Bear Stearns Investment Banking Pitch Book
Comparable Company Trading Analysis-Global Services
Aviator
Enterprise Services
Black Box
Convergys
CGI Group
Getronics
Unisys
Mean
Median
Global Services-Implied Enterprise Value
Black Box
Convergys
CGI Group
Getronics
Unisys
Company
CONFIDENTIAL
Stock Price
05/09/05
$9.08
$34.21
13.04
5.61
1.62
6.88
Equity
Value
$4,185.6
$607.6
1,862.9
2,506.0
1,372.2
2,320.6
Enterprise
Value
$3,518.6
$637.4
2,163.4
2,684.5
1,335.0
2,711.2
Enterprise Value/CY 2005E
Revenue EBITDA EBIT
10.4
X
0.70
X
1.14
X
0.81
0.82
0.39
0.46
0.72
X
0.81
$3,098.5
2,192.2
2,221.5
1,048.3
1,255.1
Note: Financial projections based on Wall Street equity research and Bear Stearns Investment Banking estimates.
5.6
X
8.3
X
5.6
5.4
6.1
5.6
6.2
X
5.6
$3,379.4
2,280.0
2,211.0
2,487.2
2,290.1
Draft of 8202529, v1, printed 10/14/2008 10/14/2008
9.6
X
9.1
8.1
9.7
27.3
12.8
X
9.6
$2,102.8
1,994.9
1,769.5
2,140.8
6,008.5
Enterprise Value/CY 2006E
Revenue EBITDA
EBIT
0.65
X
0.95
X
0.76
0.75
0.36
0.44
0.65
X
0.75
$2,767.3
2,209.1
2,183.4
1,058.8
1,292.4
5.1
X
6.7
X
5.1
4.8
5.1
4.3
5.2
X
5.1
$2,884.3
2,218.4
2,081.2
2,224.2
1,845.8
8.4
X
8.0
X
8.2
6.8
6.7
10.0
7.9
X
8.0
($ in millions)
CY 2005E CY 2006E
15.7
X
14.8
X
13.7
12.5
11.5
NM
13.1
X
13.1
P/E
$2,095.5 $2,864.5
2,161.6
2,655.0
1,793.4
2,417.9
1,770.4
2,215.6
2,630.5
ΝΑ
12.7
X
12.5
X
12.1
10.8
9.0
19.7
12.8
X
12.1
$2,891.1
2,798.4
2,496.6
2,086.0
4,556.0
56View entire presentation