Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Preliminary LBO Sensitivity
CREDIT FIRST
SUISSE BOSTON
IRR Analysis
IRR Analysis
$33.00
$34.00
Note: Assumes leverage of 6.0x
(1) Aggregate value/2004 EBITDA
Purchase Price
$35.00
$36.00
$37.00
$38.00
$33.00
$34.00
$35.00
$36.00
$37.00
$38.00
Note Assumes an exit multiple of 10.1
(1) Aggregate value/2004 EBITDA
Purchase Price Sensitivity
9.1x
16.1%
14.3%
12.6%
11.1%
9.7%
Exit Multiple
5.50x
18.1%
16.5%
15.0%
13.5%
12:2%
11.0%
10.1x
19.6%
17.7%
16.0%
14.4%
13.0%
11.6%
Leverage Sensitivity
11.1x
22.7%
20.8%
19.0%
17.4%
15.9%
14.5%
Entry Leverage Multiple
6.00x
5.75x
18.8%
17.1%
15.4%
14.0%
12.6%
11.3%
19.0%
17.7%
16.0%
14.4%
13.0%
11.6%
12.1x
25.5%
23.5%
21.7%
20.1%
18.5%
17.1%
6.25x
20.5%
18.4%
16.6%
14.9%
13.4%
11.9%
Implied
Entry Mult,
9.4x
9.8x
10.1x
10.4x
10.7x
11.0x
Implied
Entry Mult
9.4x
9.8x
10.1x
10.4x
10.7x
11.0x
(15
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