Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Iverson Comparable Acquisitions Analysis
(Sin millions)
Date
Anne. Target /Acquiror
10/20/2004 Equi Serve/ Computershare
10/12/2004 Epsilon Data / Alliance Data Systems
09/09/2004 Intercept/Fidelity National
07/13/2004 National Processing/ Bank of America
08/06/2004 Refco /Thomas H. Lee Partners
05/25/2004 Brut LLC/Nasdaq Stock Market
05/17/2004 NYCE/Motavante
04/06/2004 Barra/Morgan Stanley
04/05/2004 Tradeweb/Thomson Financial
02/09/2004 Aurum Technology/Fidelity National
04/02/2003 Concord / First Data
03/14/2003 InterPay (ReetBoston)/Paychex
01/06/2003 ProBusiness Services/ADP
11/14/2002 EDS Consumer Network Services / Fiserv
08/05/2002 BrokerTec Trading Operations/ICAP
05/10/2002 Island ECN / Instinet
05/14/2001 NYCE/First Data
05/07/2001 NOVA Corp (GA) US Banoorp
07/20/1999 Investor Services Group (FOC)/PNC
Median
Mean
CY04 Revenue
CY04 EBITDA
CY04 Unlevered NI
Source: SDC, company press releases and Wall Street equity research.
($ in millions)
CREDIT FIRST
SUISSE BOSTON
Statistic
$2.208
$517
FO
Equity
Value
$208
$307.0
300.0
423.3
1.425.0
2.250.0
190.0
610.0
816.4
NA
305.0
7.448.3
155.0
495.5
320.0
291.0
593.0
555.0
2.0x
FD
Agg
Value
9.0x
$307.0
300.0
435.6
1,136.0
2.250.0
2.138.3
2,349.8
1,100.0 1,100.0
190.0
610.0
609.0
435.0
305.0
6.005.1
155.0
442.9
320.0
291.0
546.0
566.0
Range
Revenue
LTM
1.0x NA
NA 2.5x
22x 2.0x
2.3x
2.3x
1.2x
4.3x
4.0x
6.3x
NA
26x
NA
3.0x
3.1x
5.0x
1.5x
3.3x
2.8x
2.9x
2.5x
Aggregate Value!
EBITDA
FY1+ LTM FY1+
EBIT
LTM FY1+
NA
NA NA
NA 12.0x
19.4x 11.1x
21x 105, 9.3x
NA
NA
NM
13 1x
NA
20.1x
115
NA
NA 9.0k
NA
NA
NA 31.tx NA NA
NA
1.4x 9.7x 9.5x 12.1x 11.4x
38x 12.2x 10.7x 13.0x 12.0x
NA 14.5
1.5x
NA
NA
9.0x
NA
NA
40.1x
12.7x
NA
21.9x
11.50
NA
4.3x 10.8x
3.1x NA
28x
NA
NA
NM 17.2x
NM
NM
2.1x
NA
NA
NA
NA
2.9x
NA
NA
NA 17.8x
2.1x
13.4x NA 15.1x NA
4.6x 16,8x 13.8x 35.2x 23.4x
1.4x 9.6x 8.7x 13.4x 11.8x
NA 11.8x
NA 17.2x NA
2.3x 12.0x 10.7x 13.4x 12.0x
2.6x 14.1x
19.1x 15.7x
114x
12.0x
20.0x
25.0x
Enterprise Value Reference Range
$4,653
Implied Enterprise Value
$4.417
$5.521
$4,169
$4,500
P/E
LTM FY1+
NA
NA
NA
NM
25.7x
NA
31.0x
23.8x
NA
NA
NA
NA
NA
NA
23.8x
22.8x
NA
NA
NA
NA
21.8x 19.7x
NA
NA
NM
NM
NM
NM
NA
NA
NA
44,2x
22.9x
27.4x
-
31.2x
72.2x
26.1x
27.8x
26.1x
32.6x 27.Ax
23.8x
$6,205
$5,211
$5.800
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