Moelis & Company Investment Banking Pitch Book slide image

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 [20]
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