Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Preliminary Valuation Summary
Iverson Enterprise Valuation
Comparable
Transaction
Analysis
(5 in millions)
CY2004 Revenues
CY2005 Revenues
CY2004 EBITDA
CY2005 EBITDA
CY2004 Unlevered Ni
CY2005 Unlevered Ni
$6,500
CREDIT FIRST
SUISSE BOSTON
$6,000
$5.500
$5,000
$4,500
$4,000
$3,500
$3,000
$2,500
Statistic
$2.208
$2.352
$517
$548
$208
5227
Comparable
Company Analysis
1.6x
1.7x
7.7x
7.3x
19.2x
17.6x
$5,000
$4,000
2.3x
2.1x
9,7x
9.1x
24.0x
22.0x
$5,800
$4,500
2.0x
1.9x
8.7x
8.2x
21.6x
19.8x
2.6x
2.5x
11.2x
10.6x
27.8x
25.6x
Enterprise value defined as the total value of Iverson's business as a going concem, excluding any non-operating and financial assets and liabiles.
(1) All Iverson financial information provided by the managements of Solar and Iverson.
Discounted Cash
Flow Analysis
$6,300
$4,600
2.1x
2.0x
8.9x
8.4x
22.1x
20.3x
2.9x
2.7x
12 2x
115,
30.2x
27.8x
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