Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Comparable Acquisitions Analysis
Enterprise Value
Revenue
CREDIT FIRST
SUISSE BOSTON
(Sin miliona)
Date
Annc. Target / Acquiror
12/16/2004 BHC Investments/Fidelity investments National Financial)
10/20/2004 EquiServe/ Computershare Limited
09/09/2004 intercept/Fidelity National
07/13/2004 National Processing /Bank of America
05/08/2004 Refen/Thomas H. Lee Partners
05/25/2004 Brut LLC/Nasdaq Stock Market
05/17/2004 NYCE/Metavante
04/08/2004 Barra/Morgan Stanley
04/05/2004 Tradeweb LLC/ Thomson Financial
02/09/2004 Aurum Technology/Fidelity National
12/10/2003 SCT/Sungard
04/02/2003 Concord EFS/First Data
03/14/2003 InterPay (FleetBoston)/Paychex
01/29/2003 Alhal Financial Services / Fidelity National
01/08/2003 Pershing / Bark of New York
11/14/2002 EDS Consumer Network Services / Fiserv
09/06/2002 BrokerTec Trading Operations/ICAP
05/10/2002 HandECN/Instit
04/29/2002 HNC Sotware/Fair, Isaac and Company
06/14/2001 NYCE/First Data Corp
05/07/2001 NOVA Corp (GA)/US Bancorp
Median
Mean
CY04 PF Revenue
CY04 PF EBITDA
CY04 PF Unlevered NI
Statistic
$2.432
544
207
2.0x
Source: SDC, company press releases and Wall Street equity research.
Note: Tradeweb transaction includes 50% of $150MM earnout
Note: Concord EFS transaction based on unaffected stock price preceding rumors of a potential transaction.
(3 in millions)
9.0x
FO
Equity
Value
$385.0
307.0
423.3
1.425.0
2.074.6
190.0
610.0
820.2
460.0
305.0
695.4
7,448.1
155.0
1.060.0
2.000.0
320.0
240.0
500.0
9086.9
661.7
2.252.1
Range
25x
FD
Enterp.
Value
12.0x
$365.0
307.0
435.5
1.138.5
2.250.0
190.0
6100
620.8
4350
305.0
5025
6,194.0
155.0
1.060.0
2.490.0
3200
240.0
508.0
839.0
661.7
24744
22.0x
Enterprise Value Reference Range
LTM
3.4x
1.0
23x
2.4x
NA
43x
4.1x
4.4x
1.6
1.9
3.1x
NA
1.3k
3.1x
NA
24x
3.fx
3.7x
NA
1.6
2.4x
2.7x
$4,894
EBITDA
$4,547
$4,700
LTM
NA
9.8x
-
18.3x
9.9%
84x
NA
NA
11.9x
NA
Implied Enterprise Value
$4,865
$6,081
10.9
11.0x
NA
NA
NA
NA
NA
NA
9.7x
NA
12.4x
11.0x
11.7x
$6.525
$5.374
$6.000
PE
LTM
NA
NA
NM
25.7x
17.9x
NA
19.9x
23.0x
NA
NA
30.9x
20.4x
NA
NA
NA
NM
NA
195
NA
25.0x
23.6x
25
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