61
2.39
1.74
1.71
1.99x
1.71
5.03
0.58
2.05x
2.29
1.71
2.39
2.37
16
TEV/
EBITDA
2.20x
1.85
1.65
4.19
1.31
1.05
0.57
1.83x
1.65
4.19
0.57
7.3x
7.4
7.2
8.0
9.6
7.9x
7.4
9.6
7.2
11.2x
9.8
8.5
7.8
8.3
5,6
6.0
8.2x
8.3
11.2
5.6
($ in millions, except for per share amounts)
5.4x
5.2x
6.7x
6.9
6.8
7,4
7,7
7.1x
6.9
7.7
6.7
10.2x
9.0
7.9
6.6
7.8
5.9
5.7
7.6x
7.8
10.2
5.7
TEV /
(EBITDA-Capex)
IBES
LT
Div.
2011E 2012B 2011E 2012E Growth Yield
6.3x
6.1x
8.8x
8.6
8.8
9.2
12.7
9.6x
8.8
12.7
8.6
115,
12.6
10.5
9.6
11.9
7.6
11.0
11.1x
11.0
14.5
7.6
6.0x
5.8x
7.7x
7.9
8.2
8.6
9.6
8.4x
8.2
9.6
7.7
P/E
5.0x
4.0x
11.0x 9.7x
11.4 10.2
8.6
16.9
7.9
15,4
11.3 10.3
4.5x NA
3.6x NA
11.8x 10.7x
11.3 10.2
16.9 15.4
8.6
7.9
12.8x 16.6x
1.5
11.6
14.5
13.0
9.7
13.7
122
7.9
10.3
8.8
11.7
13.9
128
8.9
15.9
16.5
11.2
11.9 11.9
10.6x 13.8x
11.2 13.9
12.8
7.9
Confidential
12.8x
12.8
16.6 16.5
8.8
10.3
13%
12%
4%
12%
13%
11%
12%
1.3%
4%
ΝΑ
6%
11%
ΝΑ
7%
NA
ΝΑ
8%
7%
11%
6%
0%
0%
1%
0%
5%
0%
2%
1%
5%
0%
3%
3%
3%
3%
2%
2%
2%
3%
3%
2%View entire presentation