Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Preliminary Valuation Summary
Allen Enterprise Valuation
Comparable
Transaction
Analysis
$5,800
(5 in millions)
CY2004 PF Revenues
CY2005 Revenues
CY2004 PF EBITDA
CY2005 EBITDA
CY2004 PF Unlevered Ni
CY2005 Unlevered NI
$6,000
$5,500
$5,000
$4.500
$4,000
$3,500
$3,000
$2,500
$2.000
Statistic
$1.258
1.329
544
567
216
232
Comparable
Company Analysis
2.9x
2.7x
6.6x
16.7x
155
$4,600
$3,600
.
3.7x
3.5x
8.4x
8.1x
21.3x
19.9x
$4,600
3.7x
3.5x
8.4x
8.1x
21.3x
19.9x
.
4.6x
4.4x
10.7x
10.2x
26.9x
25.0x
Enterprise value defined as the total value of Allen's business as a going concem, excluding any non-operating and financial assets and labates.
All Allen financial information provided by the managements of Soler and Alen. 2004 operating statistics pro forma for Infow acquisition
CREDIT FIRST
SUISSE BOSTON
Discounted Cash
Flow Analysis
$4,300
$3,400
2.7x
2.6x
6.2x
6.0x
15.8x
14.7x
3.4x
3.2x
7.9x
7.6x
19.9x
18.6x
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