PJT Partners Investment Banking Pitch Book
Lunar Broker Estimates (Cont'd)
TARGET
PRICE
BROKER
Macquarie
Goldman Sachs
Jefferies
Wunderlich
Securities
Topeka Capital
Markets
J.P. Morgan
DATE
5/30/16
5/27/16
5/27/16
5/27/16
5/27/16
5/26/16
$27.00
$24.00
$29.00
$32.00
$40.00
$26.00
MULTIPLE
13x FY2018E EBITDA
N/A
18x FY2018E EBITDA
N/A
N/A
25x FY2018E EPS
Source: Company Filings, Bloomberg, Wall Street Research, Thomson One and CapitallQ.
METHODOLOGY/COMMENTARY
> "Lionsgate is now one of few remaining independent studios and its strategic
value will likely continue to rise"
> N/A
>
Confidential
"We believe our multiple factors in the uncertainty around film contribution, but
gives LGF a premium valuation to the group given the scarcity of platform
agnostic content cos."
> DCF, 11.2% WACC and 3.25% PGR
> N/A
> "We continue to favor Lionsgate longer-term as a pure-play content provider
that we believe sits in a unique position in the media ecosystem as the last
independent studio of notable size."
PJT Partners 48View entire presentation