Moelis & Company Investment Banking Pitch Book
Selected Publicly Traded Companies
VALUATION BENCHMARKING
As of 11/04/15
($ in millions, except per share amounts)
Media/Technology Licensing
Dolby Laboratories 1
IMAX
TiVo
Rovi
DTS 2
Media/Technology Licensing Average
Media/Technology Licensing Median
Theater Exhibitors
Cinemark
Regal Entertainment
AMC Entertainment ³
Theater Exhibitors Average
Theater Exhibitors Median
Other IP Licensing
Iconix Brand Group
Sequential Brands Group*
Other IP Licensing Average
Other IP Licensing Median
Rhombus at Offer - Consensus ¹
Rhombus at Offer - Mgmt Projections 15
Share
Price
3.
4.
$35.27
38.71
9.26
9.74
30.88
$35.56
19.45
25.84
$16.22
12.90
$11.00
$11.00
% of 52
Week High
76%
88%
70%
37%
81%
70%
76%
78%
79%
72%
76%
78%
40%
69%
54%
54%
81%
81%
Market
Value
$3,729
2,774
964
809
554
$4,143
3,059
2,601
$783
537
$590
590
Enterprise
Value
$3,108
2,767
653
1,697
627
$5,617
5,309
4,285
$2,304
941
$551
551
CY 15E
3.2x
7.5x
1.7x
3.3x
3.5x
3.8x
3.3x
20x
1.7x
1.4x
1.7x
1.7x
5.5x
9,8x
7.6x
7.6x
3.3x
3.2x
EV/Revenue
CY 16E
3.0x
7.2x
1.5x
3,0x
3.1x
3.6x
3.0x
1.9x
1.7x
1.4x
1.7x
1.7x
5.3x
8.8x
7.1x
7.1x
3.0x
2.7x
CY'17E
2,9x
6.5x
1.3x
2.6x
2.8x
3.2x
2.8x
1.8x
1.6x
1.3x
1.6x
1.6x
5.3x
8.1x
6.7x
6.7x
2.9x
2.7x
STRICTLY CONFIDENTIAL
MOELIS & COMPANY
CY' 15E
11.0x
19.1x
5.4x
9.0x
11.0x
11.1x
11.0x
8.4x
8.7x
7.9x
8.3x
8.4x
10.6x
15.4x
13.0x
13.0x
11.2x
9.8x
EV/EBITDA
CY'16E
10.0x
16,9x
4.5x
7.9%
9.2x
9.7x
9.2x
8,1x
8.4x
7.7x
8.1x
8.1x
10.4x
14,2x
12.3x
12.3x
6.9x
6,2x
1
Source: Company Management estimates, Capital IQ, Wall Street Research, Company Filings
Financials calendarized for year end 12/31
2015E revenue and EBITDA pro forma for an estimated 534mm and Simm in revenue and EBITDA, respectively, assuming the iBiquity acquisition closed at the beginning of the year; total debt
and cash pro forma for $135mm of additional debt and $37mm use of cash to fund the acquisition
2015E EBITDA pro forma for an estimated $8.5mm in EBITDA assuming the Starplex acquisition closed at the beginning of the year
2015E revenue pro forma for an estimated 56mm and 57mm and of incremental revenue assuming the Jessica Simpson Collection (estimated assuming EBITDA margins equal to existing SBQG
business) and Joes Jeans acquisitions, respectively closed at the beginning of the year 2015E EBITDA pro forma for an estimated $4mm and 55mm of incremental EBITDA assuming the Jessica
Simpson Collection and Joes Jeans acquisitions, respectively, closed at the beginning of the year, total debt pro forma for 560mm of additional debt to fund the Joes Jeans acquisition
As directed by Rhombus management, quarterly FY2017 and FY2018 projections estimated using average quarterly EBITDA contributions over the past four years
CY'17E
9,5x
14.6x
3.7x
6.1x
7.9x
8.4x
7.9x
7.5x
8.0x
7.3x
7.6x
7.5x
9.9x
12.3x
11.1x
11.1x
6.1x
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