Evercore Investment Banking Pitch Book slide image

Evercore Investment Banking Pitch Book

Financial Analysis Precedent M&A Transactions - Valuation Summary Metric 2012E Cash Flow (SMM) 2013E Cash Flow ($MM) 2012E EBITDAX ($MM) 2013E EBITDAX (SMM) Proved Reserves (Bcfe) LQ Production (Mcfed) Estimates as per MMR Operating Model EVERCORE PARTNERS Precedent Corporate Transactions - Valuation Summary Data 132.2 119.1 175.4 175.1 208.5 133,809 Low 145. 10.0x 145x 12.0x Relevant Multiples $8.00 / Mcfe $20,000/ Mcfed Selected Enterprise Value Range Add: Cash Less: Debt Less: Preferred Shares Implied Equity Value High 18.0x 15.0x 17.0x 15.5 $12.00 / Mcfe $25,000/ Mcfed 24 Diluted Shares Outstanding Implied Equity Value per Share Value Range ($MM) Low High $3,028 $2,284 $2,543 $2,101 $1,668 $2,676 $2,500 192 (568) (700) $1,424 164.5 Confidential $8.66 $3,532 $2,894 $2,982 $2,714 $2,502 $3,345 $3,000 192 (568) (700) $1,924 164.9 $11.67 MCMoRan
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