Credit Suisse Investment Banking Pitch Book
CONFIDENTIAL
Allen Comparable Company Analysis
15 in millions, except per share amounts)
COMPANY (FYE)
Solar Street (Dec.)
Allen Street (Dec.)
Business Continuity Services
IBM (Dec.)
HP (Oct.)
Accenture (Aug.)
EDS (Dec.)
CSC (Mar.)
ACS (Jun)
Median
Mean
S&P 500 Industry Indexes
Industrials
Utilities
Median
Mean
Source: Wall Street equity research.
CREDIT FIRST
SUISSE BOSTON
Stock
Price
1/27/05
$26.43
ΝΑ
$91.98
19.49
25.68
21.14
50.69
53.85
NA
NA
CY05 Revenue
CY05 EBITDA
CY05 Unlevered NI
FD Capitalization
Equity
Market
Value
$7,842
ΝΑ
$156,741
57,207
24.783
10,952
9,778
6.909
NA
NA
Aggr,
Market
Value
$8,150
ΝΑ
$169,041
51,367
23,068
11.151
11,800
7.133
NA
NA
Statistic
$1.329
$567
$232
P/E Multiple
CY04
18.9x 105
NA
18.4x
14.4x
18.8x
NM
16.7x
19.0x
18.4x
17.4x
21.3x
17.4x
19.4x
19.4x
2.0x
CY05
6.5x
ΝΑ
16.4x
11.8x
18.9x
14
1
15.6x
10.0x
17.6x
18.6x
16.7x
10.7x
Range
3.0x
8.5x
Revenues
CY04 CY05
FD Aggregate Value/
2.3x 2.2x
NA
ΝΑ
1.8x
0.0x 00x
1.8x 1.4x
0.5K
0.7x
1.7x
1.2x
1.2x
NA
NA
NA
NA
15.0x
19.0x
Enterprise Value Reference Range
0.8x
0.7x
1.5x
1.1x
NA
NA
NA
NA
EBITDA
CYOS CY05
7.8x 7.2x
ΝΑ
ΝΑ
10.2x 9.6x
6.9x 6.2x
10.6x 9.7x
4.2x
4.7x
5.7x
4.8x
8.7x
7.2x
7.8x
6.7x
7.8x
7.0x
NA
NA
NA
NA
Implied Enterprise Value
$2,659
$3.988
$3.687
$3,476
$3,600
NA
NA
NA
NA
-
$4.822
$4.403
$4,600
Operating Statistics
Revenue CY05 CY2005
Growth
EBIT PE/
04-05 Margin LTGR
4.3%
5.9%
7.6%
12.9%
(4.9%)
9.0%
7.5%
7.8%
4.3%
6.1%
6.1%
21.0%
31.3%
13.3%
6.7%
13.0%
3.9%
6.7%
15.6%
9.9%
9.9%
16.8%
19.4%
18.1%
18.1%
1.2x
NM
1.8x
1.1x
1.2x
3.0x
1.3x
0.9x
1.3x
NA
NA
NA
NA
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