LionTree Investment Banking Pitch Book
Valuation Overview (At Spot)
($mm, unless indicated)
Luna Current Stock Price
Series A Exchange Ratio
Stock Per Share (Post 3.0% Discount)
Cash Per Share
Price / Offer Value Per Series A Share ($)
Implied Premium to Current Series A Price of $27.80
Equity Value¹
Plus: Net Debt & Other
Enterprise Value¹
EV/EBITDA (Pre-SBC)
CY 2016E EBITDA
CY 2017E EBITDA
EV/EBITDA (Post-SBC)
CY 2016E EBITDA
CY 2017E EBITDA
Metric
($mm)
490
543
460
511
Saturn Series A @Market³4
$27.80
2,886
1,101
3,987
Implied Multiples
8.1x
7.3x
Luna Series A Offer²
8.7x
7.8x
$20.55
0.6784x
$13.52
$18.00
$31.52
13.4%
3,298
1,101
4,398
9.0x
8.1x
9.6x
8.6x
Source: Saturn management projections, public company filings
Note: Prices as of June 22, 2016
1) Assumes Series B shares received the same consideration as the Series A shares; actual equity value and enterprise value are $3.31bn and $4.41bn, respectively
2) Assumes 3% discount of non-voting to voting shares (please see page 24 for detail)
3) JCM has 0.1mm shares of Series A Saturn stock and 6.2mm shares of Series B Saturn stock for a total voting stake of 33.1%, economic stake of 6.1% and a value of $175mm @ market;
LionTree JCM has 4.4mm shares of Luna common stock for a total voting stake of 2.9%, economic stake of 2.9% and a value of $91mm @ market
7
4) Luna has 2.1mm shares of Series A Saturn stock and 2.6mm shares of Series B Saturn stock for a total voting stake of 15.0%, economic stake of 4.5% and a value of $131mm @ marketView entire presentation