comparable companies analysis (2)
Post on 17-Jan-2016
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Inputs are colored blue. In general, these are the only values you need to change. To add comparable companies, simply copy down the last row in the Comps tab and add a corresponding options table to the Options tab. Modify the output pages as necessary to show the multiples and operating metrics that are relevant to you.
To add comparable companies, simply copy down the last row in the Comps tab and add a corresponding options table to the Options tab. Modify the output pages as necessary to show the multiples and operating metrics that are relevant to you.
Comparable Companies Analysis - Operating Metrics
Stock 08E/09EPrice Diluted Market Net Enterprise Revenue
Company 8/20/08 Shares Cap. Debt Value Growth
Company A $34.25 72.674 $2,489.1 $271.8 $2,760.9 18.6% Company B $12.84 212.476 $2,728.2 $259.2 $2,987.4 8.3% Company C $27.59 45.389 $1,252.3 ($56.4) $1,195.9 23.8%
High 23.8% Mean 16.9%
Median 18.6% Low 8.3%
($ in millions, except per share amounts)
EBITDA Margin Net MarginLTM CY08E CY09E LTM CY08E CY09E
29.5% 27.7% 26.1% 16.2% 15.6% 14.8% 20.6% 20.4% 21.2% 12.3% 12.0% 12.8% 16.4% 19.4% 19.4% 12.4% 14.0% 14.0%
29.5% 27.7% 26.1% 16.2% 15.6% 14.8% 22.1% 22.5% 22.2% 13.7% 13.9% 13.9% 20.6% 20.4% 21.2% 12.4% 14.0% 14.0% 16.4% 19.4% 19.4% 12.3% 12.0% 12.8%
Comparable Companies Analysis - Valuation Multiples
Stock Enterprise Value MultiplesPrice Diluted Market Net Enterprise LTM
Company 8/20/08 Shares Cap. Debt Value Revenue
Company A $34.25 72.674 $2,489.1 $271.8 $2,760.9 1.91x Company B $12.84 212.476 $2,728.2 $259.2 $2,987.4 1.99x Company C $27.59 45.389 $1,252.3 ($56.4) $1,195.9 1.70x
High 1.99x Mean 1.87x
Median 1.91x Low 1.70x
($ in millions, except per share amounts)
Enterprise Value Multiples Equity Value MultiplesCY08E CY09E LTM CY08E CY09E CY08E CY09E CY08E
Revenue Revenue EBITDA EBITDA EBITDA P/E P/E P/E/G
1.67x 1.41x 6.5x 6.0x 5.4x 10.6x 9.6x 1.28x 1.88x 1.74x 9.7x 9.2x 8.2x 16.3x 15.3x 2.54x 1.79x 1.45x 10.3x 9.2x 7.4x 13.9x 12.5x 1.30x
1.88x 1.74x 10.3x 9.2x 8.2x 16.3x 15.3x 2.54x 1.78x 1.53x 8.8x 8.2x 7.0x 13.6x 12.5x 1.71x 1.79x 1.45x 9.7x 9.2x 7.4x 13.9x 12.5x 1.30x 1.67x 1.41x 6.5x 6.0x 5.4x 10.6x 9.6x 1.28x
Comparable Companies Inputs10 12 14
8/20/2008LTM Stock Basic Diluted
Company Ticker Date Price Shrs. Out. Shrs. Out.
1 Company A AAA 6/30/2008 $34.25 69.220 72.674 2 Company B BBB 6/30/2008 12.84 212.476 212.476 3 Company C CCC 6/30/2008 27.59 45.335 45.389
16 18 20 22 24 26 28
Market Convertible Conversion Preferred Non-Conv. MinorityCap. Cash Debt Price Stock Debt Interest
$2,489.1 $259.3 $0.0 $0.00 $0.0 $531.1 $0.0 $2,728.2 $302.8 $450.0 $15.00 $0.0 $0.0 $112.0 $1,252.3 $123.6 $0.0 $0.00 $0.0 $67.2 $0.0
30 32 34 36 38 40 42
Net Enterprise Revenue EBITDADebt Value CY07A LTM CY08E CY09E CY07A
$271.8 $2,760.9 $1,333.6 $1,445.2 $1,652.5 $1,960.0 $406.3 $259.2 $2,987.4 $1,445.1 $1,500.8 $1,589.0 $1,721.3 $295.3 ($56.4) $1,195.9 $539.8 $705.5 $668.2 $827.1 $97.6
44 46 48 50 52 54 56
EBITDA Net IncomeLTM CY08E CY09E CY07A LTM CY08E CY09E
$425.9 $457.1 $511.0 $223.8 $234.7 $257.5 $289.9 $308.6 $324.4 $365.0 $163.3 $185.2 $190.9 $221.1 $115.6 $129.8 $160.7 $80.4 $87.5 $93.7 $116.0
58 60 62 64
EPS 5-YearCY07A CY08E CY09E EPS CAGR
$3.01 $3.23 $3.55 8.3% $0.74 $0.79 $0.84 6.4% $1.79 $1.98 $2.20 10.7%
Options Tables
Tranche 1 Tranche 2 Tranche 3
1 Company A Number of Options (mm) 8.350 7.561 0.391 $34.25 Weighted-Average Strike $24.13 $29.78 $35.11
Treasury Shares 2.467 0.987 0.000
2 Company B Number of Options (mm)$12.84 Weighted-Average Strike
Treasury Shares 0.000 0.000 0.000
3 Company C Number of Options (mm) 0.042 0.037 2.775 $27.59 Weighted-Average Strike $18.67 $26.33 $27.20
Treasury Shares 0.014 0.002 0.039
Tranche 4 Tranche 5 Tranche 6 Tranche 7 Tranche 8 Tranche 9 Tranche 10
1.313 0.000 $46.21 $0.00
0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000
3.780 3.313 2.007 1.000 $36.11 $42.57 $47.20 $55.00
0.000 0.000 0.000 0.000 0.000 0.000 0.000
Total
3.454
0.000
0.054
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