Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Solar Financial Analysis
(Sin millions)
Equity Price per Share (Enterprise Value) Solar Equity Reference Range Per Share
dattala
CO Y TDA
CYKEBIDA
CO Y M
IX.
CY2004 PF Revenues
CY2005E Revenues
CY2004 PF EBITDA
CY2005E EBITDA
314
29 $35.00
193
*0
$40.00
2674
21 $30.00
CY2004 PF Unlevered N
CY2006 Unlevered N
CREDIT FIRST
SUISSE BOSTON
$25.00
$20.00
$15.00
Statistic
$3,001
3,937
1,066
1,145
Comparable
Company
Analysis
$31.50 ($9,800)
$24.73 ($7,800)
2.1x
1.9x
7.0x
6.6x
.
18.0x .
16.3x .
2.7x
2.5x
9.0x
8.flix
23.2x
21.0x
Comparable
Acquisitions
Analysis
$37.62 ($11,800)
$30.07 ($9,300)
2.5x
24x .
8.5x .
8.1x
Stock Price as of 3/18/05: $24.95 ($7,669)
22.0x
-
3.0x
108x
10.3
Discounted
Cash Flow
Analysis
27.9x
$36.12 ($11,300)
$28.84 (58,900)
24x
23x
8.2x
7.8x
21.1x
19.1x
-
3.1x
2.9x
10 4x
9.9
25.7x
Premiums
Pald
$33 25 ($10,345)
$31.19 (99,008)
20x
2.5x
8:4x
22.9
20.7x
.
Proposed Price $36.00 ($11,260)
20x
26x
9.0x
24.5
22.2
Note: Pro forma Net Debt of $307MM as of 12/31/04.
Note: The low price target of $25 was from Deutsche Bank as of 2/15/96 and the high price target of $37 was from Barrington Research as of 2/16/05.
Per Solar Management. 2004 statistics pro forma for OSSI. inflow, Vivista, Integrity and RRI acquisitions and BRUT divestiture
Other Metrics
52 Week
High/Low
$28.64 (58,833)
$22.54 (56,924)
1.9k
1.8
6.4x
6.0m
16.Ax
-
.
-
24x
22x
8.1x
7.7x
20.9M
Wall Street
Analyst Price
Target
$37.00 ($11.592)
$25.00 ($7.685)
2.1x
2.0k
7.1x
6.7x
18.2x
195
3.1x
2.9
10.7
10.tx
27 Ax
24.8x
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