Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Comparable Acquisitions Analysis
(Sin millions)
Date
Annc. Target / Acquiror
11/17/2004 Inflow / SunGard
08/09/2004 Synstar PLC/Hewlett Packard
07/13/2004 National Processing/Bank of America
03/14/2004 EDS-PLM Solutions/Consortium
03/10/2004 American Mgmt Systems / CGI Group
02/23/2004 Triaton GmbH/Hewlett-Packard
04/02/2003 Concord / First Data
11/14/2002 EDS Consumer Network Services / Fiserv
04/26/2002 Guardian IT / SunGard
10/15/2001 Comdisco Availability Sofns/SunGard
07/19/2001 Lockheed Martin IMS / Affiliated Computer
CREDIT FIRST
SUISSE BOSTON
(3 in millions)
Median
Mean
Source: SDC, company press releases and Wall Street equity research.
CY04 PF Revenue
CY04 PF EBITDA
CY04 PF Unlevered NI
FD
Equity
Value
Statistie
182.0
293.4
1,425.0
2,050.0
858.0
426.0
7,448.3
320.0
82.0
850.0
825.0
(1) 2004stusos pro forma ton acquation
$1.258
$544
$216
FD
Agg
Value
185.0
340.6
1.136.0
2.050.0
858.0
426.0
6,055.1
320.0
2420
850.0
837.0
3.0x
8.0x
Range
Revenue
LTM FY1
2.8x
0.9x 0.8x
2.3x
2.4x
0.9x
0.9x
5.3x
NA
1.5x
1.9x
1.3x
1.7x
2.0x
3.5x
11.0x
2.2x 20.8x
NA
2.1x 195
NA
0.8x
NA
ΝΑ
4.3x 10.8x
2.1x
NA
1.4x
5.5x
NA
8.6x
ΝΑ
NA
2.1x
2.0x
22.0x
26.0x
Enterprise Value Reference Range
Aggregate Value /
EBITDA
EBIT
LTM FY1+ LTM FY1+
7.2x
NA
9.3x
NA
9.5x
NM 14.5×
27.2x 15.4x
13.1x 19,5
13.7x NA
24.1x 18.7x
NA
9.8x
NA
NA
12.7x
NA
14.9x
ΝΑ
11,5x
ΝΑ
10.6x
4.7x
NA
NA
ΝΑ 14.6x
10.5×
10.9x
Implied Enterprise Value
$3.774
$4,404
$4.355
9.3x 14.6x
8.1x 17.2x
54.745
$4.600
-
$5.988
$5.605
$5.800
ΝΑ
ΝΑ
13.0x
13.7x
PIE
LTM FY1+
ΝΑ
ΝΑ
NA
NA
25.7x
NA
35.3x
23.8x
NA
31.3x
NA
19.7x
NM
NA
21.8x
NM
NA 11.9x
ΝΑ
ΝΑ
ΝΑ
ΝΑ
25.7x 21.8x
27.6x 21.7x
29View entire presentation