Evercore Investment Banking Pitch Book
Valuation Perpectives
Illustrative Analysis at Various Prices
Share Price
% Premium/(Discount) to Unaffected Share Price)
% Premium/(Discount) to 4 Weeks Prior to Bid
% Premium/(Discount) to Current Price
Fully Diluted Shares Outstanding
Market Value of Equity
Plus: Net Debt (6/30/11)
Total Enterprise Value
% Premium to Unaffected TEV
TEV/ Revenue
CY2010
LFQ
CY2011E
CY2012E
TEV / Adj. EBITDA"
CY2010
LFQ
CY2011E
CY2012E
Memo
Total Equity Check
$1,783
1,746
1,764
1,790
(1)
(1)
$476
445
441
459
Unaffected
(6/10/11)
$16.96
19.5
$330
2,009
$2,339
1.3x
1.3
1.3
4.9x
5.3
5.3
5.1
Current
(8/9/11)
$21.23
25%
19.5
$413
2,009
$2,422
1.4x
1.4
1.4
1.4
5.1x
5.4
5.5
5.3
Offer
Price
9
$24.00
42%
6%
13%
19.5
$467
2,009
$2,476
1.4x
1.4
1.4
5.2x
5.6
5.6
5.4
$201
Preliminary Draft-Confidential
($ in millions, except for per share amounts)
$26.00
5.3%
15%
22%
19.5
$506
2,009
$2,515
8%
1.4x
1.4
1.4
1.4
5.3x
5.7
5.7
5.5
$218
Illustrative Share Price
$30.00
$28.00
65%
25%
32%
19.5
$545
2,009
$2,554
9%
1.4x
1.5
1.4
1.4
5.4x
5.7
5.8
5.6
$235
77%
32%
19.5
$584
2,009
$2,593
11%
1.5x
1.5
1.5
5.4x
5.8
5.9
5.7
$252
$32.00
89%
51%
19.5
$623
2,009
$2,632
13%
1.5x
1.5
1.5
1.5
5.5x
5.9
6.0
5.7
$269
Source: FactSet, Company fings, M & F Worldinde Projections, Updated Case
The unaffected share price reflects the MFW eloning price on 6/10/11, which was the last dosing price prior to the submission of the transaction proposal letter by MacAndreas & Forbes Holdings on 6/13/11
Latest four quarters (LFQ) a of Q2 2011 which doved on 6/30/2011
EBITDA adjusted to exclude asset impairment charges, gains on the extinguishment of debt, extracedinary gains, and the settlement of contingent claims
EVERCORE PARTNERS
$34.00
100%
50%
60%
19.5
$662
2,009
$2,671
1.5x
1.5
1.5
1.5
5.6x
6.0
6.1
5.8
$285View entire presentation