Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Discounted Cash Flow Analysis
Discounted Cash Flow Matrix
CREDIT FIRST
SUISSE BOSTON
(5 inm Bons)
Discount
Rate
10.0%
12.0%
14.0%
EBITDA Margin
Improvement
7.5x
$999
2.888
$3,886
7.4x
Terminal EBITDA Multiple(2009)
8.5x
9.5x
$949
2.639
$3.587
6.8x
0.0%
0.5%
1.0%
1.5%
2.0%
$902
2.415
3.318
6.3x
$999
3.273
$4.271
8.1x
$949
2.991
$3.939
7.5x
$902
2.737
3.640
6.9x
$999
3.658
$4.656
8.8x
0.0%
$3.939
$3,982
$4,025
$4,069
$4,112
$949
3.342
$4,291
8.1x
$902
3,059
3.962
7.5x
Present Value of Free Cash Flow (2005-2009)
Present Value of Terminal Value
Enterprise Value
implied Enterprise Value/2004E EBITDA Mutiple
Present Value of Free Cash Flow (2005-2009)
Present Value of Terminal Value
Enterprise Value
Implied Enterprise Value/2004E EBITDA Multiple
Present Value of Free Cash Flow (2005-2009)
Present Value of Terminal Value
Enterprise Value
Implied Enterprise Value/2004E EBITDA Multiple
Growth and Margin Sensitivity
Revenue Growth Improvement
1.0%
0.5%
$4,004
$4,069
$4,048
$4.114
$4,092
$4,159
$4,136
$4,180
$4,204
$4,248
1.5%
$4,136
$4,181
$4,227
$4,272
$4,318
Note: % increase in EBITDA margin applies to 2009. each year assumes a fifth of the % increase in margin until 2009
Note: Assumes midpoints f the discounted cash flow matrix for scount nate (12%) and terminal i BITDA multiple (8.5xx)
2.0%
$4,203
$4,250
$4,296
$4,342
$4,389
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