Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Solar Financial Analysis
(Sin millions)
Equity Price per Share (Enterprise Value) Solar Equity Reference Range Per Share
dattala
CO Y TDA
CYKEBIDA
CO Y M
IX.
CY2004 PF Revenues
CY2006E Revenues
CY2004 PF EBITDA
CY2005E EBITDA
314
29
193
*0
CY2004 PF Univered Ni
CY2005 Unievered NI
$40.00
2674
21 $30.00
$35.00
CREDIT FIRST
SUISSE BOSTON
$25.00
$20.00
$15.00
(1
Statistic
$3.691
3.937
1,008
1,145
422
467
Comparable
Company
Analysis
$31.50 ($9,800)
$24.73 ($7,800)
2.1x
1.8x
7.0
5.6
-
.
180x
16.3x-
2.7x
2.5x
9.0x
8.6x
23.2x
21.0x
Comparable
Transaction
Analysis
$37.62 ($11,500)
$30.07 ($9,300)
2.5x
2.4x ❤
8.5x
8.1x 4
Stock Price as of 3/18/05: $24.95 ($7,669)
22.0
19.9
32x
3.0x
10.8x
10.3x
Discounted
Cash Flow
Analysis
27.9x
25.3x
$36.12 ($11,300)
$28.84 (58,900)
2.Ax-
2.3x
9.2x
7.8x
21.1x
19.1x
.
3.1x
2.8x
10.4x
9.9x
28,7k
24.2x
Premiums
Pald
$33 25 ($10.345)
$31.19 (59,008)
26x
2.5x
8.9
8.4x
229x
20.7x
.
Proposed Price $36.00 ($11,260)
28x
2.6x
95
9.0x
MEN
22.2x
Note: Pro forma Net Debt of $307MM as of 12/31/04.
Note: The low price target of $25 was from Deutsche Bank as of 2/15/96 and the high price target of $37 was from Barrington Research as of 2/16.05.
Per Solar Management. 2004 statistics pro forma for OSSI, inflow, Vivista, Integrity and RRI acquisitions and BRUT divestiture
Other Metrics
52 Week
High/Low
$28.90 (58.918)
$22.40 ($6,881)
1.9t
1.7x
6.3
6.0x
16.3x
14.7x
-
.
24x
2.3x
8.2x
7.8x
21.1x
19.1x
Wall Street
Analyst NTM
Price Target
$37.00 ($11.592)
$25.00 ($7.685)
2.1
2.0x
.
7.1x 4
6.7M
.
18.2x
16.6x
3.fx
2.9
10.7x
10.1x
27.4x
24.8x
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