Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Illustrative Theoretical Stock Price Performance
Based on Current Multiple of 16.5x
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
Future Value
(Using Current Multiple of 16.5x)
$26.43
$28.82
$28.29
$36.71
$33.17 $34.77
$32.00
$27.76
$30 85
$40.55
$37.71
$35.02
$32.90
Jan-1-05 Jan-1-06 Jan-1-07 Jan-1-08 Jan-1-09
-2% Per Annum
Base Case
+ 2% Per Annum
(9.3% CAGR)
Base Case
Present Value
(Discounted at the Cost of Equity of 12.0%)
$45.00
$40.00
$35.00
$30.00
$25.00
$20.00
$26.43
525.73
$25,26
$25.51
$24.79 $24.59
$20 13
$24.75
$23.42
$23.96
$22.26
Jan-1-05 Jan-1-06 Jan-1-07 Jan-1-08 Jan-1-09
- 2% Per Annum
Base Case
(9.3% CAGR)
-2% Per Annum
Base Case
Note: Future values calculated using the current 1-year forward P/E of 16 5x and a current stock price of $26 43 as of 1/27/05.
Note: Present value discounted at 12.0% based on Solar cost of equity
This analysis is not CSFB's view on the future value of the stock as there are many factors that contribute or affect its value.
CREDIT FIRST
SUISSE BOSTON
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