J.P.Morgan Investment Banking Pitch Book
SITUATION OVERVIEW
Key transaction metrics
Focus Media capitalization table (US$mm)
Revised offer
$27.50
128
136
3,737
200
904
9
3,043
Offer price (US$/ADS)
Basic shares outstanding (ADSmm)
Diluted number of shares outstanding¹
Equity value
Total debt²
Total cash².3
Minority interest
Firm value
Source: Company filings, company projections
1 Includes 0.5mm options and 7.5mm restricted stock units
2 Balance sheet data as of Sep 30, 2012 based on latest filings
³ Based on cash of US$901mm and 15% stake of equity investments in VisionChina
PROJECT FOXTROT
3
Key valuation metrics
Offer price (US$/ADS)
Premium over
Last close prior to offer
30-day VWAP
60-day VWAP
1-year VWAP
Based on management projections
P/E
2012E
2013E
FV / EBITDA
LTM
(US$/ADS)
2012E
2013E
FV / Sales
LTM
2012E
2013E
23.38
20.14
20.53
21.84
(US$mm)
333
393
420
417
491
936
938
1,127
Initial offer Revised offer
27.00 27.50
15.5%
34.1%
31.5%
23.6%
11.0x
9.3x
7.1x
7.1x
6.1x
3.2x
3.2x
2.6x
17.6%
36.6%
33.9%
25.9%
11.2x
9.5x
7.2x
7.3x
6.2x
3.3x
3.2x
2.7x
J.P.MorganView entire presentation