Evercore Investment Banking Pitch Book
Valuation Perpectives
Illustrative Present Value of Future Stock Price Analysis - Updated Case
Equity Cost
of Capital
20.0%
22.5%
25.0%
27.5%
30.0%
Leplind Future
Stock Price
Implied PV of 2013E Stock Price
4.75x
$24.17
22.96
21.82
20.77
19.78
$38.18
2013E Trailing TEV/EBITDA Multiple
5.00x
5.25x
5.50x
$28.15
$32.13
$36.10
26.73
30.51
34.28
25.41
24.18
23.03
$44.46
Source: M & F Worldwide Projections, Updated Case
Note: Valuation as of 6/30/11
EVERCORE PARTNERS
29.00
27.60
26.29
$50.74
32.59
31.01
29.54
22.5%
25.0%
27.5%
30.0%
$57.02
Equity Cost
of Capital
20.0%
Implied Future
Stock Price
5.75x
$40.08
38.06
36.18
34.43
32.79
$63.30
$56.90
4.75x
$25.02
22.80
20.82
19.01
17.44
Implied PV of 2015E Stock Price
5.00x
$27.79
25.32
23.12
21.15
19.37
Equity Cost
of Capital
20.0%
22.5%
25.0%
27.5%
30.0%
$63.21
Implied Facture
Stock Price
11
2015E Trailing TEV/EBITDA Multiple
5.25x
5.50x
$30.56
$33.33
27.85
30.38
25.43
27.73
23.26
25.36
21.31
23.24
Implied PV of 2014E Stock Price
$69.51
4.75x
$23.79
22.13
20.61
19.23
17.96
$45.08
$75.81
2014E Trailing TEV/EBITDA Multiple
5.50x
$33.58
31.24
29.10
5.75x
$36.11
32.90
30.04
27.47
25.17
$82.12
Preliminary Draft - Confidential
5.00x
$27.05
25.16
23.44
21.87
20.43
$51.27
5.25x
$30.32
28.20
26.27
24.51
22.90
$57.46
27.15
25.36
$63.65
5.75x
$36.85
34.28
31.93
29.79
27.83
$69.84View entire presentation