Evercore Investment Banking Pitch Book
Analysis of Publicly Traded Companies
Flavoring and Fragrances Operating Metrics
Company
Montana:
At Offer: Updated Case
At Offer: Financing Case
At Market: Updated Case
At Market: Financing Case
Flavorings and Fragrances
Givaudan S.A.
International Flavors & Fragrances
Huabao International Holdings Ltd.
Symrise AG
Sensient Technologies Corp.
T. Hasegawa Co. Ltd.
Takasago International Corp.
Source: FactSet, Company filings
EVERCORE PARTNERS
Mean
Median
Max
Min
Revenue Growth
'10A- '11E- '10A-'12E EBITDA Margin
'11E '12E
CAGR 2011E 2012E
(1%)
1%
(1%) 3%
(1%)
(1%)
1%
3%
(6%)
7%
22%
23%
3%
4%
10%
5%
(1%) (0%)
1% 2%
3%
5%
5% 6%
3% 4%
22% 23%
(6%) (0%)
0%
2%
2%
(3%)
13%
50%
8%
16%
(1%)
2%
25% 26%
25%
27%
25% 26%
27%
25%
30
17%
10%
12%
24%
8%
50%
20%
64%
(3%) 10%
Preliminary Draft - Confidential
($ in millions, except for per share amounts)
EBITDA Growth IBES
'10A- '11E- '10A-'12E LT
'11E '12E CAGR Growth
(7%) 4%
(7%) 10%
21%
20%
22% (14%) 10%
21% 12% 8%
64% 62% 16% 19%
20% 21% (2%) 7%
17% 10% 7%
18% (2%) 2%
0% 6%
16%
10%
(7%) 4%
(7%) 10%
24%
3% 8%
21% 0% 7%
62% 16% 19%
10% (14%) 2%
(2%) NA
1% ΝΑ
(2%) NA
1% NA
(3%) 11%
10% 6%
17% 16%
3%
13%
9% 7%
(0%) NA
3%
NA
6%
11%
11%
3%
17%
(3%) 6%
16%
Capex as
Net Debt
% of Revenue / 2011E
2011E 2012E EBITDA
3% 2% 4.6x
3%
2%
3% 2%
3%
2%
4.6x
4.6
5%
5%
NM
5% 5%
12% 10%
4%
5%
4%
1.6
6% 1.4
5% 6% NM
5% 5% 2.5
6%
6%
5% 5%
12%
10%
4% 4%
1.9x
1.5
1.8x
1.6x
2.5x
1.4xView entire presentation