Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Comparable Company Analysis
Sin milions except per share amounts)
COMPANY (FYE)
Sixers Street (Dec.)
Allen Street (Dec.)
Bersiness Continuity Services
IBM (Dec)
HP (Od)
Accenture (Aug)
EOS (Dec.)
CSC (Mar)
ACS (Jun
Median
Mean
S&P 500 Industry Indexes
Industrials
Utises
Median
Mean
Source: Wall Street equity research.
Stock
Price
$27.00
NA
507.51
20.87
26.20
22.16
66.21
58.32
NA
($ in millions)
CREDIT FIRST
SUISSE BOSTON
CY04 Revenue
CY05 Revenue
CY04 EBITDA
CY05 EBITDA
CY04 Unlevered NI
CY05 Unlevered NI
FD Capitalization
Equity
Market
Value
$8,051
NA
$166,615
63,787
25,264
11,124
10,910
7,512
NA
NA
Aggr.
Market
Value
$8,122
NA
$178.905
68,610
23,401
12.306
12,916
7,825
NA
NA
Statistic
$1,203
$1,262
$528
$550
$222
$231
PE Multiple
CYOL CYOS
19.3x 16.9x
NA NA
19.5x 17.7x
15.5x 13.0x
19.0v 18.2x
NM
18.6.
20.6
34.6x
15.4x
16.7x
19.0x 17.2x
18.8x 19.4x
20.9
18.3x
16.7
13.8x
18.3K 16.1x
18.3
16.1x
2.0x
2.0x
7.5x
6.5x
Revenues
CYOS
CY04
2.3x
NA
1.8
1.0x
0.7x
0,7x
1,6x 1.5
0.6x 0.6
0.8x
0.8x
1.0
2.1x
NA
1.9
1.2x 1.1x
1.2x
1.1K
NA
NA
NA
NA
Range
11
NA
NA
NA
NA
3.0x
3.0x
8.5x
8.5x
FD Aggregate Value
EBITDA
CYO CYDS
NA
10.8x10.4x
7.8x 8.7
10.8x
5.3x
9.7x
4.7x
5.7x
6.3x
9.6x 8.2x
8.6x
7.5
8.4x
NA
NA
7.3x
NA
NA
NA
17.0x
21.0x
15.0x
19.0x
Enterprise Value Reference Range
NA
NA
NA
NA
EINT
CYOU CYOS
113 10,2x
NA NA
14.5x 19.3x
10.9 8.6x
12.4x 11,1x
30.0x 18.8x
11.8x
12.8x 10.8x
12.9x 115.
15.0x 12.4x
NA
NA
NA
NA
$3,959
$3,576
NA
NA
NA
NA
$3,767
$3,466
$3,500
Operating Statistics
Revenue CYOS
Growth EBIT
04-05 Margin
-
7.8% 19.9%
2.5% 30.1%
Implied Enterprise Value
$2,406
$2,524
5.9% 12.0%
4.6%
8.5%
0.5%
8.6%
13.2%
2.0%
6.3%
16.4% 14.7%
7.2%
7.4%
9.6%
8.3%
(0.9%)
3.7%
3.7%
$3,609
$3,786
$4,487
$4,676
$4,653
$4,391
$4,500
12.9%
17.1%
15.0%
15.0%
CYDS CY2005
EDIT PE/
Margin LTGR
20.0%
13.2%
7.7%
13.5%
3,2%
6.5%
14.9%
10.5%
9.0%
14.0%
17.5%
15.8%
15.8%
1.2x
NM
1.7x
1.2
1.4x
3.4K
1.5K
1.4K
NA
NA
NA
NA
27View entire presentation