Evercore Investment Banking Pitch Book
Analysis of Publicly Traded Companies
Flavoring and Fragrances - Illustrative Valuation Metrics
Company
Montana:
At Offer: Updated Case
At Offer: Financing Case
At Market: Updated Case
At Market: Financing Case
Flavorings and Fragrances
Givaudan S.A.
Int'l Flavors & Fragrances
Huabao Int'l Holdings Ltd.
Symnise AG
Sensient Technologies Corp.
T. Hasegawa Co. Ltd.
Takasago International Corp.
Price
as of
8/9/2011
$24.00
24.00
Source: FactSet, Company filings
EVERCORE PARTNERS
$21.23
21.23
$1,059.99
% of
52Wk Market Net
High Value Debt
TEV
75% $9,847 $2,128 $11,975
86% 4,602
44% 2,513
80% 3,042
1,652
697
448
55.95
0.80
25.74
32.70 83%
16.60 83%
4.48 63%
85% $467 $2,009 $2,476
85% 467 2,009 2,476
76% $413 $2,009 $2,422 1.37x
76%
413
2,009 2,422 1.37
(108)
355
TEV/
Revenue
589
802
2.23
864 5,466 1.94
(87) 2,426 5.68
742 3,784 1.64
330 1,982
1.36
1.02
0.54
Mean
Median
Max
Min
2011E 2012E 2011E 2012E
1.40x
1.40
1.38x
1.36
8
1.35x
1.33
2.16
1.85
1.57
1.29
1.02
0.53
2.06x
1.64x
5.68x
0.54x 0.53x
TEV/
EBITDA
5.6x
5.6
5.5x
5.5
Preliminary Draft - Confidential
(S in millions, except for per share amounts)
10.7
9.6
8.8
8.0
8.3
6.0
5.6
5.4x
5.1
5.3x
5.0
1.87% 8.2x 7.5x
1.57x 8.3x 7.5x
10.7x 9.8x
5.6x
5.3x
TEV /
(EBITDA-Capex)
2011E
6.3x
6.3
6.2x
6.2
9.8
13.9x
9.0
12.5
7.4
10.8
7.5 9.9
7.7
5.8
5.3
11.8
8.5
11.6
11.3x
11.6x
13.9x
8.5x
IBES
LT DIV
2012E 2011E 2012E Growth Yield
5.9x
5.6
5.8x
5.5
12.3x
11.5
8.9
9.1
11.6
8.9
11.9
P/E
4.8x
4.8
4.2x
4.2
4.3x
3.8
3.8x
3.3
13.6x
15.4x
14.3 12.9
11.5
9.9
13.0
11.7
13.7 12.6
15.6
16.1
10.5 10.5
10.6x 13.4x 12a
115x 13.7x 12.6x
12.3x 15.6x 16.1x
8.9x 10.5x 9.9x
NA
ΝΑ
NA
NA
0%
0%
9%
7%
13%
0%
0%
3%
2%
NA
6%
NA
13%
3%
7%
3%
NA
2%
ΝΑ 2%
2%
3%
2%View entire presentation