Credit Suisse Investment Banking Pitch Book
CREDIT SUISSE DOES NOT PROVIDE ANY TAX ADVICE | MATERIALS ARE PRELIMINARY AND SUBJECT TO FURTHER CHANGE AND DEVELOPMENTS (WHICH MAY BE MATERIAL)
Selected Wall Street equity research analyst estimates
Selected commentary
■ Primary valuation methodology of both Wall Street equity research analyst's stock price targets is a
discount to Osprey's actual book value
■ On October 17, 2017, Janney Montgomery Scott reduced its stock price target from $14.00 to $12.38
per share based on midpoint at announcement of expected transaction consideration to be paid to
Osprey stockholders ($12.32-$12.44 per share)
Summary of selected metrics as of 8/2/17
($ in millions, except per share amounts)
Osprey unaffected stock price target
P/BV multiple (primary methodology)
2018E EPS
Implied 2018E P/E
2018E after-tax ROAE
Source: Wall Street equity research.
Note: "NA" denotes not publicly available.
Janney
Montgomery
Scott
$14.00
0.90x
$0.67
20.9x
ΝΑ
Keefe
Bruyette
& Woods
$12.00
0.80x
$0.71
16.9x
4.4%
Confidential
5
Ⓒ Credit Suisse Group AG and/or its affiliates. All rights reserved.View entire presentation