Evercore Investment Banking Pitch Book
Appendix
Illustrative Cash EPS Accretion/Dilution to Deluxe - Run-Rate Synergies
2012E Cash EPS Accretion/(Dilution)
Scenario 1:
100% Debt
Financing
by Deluxe
Scenario 2:
Deluxe
Financing
from Debt
and PIPE
Full
Run-Rate
Synergies
$0
$50
$100
$150
Full
Run-Rate
Synergies
$0
$50
$100
$150
$1,500
4.9x
48%
67%
86%
105%
$1,500
4.9x
28%
44%
60%
76%
HC Purchase Price
$1,600
$1,700
Multiple of HC LFQ EBITDA)
5.3x
5.6x
45%
43%
64%
62%
83%
80%
102%
99%
HC Purchase Price
$1,600 $1,700
Multiple of HC LFQ EBITDA)
5.3x
26%
58%
73%
5.6x
$1,800
39%
55%
71%
5.9%
40%
59%
78%
97%
$1,800
5.9x
21%
37%
53%
69%
Full
Run-Rate
Synergies
6
Soutte FactSet, Montana Projections-Updated Cate
Note Last Four Quarters (LPQ) as of 6/30/11
Note: Deluxe existing credit facility limits peo forma leverage 12 months after the close of a transaction to 3.25 pro forma LFQ EBITDA
(1) Includes allocation of divisional and corporate expense based on peo cata share of MS Wordonde enue
EVERCORE PARTNERS
$0
$50
$100
$150
Full
Run-Rate
Synergies
$0
$50
$100
$150
PF Leverage-6/30/11
$1,500
4.9%
3.4x
3.2
3.0
2.8
$1,500
4.9x
3.1x
2.9
Preliminary Draft - Confidential
($ in millions)
2.7
2.6
HC Purchase Price
$1,700
$1,600
Multiple of HC LFQ EBITDA
5.3%
5.6x
3.7x
3.5
3.3
3.1
3.6x
3.3
3.1
2.9
HC Purchase Price
$1,600 $1,700
Multiple of HC LFQ EBITDA
5.3x
5.6x
3.3x
3.1
29
2.7
3.4x
3.2
3.0
28
$1,800
5.9x
3.9x
3.6
3.2
$1,800
5.9%
3.6x
3.3
3.1
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