Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Illustrative Theoretical Stock Price Performance -
Based on Current Multiple of 16.1x
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
Future Value
(Using Current Multiple of 16.1x)
$24.95
$28.00
$28.46
533 61 $35.49
$32.46
$27.96
$31.33
541 70
$33.63
$38.84
$36.14
Jan-1-05 Jan-1-06 Jan-1-07 Jan-1-08 Jan-1-09
2% Per Annum
Base Case
(11.7% CAGR)
+ 2% Per Annum
Base Case
Present Value
(Discounted at the Cost of Equity of 12.4%)
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$24.95
$25.77
$25.32
$26.80
$25.69
$24.88 $24.80
EPS Growth
EPS Growth
Note: Future values calculated using the current 1-year forward P/E of 16.1x and a current stock price of $24.95 as of 3/18/05
Note: Present value discounted at 12.4% based on Solar cost of equity.
$26.35
$24.99
$23.68
$28.13
$24.34
$22.64
Jan-1-05 Jan-1-06 Jan-1-07 Jan-1-08 Jan-1-09
-2% Per Annum
Base Case
(11.7% CAGR)
+ 2% Per Annum
Base Case
This page illustrates an arithmetic exercise, prepared at your request, expressing certain hypothetical stock trading prices
assuming the Company's forecasts are realized and applying a 16.1 times earnings multiple. Accordingly, this exercise is not
intended to, and does not, reflect CSFB's view as to any future trading values of the Company's common stock. Future stock
trading prices are affected by many factors, many of which are beyond the control of the Company and are difficult to predict.
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