Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Solar Preliminary Valuation Summary
Preliminary Valuation Summary
(Sin millions)
Equity Price per Share (Enterprise Value)
Mal p
joy2004 Revewes
[Cracs Revenues
CYZA PS FRIDA
CYMOS EDIT DA
CYD EUsy
C2305 Upra
CY2004 PF Revenues
CY2005 Revenues
CY2004 PF EBITDA
CY2005 EBITDA
(1)
Note:
$36.00
2 $35.00
12 A
95
CY2004 PF Unlevered Ni
CY2005 Unlevered NI
$40.00
25 A
274 $30.00
CREDIT FIRST
SUISSE BOSTON
$25.00
$20.00
$15.00
113
Statistic
53.820
3.939
1.092
1.153
423
467
Comparable
Company Analysis
$35.00 ($10,948)
$31.84 ($9,900)
Solar Equity Valuation (Per Share)
$25.31 ($7,800)
2.0x
2.0x .
7.1x .
6.8x
18.4x
16.7x
2.6x
2.5x
9.1x
8.6x
23.4x
21.2x
Comparable
Transaction
Analysis
$37.56 (11,800)
$30.01 ($9,300)
24x
24x
8.5x
8.1x
22.0x
19.9x
..
..
3.1x
3.0x
10.8x
10.2x
27.9x
25.2x
Per Solar Management 2004 statistics pro forma for OSS Inflow. Vivista, Integrity and RRI acquisitions
Net Debt of $300MM as of 12/31/04 per Solar management.
Discounted Cash
Flow Analysis
$34.85 ($10,000)
$28.17 ($8,700)
2.3x
2.2x
8.0x
7.5x
20,6x
18.6x
..
2.9x
2.8x
10.0x
9.5x
25.8x
23.3x
52 Week High /
Low
$31.65 ($9.838)
Other Metrics
$22.40 (56,893)
1.5x
2.6x
Tây 2,5
6.3x
6.0x
16.3x
14.7x
**
9.0x
8.5x
. 23.3x
21.0x
Research Analyst
Price Target
$34.00 ($10.5152-
$26.00 ($8,015)
2.1x
2.0x
7.3x
7.0x
18.9x
17.1x
-
-
2.8x
2.7x
9.7x
9.2x
25.1x
22.7x
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