Credit Suisse Investment Banking Pitch Book
Preliminary side-by-side-analysis
($ in millions, except where otherwise noted)
Share price (11/23/12)
% discount to 52-week high
Market value
Enterprise value (1)
Enterprise value /
2012E EBITDA(X)
2013E EBITDA(X)
Proved reserves ($ / mcfe)
2012E Production ($ / mcfe/d)
2013E Production ($/mcfe/d)
Pre-tax PV-10%
Price /
2012E CFPS
2013E CFPS
Statistics
12/31/2011 Proved reserves (Bcfe)
% oil
% developed
Resource potential (Tcfe)
2012E production (mcfe/d)
% oil
R/P
Florida
at market
$38.88
(20.6%)
$953
3,400
6.0x
4.1x
7.2x
5.1x
Maine
at market
$12.45
(24.9%)
$2,017
3,103
13.9x
12.2x
$12.78
20,488
17,092
3.7x
17.0x
8.7x
242
40.6%
84.9%
63.7
151
40.6%
4.4x
Source: Public filings, company projections at forward curve pricing as of 11/23/12 and FactSet Research Systems.
Florida corporate adjustments as of 9/30/12 based on $3.7 billion of cash, $3.5 billion of debt and $3.6 billion of noncontrolling interest per Florida
10-Q. Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75% convertible
preferred stock, $188.9 million of 4% convertible notes, $12 million of 8% convertible preferred stock, $87.8 million of 5.25% of convertible notes and $300
million of 11.875% senior notes per Maine 100.
CREDIT SUISSE
Confidential
2View entire presentation