Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Overview of Saturn Proposal (Cont'd)
Sin millions, except per share values)
Implied Premiums
Current (01/27/05)
10-Day Average
30-Day Average
60-Day Average
90-Day Average
Pre Spin-Off Ann. (10/1/04)
LTM High (02/11/04)
LTM Low (08/11/04)
Historical
Price
CREDIT FIRST
SUISSE BOSTON
$26.43
$26.72
$27.27
$26.95
$26.38
$24.42
$31.65
$22.40
Premium/(Discount) to Sixers Price
Current
Proposal
$26.43
$35.00
0.0%
(1.1%)
(3.1%)
(1.9%)
0.2%
8.2%
(16.5%)
18.0%
32.4%
31.0%
28.4%
29.9%
32.7%
43.3%
10.6%
56.3%
Implied Multiples
Implied Equity Value
Implied Enterprise Value
FY2004 PF Revenue
FY2005 Revenue
FY2004 PF EBITDA
FY2006 EBITDA
FY2004 PF EPS
FY2005 EPS
FY2004 Street EPS
FY2006 Street EPS
Operating
Statistics (
$3,820
3,939
1,092
1,153
$1.39
$1.53
$1.40
$1.60
Implied Multiples
Current
$26.43
$7.842
8,150
2.1x
2.1x
7.5x
7.1x
19.0x
17.3x
18.9x
16.58
(1) Financials per Solar Management (Rating Agency model updated with 2004 actuals and 2005 budget data and pro forma for OSSI, Inflow. Vivista, Integrity and RRI acquisitions)
(2) Assumes proforma net debt of $308 million per Solar management
(3) Per Wall Street Research
Proposal
$35.00
$10,640
10,948
2.9x
2.8x
10.0x
9.5x
25.2x
22.9x
25.0x
21.9x
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