Evercore Investment Banking Pitch Book
Appendix
Analysis of Publicly Traded Companies
Operating Metrics
MFW:
At Offer
At Market
Company
Printing
R.R. Donnelley & Sons Co.
Deluxe Corp.
Quad/Graphics Inc.
Education
Pearson PLC
Scholastic Corp.
Source: FactSet, Company filings, MFW Projections
EVERCORE PARTNERS
Max
Min
Revenue Growth
EBITDA Growth IBES Capex as Net Debt
'10A- 11E- '10A-12E EBITDA Margin '10A- 11E- '10A-12E LT % of Revenue / 2011E
'11E 12E CAGR 2011E 2012E '11E 12E CAGR Growth 2011E 2012E EBITDA
(1%) 1%
(1%) 1%
Max
Min
7% 1%
1%
1%
40%
(3%)
Mean
Median 7%
16% (0%)
1%
40% 1%
1% (3%)
4% 4%
1% 2%
2%
3%
Mean
Median 2%
3%
4%
4%
1% 2%
0%
0%
8%
3%
35%
15%
8%
35%
3%
8%
3%
5%
5%
8%
3%
25%
25%
13%
25%
14%
17%
14%
25%
13%
18%
9%
13%
13%
18%
9%
15
Confidential
($ in millions, except for per share amounts)
26% (7%) 4%
26% (7%) 4%
13%
26%
16% 37%
4%
3%
9%
(2%) NA 3% 2%
(2%) NA
3% 2%
18% 4% 5%
10% (11%) 10%
5%
0%
22%
18% 13% 5%
9%
16% 6% 4%
5%
26% 37% 9% 22%
13% (2%) 3%
0%
5%
(1%)
2%
14% (3%) 7%
14% (3%) 7%
2%
18%
10% 5%
10% (11%) 5% (1%)
11%
6%
NA
9%
9%
11%
6%
7%
NA
7%
7%
7%
7%
2%
2%
2% 2%
4%
3%
3%
2%
2%
4% 4%
2% 2%
2%
3%
2%
3%
3% 3%
3% 3%
3% 3%
2% 2%
4.6x
4.6
2.8
2.1
2.2
2.4x
2.2
2.8
2.1
1.2x
0.9
1.0x
1.0
1.2
0.9View entire presentation