Investor Presentaiton
Net Asset Value (NAV)
GP Investments
NAV comprises GP Investments' stake in the portfolio companies. GP Investments' NAV
totaled US$684.1 million on September 30, 2008, representing a 28% decrease from June
30, 2008 and a 20% increase from December 31, 2007.
NAV Breakdown (as of September 30, 2008)
Value* (US$ MM)
Valuation Method
Investments
San Antonio
(1)
Magnesita
Leitbom
BR Properties
(2)
BRMalls
Hypermarcas
Estácio
Tempo Participações
LA Hotels
Allis
Fogo de Chão
Other Assets
Cash and cash equivalents
Financial Investments
Liabilities
NAV (Shareholders Equity)
73.5
91.2
69.2
66.6
52.6
37.3
market price with 10% liquidity discount
32.4
market price with 10% liquidity discount
25.3
market price with 10% liquidity discount
26.1
at acquisition value
17.6
at acquisition value
16.5
EBITDA multiple
58.2
NA
479.4
NA
40.3
NA
(402.1)
NA
684.1
implied price of the recent acquisition of an additional stake
market price with 10% liquidity discount
at acquisition value
private round of investments - post-money valuation
market price with 10% liquidity discount
The value of the investments represents GP Investments' stake in each company of the portfolio.
The investment in BRZ Investimentos is a direct stake and therefore is consolidated in GP Investments' balance sheet.
*** Although the investment in Imbra was announced in September of 2008, the transaction was concluded in October. Therefore it is not included in the Company's investments for the 3Q08.
(1) Does not include the additional stake in San Antonio that was announced in August of 2008 since the transaction was concluded in October.
(2) Includes GP Investments' direct stake in the company in the amount of US$31.9 million.
22
22View entire presentation