Evercore Investment Banking Pitch Book
Valuation Perpectives
Summary Illustrative Valuation Analysis
Method
52-Week Intraday Trading Range through 6/10/11
Public Company Trading Analysis
5.0x - 5.5x FY12E Adj. EBITDA
Discounted Cash Flow Analysis
5.0x - 5.5x Terminal Adj. EBITDA, 9.5% -11.5% Discount Rate
PV of Future Stock Price
5.0x-5.5x FY14E EBITDA, 22.5% - 27.5% Cost of Equity
Precedent Transactions
5.5x 6.5x LFQ EBITDA
Premiums Paid Analysis
15% 45% Premium to Unaffected Price
20% -50% Premium to 4-Weeks Prior to Bid
Current Price (8/9/11): $21.23 Offer Price: $24.00
$16.77
$14.64
$10.00
$21111
$21.50
$21.87
$19.50
E I
1
I
I
1
1
$22.40
1
1
$20.00
Implied Share Price
Preliminary Draft - Confidential
($ in millions, except for per share amounts)
$26.42
$27.21
$30.61
$24.59
$30.77
$30.00
$33.55
$31.24
$38.33
$37.91
$33.99
$40.00
-1
$48.93
$45.24
$50.00
Updated Case Financing Case
$60.00
Diadaimer: This nummary of certain analyses is provided for illustrative purposes only, does not represent all of the analyses performed by Evercoce and should be considered together with the information set forth elsewhere
in this presentation
Source
Factset, Company Slings, M & F Worldwide Projections, Updated Case and Financing Case
(1)The unaffected share price reflects the MFW closing price on 6/10/11, which was the last closing price prior to the submission of the transaction proposal letter by MacAndrews & Forbes Holdings on 6/13/11
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