Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Comparable Company Analysis
Sin millions, except per share amounts)
COMPANY (FYE)
Solar Street (Dec.)
Iverson Street (Dec.)
Financial Services
ADP (Jun)
Fiserv (Dec.)
DST Systems (Dec )
SEI Investments Co. (Dec.)
Bisys (Jun.)
Median
Mean
Securities Trading
CME (Dec.)
Factset (Aug.)
Archipelago (Dec)
Espeed (Dec.)
Median
Mean
Source: Wall Street equity research.
CREDIT FIRST
SUISSE BOSTON
Stock
Price
1/27/05
$26.43
NA
$43.16
39.56
48.95
36.73
15.04
$209.90
51.80
18.22
9.99
($ in millions)
CY05 Revenue
CY05 EBITDA
FD Capitalization
Equity
Market
Value
$7,842
NA
$25,571
7.915
4.141
3,980
1.820
$7.167
1.773
981
575
CY05 Unlevered NI
Aggr.
Market
Value
$8,150
NA
$24,051
8.185
4.082
3.757
2076
$6,884
1.705
804
352
Statistic
$2,610
$585
$236
P/E Multiple
CY04
18.9x
NA
750
20.8x
21.6x
73100
20.9x
21.6x
22.7x
325
28.8x
17,9
19.2x
24.0x
24.6x
2.0x
7.5x
CYOS
16598
ΝΑ
21.4x
18.1x
18.8x
21.4x
1950
1950
19.8x
27.3x
24.9x
16.7x
21.3x
23.1x
225x
Range
2.5x
9.5x
Revenues
CY04 CYOS
FD Aggregate Value /
2.3x 2.2x
NA NA
3.0x 2.7x
2.4x
22x
2.4x 22x
5.5x
5.1x
1.9x
1.9x
2.4x
2.2x
3.0x
2.8x
9.3x
17.0x
22.0x
Enterprise Value Reference Range
8.1x
5.3x
1.4x
1.5x
22x 2.1x
4.2x
3.7x
4.8x
4.3x
EBITDA
CY04 CYOS
7.8x 7.2x
NA ΝΑ
13.3x 11.3x
10.0x 9.2x
8.3x 74x
TEL 15.2x
8.9x
9.1x
10.0x
9.2x
11.4x 10.4x
16.2x 13.7x
15.4x
11.9x
8.1x
77x
5.2x
5.8x
11.7x 9.8x
11.2x 9,8x
Implied Enterprise Value
$5,219
$6.524
$4.391
$4,007
$4,200
-
Operating Statistics
Revenue
Growth
04-'05
-
$5.562
$5.185
$5.300
5.6%
6.2%
11.8%
5.4%
6.5%
8.1%
3.0%
6.5%
7.2%
14.4%
18.4%
3.2%
2.1%
8.8%
9.5%
CYOS CY2005
EBIT PE/
LTGR
Margin
21.0%
17.9%
19.9%
19.3%
21.0%
30,9%
14.8%
19.9%
21.2%
52.6%
35.0%
14.8%
24.8%
29.9%
31.8%
1.2x
NM
2.0x
1.1x
1.5x
1.3x
1.4x
1.4x
1.4x
1.5x
2.1x
1.7x
1.8x
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