Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Comparable Acquisitions Analysis
(3 in millions)
Date
Annc. Target / Acquiror
11/17/2004 Inflow/SunGard
08/09/2004 Synstar PLC/Hewlett Packard
07/13/2004 National Processing / Bank of America
03/14/2004 EDS-PLM Solutions/Consortium
03/10/2004 American Mgmt Systems / CGI Group
02/23/2004 Triaton GmbH/Hewlett Packard
04/02/2003 Concord / First Data
11/14/2002 EDS Consumer Network Services / Fiserv
04/29/2002 HNC Software/Fair, Isaac
04/26/2002 Guardian IT / SunGard
10/15/2001 Comdisco Availability Sol'ns / SunGard
07/19/2001 Lockheed Martin IMS/ Affiliated Computer
Median
Mean
CY04 EBITDA
Source: SDC, company press releases and Wall Street equity research.
Note: Inflow acquisition multiples per Solar management.
($ in millions)
CY04 Revenue
CY04 Unlevered NI
CREDIT FIRST
SUISSE BOSTON
Statistic
$1,203
$528
FD
Equity
Value
182.0
293.4
$222
1.425.0
2,050.0
858.0
426.0
7,448.3
320.0
830.0
82.0
850.0
825.0
3.0x
8.0x
FD
Agg
Value
185.0
340.6
1,136.0
2,050.0
858.0
426.0
6,055,1
320.0
662.4
242.0
850.0
837.0
Range
Revenue
LTM FY1+
28x
2.2x
20.8x
0.9x
0.8x
NA
2.3x
2.1x
105
24x
NA 92x
0.8x 11.2x
0.9x
0.9x
5.3x
NA NA
4.3x 10.8x
NA
2.1x
NA
8.8x
29x
2.6x
1.5x
1.4x
5.5x
1.9x
NA
NA
1.3x
NA
8.6x
1.9x
2.1x
3.5x
11.0x
Aggregate Value /
EBITDA
LTM FY1+
7.2x
15x
NM
27.2x
ΝΑ
9.3x 13.1x
15.4x
115.
NA
18.7x
NA 13.7x
9.5x 24.1x
ΝΑ ΝΑ NA
9.6x 12.7x 11,5
NA NA
NA 40.4x
ΝΑ
26.6x
10.6x
4.7x 14.9x
NA
NA
NA
NA
2.1x
9.8x
2.0x 10.7x
22.0x
26.0x
Enterprise Value Reference Range
EBIT
$4,223
LTM
$4,874
$4.500
NA
14.6x
9.3x 14.8x
14.5x
8.1x 20.1x 15.57
FY1+
Implied Enterprise Value
$3,609
$4,211
$5,807
$5,761
$5,700
PIE
LTM FY1+
NA
NA
NA
ΝΑ
25.7x
NA
35.3x
NA
21.8x
NM
52.4x
NA
NA
NA
30,5×
33.8x
23.8x
ΝΑ
31.3x
NA
19.7x
NM
38.9x
11.9x
NA
ΝΑ
23.8x
25.1x
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