Moelis & Company Investment Banking Pitch Book
Valuation Summary
(S in millions, except per share figures)
Per Share Price Premiums (Unaffected) ¹
1-Day Prior to Starboard offer (10/01/14)
10-Day VWAP Prior to Starboard offer
30-Day VWAP Prior to Starboard offer
Per Share Price Premiums (Current)
Current (11/04/15)
10-Day Prior VWAP
30-Day Prior VWAP
FD Shares Outstanding
Market Capitalization
Plus: Net Debt 2
Implied Enterprise Value
Valuation Multiples (Management)
TEV/LTM (6/30/15) EBITDA
TEV/CY2015E EBITDA
TEV/CY2016E EBITDA 3
Valuation Multiples (Consensus)
TEV/LTM (6/30/15) EBITDA
TEV/CY2015E EBITDA
TEV/CY2016E EBITDA
Statistic
$9.27
9.63
9.83
1.
2.
3.
4.
Statistic
$10.25
10.22
10.16
Statistic
$52.7
56.4
88.8
Current
11/04/15
$10.25
10.6%
6.5%
4.3%
0.3%
0.9%
53.579
$549.2
($39.2)
$509.9
9.7x
9.0x
5.7x
Rizvi
Offer
$11.00
9.7x
10.4x
6.4x
18.7%
14.3%
11.9%
7.3%
7.6%
8.3%
53.658
$590.2
($39.2)
$551.0
1051
9.8x
6.2x
Statistic
$52.7
49.2
79.4
Source: Company Management estimates, Capital IQ, Wall Street Research, Company Filings
Unaffected dates based from 10/01/14, date of Starboard offer
Includes debt and cash balances as of 11/0215 and minority interest as of 09/30/15
As directed by Rhombus management, nine months ending 12/31/16 estimated based on FY2017 projections and average quarterly FRIIDA contributions over the past four years
Consensus estimates as of 11/04/15
STRICTLY CONFIDENTIAL
105.
11.2x
6.9x
MOELIS & COMPANY
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