Evercore Investment Banking Pitch Book
Preliminary Financial Analysis
Summary of Proposed Transaction
Current Offer Price ($/share)
Fully-Diluted Shares Outstanding (MM)
Implied Equity Value
Plus: Current Net Debt + Prefs
Implied Enterprise Value
EV/2012E EBITDAX
EV/2013E EBITDAX
Offer Price/2012E. CFPS
Offer Price/2013E CFPS
EV/Proved Reserves
EV/3Q Production
EV/2013E Production
Type of Average
VWAP
Implied Premium
Simple Average
Implied Premium
Proposed Transaction Metrics
$15.00
165.3
$2,480
$1,076
$3,555
$12.51
19.9% 19.9%
EVERCORE PARTNERS
I/B/E/S
$179.0
$169.5
$0.64
$0.59
208.5 Befe
133,809 Mcfed
148,635 Mcfed
Multiple
19.9x
21.0x
15
23,5x
25.4x
$17.05
$26,571
$23,920
($ in millions, except per share and unit amounts)
Company
Estimates
$175.4
$177.0
$0.80
$0.73
208.5 Befe
133,809 Mcfed
150,259 Mafed
Offer Price Premium Analysis
Trading Days
Period of Time
Current 1-Day
$12.57
5-Day 10-Day 30-Day 90-Day 180-Day 1-Year 2-Year High
$12.44 $12.15 $11.83 $12.64 $11.37 $12.11 $13.64
19.3% 20.6% 23.5% 26.8% 18.6% 32.0% 23.9% 10.0%
$12.51 $12.48 $12.06 $11.70 $12.61 $11.56 $12.26
20.2% 24.3% 28.2%
18.9%
29.8%
22.4%
Confidential
Multiple
20.3x
20.1x
18.8x
20.5x
$17.05
$26,571
$23,662
52-Week
Low
$13.93 $16.57 $7.76
7.7% (9.5%) 93.3%
MOMORANView entire presentation