Evercore Investment Banking Pitch Book
Valuation Analyses
Summary Illustrative Valuation Analysis
Method
52-Week Intraday Trading Range through 6/10/11
Selected Public Company Trading Analysis
5.0x-5.5x FY12E Adj. EBITDA
Discounted Cash Flow Analysis
5.0x-5.5x Terminal Adj. EBITDA, 9.5% -11.5% Discount Rate
Illustrative PV of Future Stock Price
5.0x- 5.5x FY14E EBITDA, 22.5% - 27.5% Cost of Equity
Precedent Transactions
5.5x6.5x LFQ EBITDA
Premium Paid Analysis (
15% -45% Premium to Unaffected Price
20% -50% Premium to 4-Weeks Prior to Initial Proposal
Current Price
(9/9/11): $20.37;
$16.77
$14.64
$10.00
$21.39
$19.45
$22.40
$19.50
$20.00
Confidential
($ in millions, except for per share amounts)
Implied Share Price
Offer Price:
$25.00
$27.19
$26.42
$24.59
$30.77
$28.45
$30.00
$33.99
$38.22
$40.00
$45.24
$50.00
Dua Thurmmary of certain analyour se provided for auctrative purpose only do not put all of the analy performed by Bar and should be add together with the information at forth bench prtation
Source: Factaet, Company filings, MFW Projections
(1)The unaffected share price reflects the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the initial proposal letter by MacAndrews & Forbes Holdings on 6/13/11
EVERCORE PARTNERS
$60.00View entire presentation