· casinos and gaming 1 2 3 5 4 1 1 17 $76,895 $1,757 43.8x catalog retail 1 1 2 $12,792 $755...
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Company Ticker Sector Rating Outlook /CreditWatch
Abbott Laboratories NYSE:ABT Healthcare AA CreditWatch Neg
Cooper Industries plc NYSE:CBE Industrials A CreditWatch Neg
SAIC, Inc. NYSE:SAI Information Technology A- CreditWatch Neg
News Corp. NasdaqGS:NWSA Consumer Discretionary BBB+ CreditWatch Neg
Big Lots Inc. NYSE:BIG Consumer Discretionary BBB CreditWatch Neg
Best Buy Co. Inc. NYSE:BBY Consumer Discretionary BB+ CreditWatch Neg
Sunoco, Inc. NYSE:SUN Energy BB+ CreditWatch Neg
NRG Energy, Inc. NYSE:NRG Utilities BB- CreditWatch Neg
Berkshire Hathaway Inc. NYSE:BRK.B Financials AA+ Negative Outlook
CME Group Inc. NasdaqGS:CME Financials AA- Negative Outlook
State Street Corporation NYSE:STT Financials A+ Negative Outlook
The Bank of New York Mellon Corporation NYSE:BK Financials A+ Negative Outlook
Wells Fargo & Company NYSE:WFC Financials A+ Negative Outlook
NYSE Euronext, Inc. NYSE:NYX Financials A+ Negative Outlook
United Parcel Service, Inc. NYSE:UPS Industrials A+ Negative Outlook
Sysco Corporation NYSE:SYY Consumer Staples A+ Negative Outlook
Archer Daniels Midland Company NYSE:ADM Consumer Staples A Negative Outlook
JPMorgan Chase & Co. NYSE:JPM Financials A Negative Outlook
American International Group, Inc. NYSE:AIG Financials A- Negative Outlook
Bank of America Corporation NYSE:BAC Financials A- Negative Outlook
Citigroup, Inc. NYSE:C Financials A- Negative Outlook
Eaton Corporation NYSE:ETN Industrials A- Negative Outlook
Lockheed Martin Corporation NYSE:LMT Industrials A- Negative Outlook
Lowe's Companies Inc. NYSE:LOW Consumer Discretionary A- Negative Outlook
Morgan Stanley NYSE:MS Financials A- Negative Outlook
The Allstate Corporation NYSE:ALL Financials A- Negative Outlook
The Goldman Sachs Group, Inc. NYSE:GS Financials A- Negative Outlook
AFLAC Inc. NYSE:AFL Financials A- Negative Outlook
V.F. Corporation NYSE:VFC Consumer Discretionary A- Negative Outlook
Duke Energy Corporation NYSE:DUK Utilities BBB+ Negative Outlook
Hospira Inc. NYSE:HSP Healthcare BBB+ Negative Outlook
Pitney Bowes Inc. NYSE:PBI Industrials BBB+ Negative Outlook
The Clorox Company NYSE:CLX Consumer Staples BBB+ Negative Outlook
Express Scripts Holding Company NasdaqGS:ESRX Healthcare BBB+ Negative Outlook
DENTSPLY International Inc. NasdaqGS:XRAY Healthcare BBB+ Negative Outlook
Kellogg Company NYSE:K Consumer Staples BBB+ Negative Outlook
Genworth Financial Inc. NYSE:GNW Financials BBB Negative Outlook
The Washington Post Company NYSE:WPO Consumer Discretionary BBB Negative Outlook
Valero Energy Corporation NYSE:VLO Energy BBB Negative Outlook
Watson Pharmaceuticals, Inc. NYSE:WPI Healthcare BBB Negative Outlook
Capital One Financial Corp. NYSE:COF Financials BBB Negative Outlook
Computer Sciences Corporation NYSE:CSC Information Technology BBB Negative Outlook
H&R Block, Inc. NYSE:HRB Consumer Discretionary BBB Negative Outlook
First Horizon National Corporation* NYSE:FHN Financials BBB- Negative Outlook
Masco Corporation* NYSE:MAS Industrials BBB- Negative Outlook
Molson Coors Brewing Company* NYSE:TAP Consumer Staples BBB- Negative Outlook
Zions Bancorp.* NasdaqGS:ZION Financials BBB- Negative Outlook
Frontier Communications Corporation NasdaqGS:FTR Telecommunication Services BB Negative Outlook
United States Steel Corp. NYSE:X Materials BB Negative Outlook
Micron Technology Inc. NasdaqGS:MU Information Technology BB- Negative Outlook
Advanced Micro Devices, Inc. NYSE:AMD Information Technology BB- Negative Outlook
Chesapeake Energy Corporation NYSE:CHK Energy BB- Negative Outlook
Iron Mountain Inc. NYSE:IRM Industrials BB- Negative Outlook
Sprint Nextel Corp. NYSE:S Telecommunication Services B+ Negative Outlook
J. C. Penney Company, Inc. NYSE:JCP Consumer Discretionary B+ Negative Outlook
&&
Company Sector Rating Outlook /CreditWatch
Google Inc. NasdaqGS:GOOG Information Technology AA- CreditWatch Pos
Costco Wholesale Corporation NasdaqGS:COST Consumer Staples A+ CreditWatch Pos
Mastercard Incorporated NYSE:MA Information Technology A- Positive Outlook
Wisconsin Energy Corp. NYSE:WEC Utilities A- Positive Outlook
Corning Inc. NYSE:GLW Information Technology BBB+ Positive Outlook
KeyCorp NYSE:KEY Financials BBB+ Positive Outlook
Ross Stores Inc. NasdaqGS:ROST Consumer Discretionary BBB+ Positive Outlook
Harley-Davidson, Inc. NYSE:HOG Consumer Discretionary BBB+ Positive Outlook
Assurant Inc. NYSE:AIZ Financials BBB Positive Outlook
Avery Dennison Corporation NYSE:AVY Industrials BBB Positive Outlook
Cigna Corp. NYSE:CI Healthcare BBB Positive Outlook
CSX Corp. NYSE:CSX Industrials BBB Positive Outlook
Fifth Third Bancorp NasdaqGS:FITB Financials BBB Positive Outlook
HCP, Inc. NYSE:HCP Financials BBB Positive Outlook
Humana Inc. NYSE:HUM Healthcare BBB Positive Outlook
Life Technologies Corporation NasdaqGS:LIFE Healthcare BBB Positive Outlook
Pall Corp. NYSE:PLL Industrials BBB Positive Outlook
Pinnacle West Capital Corporation NYSE:PNW Utilities BBB Positive Outlook
Public Service Enterprise Group Inc. NYSE:PEG Utilities BBB Positive Outlook
International Flavors & Fragrances Inc. NYSE:IFF Materials BBB Positive Outlook
TE Connectivity Ltd. NYSE:TEL Information Technology BBB Positive Outlook
Lam Research Corporation NasdaqGS:LRCX Information Technology BBB- Positive Outlook
Allegheny Technologies Inc. NYSE:ATI Materials BBB- Positive Outlook
Anadarko Petroleum Corporation NYSE:APC Energy BBB- Positive Outlook
CMS Energy Corp. NYSE:CMS Utilities BBB- Positive Outlook
Coventry Health Care Inc. NYSE:CVH Healthcare BBB- Positive Outlook
Health Care REIT, Inc. NYSE:HCN Financials BBB- Positive Outlook
Tyson Foods Inc. NYSE:TSN Consumer Staples BBB- Positive Outlook
Unum Group NYSE:UNM Financials BBB- Positive Outlook
Beam, Inc. NYSE:BEAM Consumer Staples BBB- Positive Outlook
Fidelity National Information Services, Inc. NYSE:FIS Information Technology BB+ Positive Outlook
Jabil Circuit Inc. NYSE:JBL Information Technology BB+ Positive Outlook
The Interpublic Group of Companies, Inc. NYSE:IPG Consumer Discretionary BB+ Positive Outlook
Ford Motor Co. NYSE:F Consumer Discretionary BB+ Positive Outlook
DR Horton Inc. NYSE:DHI Consumer Discretionary BB- Positive Outlook
Host Hotels & Resorts Inc. NYSE:HST Financials BB- Positive Outlook
Crown Castle International Corp. NYSE:CCI Telecommunication Services B+ Positive Outlook
Dean Foods Company NYSE:DF Consumer Staples B+ Positive Outlook
Lennar Corp. NYSE:LEN Consumer Discretionary B+ Positive Outlook
&&
&&
&&
&&
LTM Relative % Performance vs. S&P 500: Consumer Discretionary LTM Transaction Activities: Consumer Discretionary
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
# $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 1,769 $106,564 2,270 $ 99,259 2,504 $ 80,056 2,588 $107,838
LBO 283 6,442 333 20,977 303 23,205 350 41,508
Strategic M&A 1,486 100,122 1,937 78,282 2,201 56,852 2,238 66,330
Non-LBO PE 169 $ 28,098 284 $ 5,669 382 $ 9,632 318 $ 7,381
PIPEs 156 1,443 233 2,794 219 1,805 176 1,083
Venture Capital 367 2,234 536 2,737 733 5,571 626 3,733
2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 6.6x 10.8x 11.3x 9.4x 11.0x 8.1x 10.2x 9.5x
Equity/LTM NI 7.7x 26.3x 14.8x 21.9x 18.6x 17.7x 16.9x 23.2x
Distribution of Stocks by YTD % Returns and Industry: Consumer Discretionary
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Advertising 1 1 1 4 2 1 10 $30,253 $1,640 18.5x
Apparel Retail 1 2 3 9 8 8 1 3 35 $131,745 $6,683 19.7x
Apparel, Accessories and Luxury Goods 2 3 6 5 6 2 24 $106,431 $4,934 21.6x
Auto Parts and Equipment 1 2 10 4 3 1 21 $74,706 $7,423 10.1x
Automobile Manufacturers 1 2 1 1 5 $79,611 $22,176 3.6x
Automotive Retail 4 4 3 2 13 $49,144 $3,234 15.2x
Broadcasting 1 3 4 5 2 15 $87,769 $4,627 19.0x
Cable and Satellite 3 4 3 10 $223,382 $12,856 17.4x
Casinos and Gaming 1 2 3 5 4 1 1 17 $76,895 $1,757 43.8x
Catalog Retail 1 1 2 $12,792 $755 16.9x
Computer and Electronics Retail 2 2 1 5 $11,565 -$510 N/M
Consumer Electronics 5 5 $12,243 $981 12.5x
Department Stores 1 4 2 7 $55,140 $364 151.4x
Distributors 2 3 5 $17,693 $982 18.0x
Education Services 1 5 2 3 2 1 14 $13,981 -$198 N/M
Footwear 1 1 1 2 1 6 $51,282 $2,607 19.7x
General Merchandise Stores 1 1 2 2 1 1 8 $80,081 $5,025 15.9x
Home Furnishing Retail 4 2 1 7 $25,774 $1,743 14.8x
Home Furnishings 1 1 1 2 5 $13,537 $663 20.4x
Home Improvement Retail 2 1 1 4 $127,882 $6,154 20.8x
Homebuilding 1 2 3 2 7 15 $38,470 $1,408 27.3x
Hotels, Resorts and Cruise Lines 1 4 7 2 2 1 17 $85,355 $3,360 25.4x
Household Appliances 1 2 1 1 5 $9,168 $890 10.3x
Housewares and Specialties 2 2 1 1 6 $13,954 $562 24.8x
Internet Retail 1 4 3 2 4 1 1 16 $172,073 $1,958 87.9x
Leisure Facilities 2 1 3 1 7 $11,178 $422 26.5x
Leisure Products 1 4 2 3 2 12 $28,707 $1,556 18.5x
Motorcycle Manufacturers 1 1 $9,663 $658 14.7x
Movies and Entertainment 3 3 6 1 1 14 $239,644 $11,923 20.1x
Publishing 1 6 4 11 $33,837 $1,855 18.2x
Restaurants 1 9 11 13 2 2 38 $223,265 $11,122 20.1x
Specialized Consumer Services 3 7 1 1 12 $19,745 $1,185 16.7x
Specialty Stores 1 4 2 4 6 1 18 $66,354 $3,442 19.3x
Textiles 1 1 $262 $11 22.8x
Tires and Rubber 1 1 2 $4,226 $551 7.7x
Deal Type
(M&A only)
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
90%
100%
110%
120%
130%
140%
150%
160%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Consumer Staples LTM Transaction Activities: Consumer Staples
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 348 $ 28,901 429 $53,564 447 $17,574 521 $40,099
LBO 56 133 62 6,436 64 9,348 56 2,994
Strategic M&A 292 28,769 367 47,128 383 8,226 465 37,105
Non-LBO PE 44 $ 1,711 113 $ 2,783 126 $ 2,624 79 $ 1,349
PIPEs 67 2,061 71 388 97 706 88 695
Venture Capital 69 153 137 313 178 1,066 190 769
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 8.5x 9.3x 10.5x 8.9x 9.5x 7.5x 7.6x 9.0x
Equity/LTM NI 15.4x 17.0x 20.1x 14.5x 16.4x 18.2x 18.4x 17.6x
Distribution of Stocks by YTD % Returns and Industry: Consumer Staples
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Agricultural Products 1 3 1 5 $36,033 $2,593 13.9x
Brewers 2 2 $9,179 $607 15.1x
Distillers and Vintners 1 1 1 3 $28,790 $1,174 24.5x
Drug Retail 1 2 3 $97,764 $5,549 17.6x
Food Distributors 1 3 1 1 6 $23,042 $1,275 18.1x
Food Retail 1 2 2 5 3 1 1 15 $46,049 $1,051 43.8x
Household Products 1 5 2 1 1 10 $303,306 $14,213 21.3x
Hypermarkets and Super Centers 2 1 3 $294,614 $17,935 16.4x
Packaged Foods and Meats 1 2 1 8 18 6 1 2 1 40 $267,022 $11,692 22.8x
Personal Products 4 4 1 2 1 2 14 $45,817 $2,083 22.0x
Soft Drinks 1 5 2 8 $339,187 $17,272 19.6x
Tobacco 1 6 1 8 $264,418 $15,660 16.9x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
85%
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
MidCap
LargeCap
SmallCap
S&P 500
&&
LTM Relative % Performance vs. S&P 500: Energy LTM Transaction Activities: Energy
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 747 $69,282 1,066 $179,491 1,125 $145,982 1,054 $196,122
LBO 31 2,359 46 4,595 39 2353 47 20,883
Strategic M&A 716 66,924 1,020 174,896 1,086 143629 1,007 175,239
Non-LBO PE 61 $ 3,684 113 $ 6,535 141 $ 9,768 110 $ 5,563
PIPEs 439 4,243 599 8,129 593 7,200 429 8,714
Venture Capital 85 2,361 112 2,429 136 5,220 137 7,642
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 5.1x 9.9x 9.2x 10.8x 10.3x 14.2x 5.4x 8.6x
Equity/LTM NI 9.2x 23.0x 20.3x 26.4x 16.4x 26.8x 11.4x 26.2x
Distribution of Stocks by YTD % Returns and Industry: Energy
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Coal and Consumable Fuels 1 1 5 3 1 11 $26,288 -$1,290 N/M
Integrated Oil and Gas 3 2 1 6 $756,473 $80,062 9.4x
Oil and Gas Drilling 1 4 1 9 1 1 17 $93,291 -$1,658 N/M
Oil and Gas Equipment and Services 3 7 9 18 2 1 1 41 $274,082 $16,868 16.2x
Oil and Gas Exploration and Production 1 1 3 18 47 24 7 1 2 104 $465,433 $28,470 16.3x
Oil and Gas Refining and Marketing 3 2 1 4 3 4 17 $106,322 $11,295 9.4x
Oil and Gas Storage and Transportation 4 19 22 18 2 1 66 $383,515 $12,616 30.4x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
80%
90%
100%
110%
120%
130%
140%
150%
160%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Financials LTM Transaction Activities: Financials
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 2,215 $125,023 3,428 $124,599 4,470 $270,829 4,872 $ 173,325
LBO 179 16,098 200 3,373 155 2,436 134 5,738
Strategic M&A 2,036 108,925 3,228 121,226 4,315 268,393 4,738 167,587
Non-LBO PE 447 $ 29,887 391 $ 18,128 526 $ 16,822 319 $ 10,762
PIPEs 555 318,435 271 13,802 341 11,196 204 4,075
Venture Capital 150 4,122 313 5,562 349 4,975 312 7,076
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 15.6x 11.3x 10.6x 14.1x 12.9x 17.7x 13.7x 14.1x
Equity/LTM NI 28.2x 18.3x 12.7x 18.9x 21.9x 21.3x 16.9x 12.7x
Distribution of Stocks by YTD % Returns and Industry: Financials
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Asset Management and Custody Banks 12 72 39 4 1 128 $849,296 $27,781 30.6x
Consumer Finance 1 5 3 3 1 13 $129,345 $12,003 10.8x
Diversified Banks 1 2 3 6 $265,573 $22,893 11.6x
Diversified Capital Markets 1 1 $553 $37 14.9x
Diversified Real Estate Activities 2 1 1 4 $6,399 -$213 N/M
Diversified REITs 1 5 3 9 $11,443 $80 142.6x
Industrial REITs 2 2 $2,411 -$34 N/M
Insurance Brokers 1 2 4 2 9 $51,934 $2,765 18.8x
Investment Banking and Brokerage 1 3 7 9 1 21 $141,467 $10,210 13.9x
Life and Health Insurance 3 11 3 1 18 $121,794 $16,158 7.5x
Mortgage REITs 8 12 3 23 $57,914 $3,454 16.8x
Multi-line Insurance 1 2 4 3 10 $90,983 $24,120 3.8x
Multi-Sector Holdings 2 2 1 5 $7,770 $91 85.2x
Office REITs 9 2 1 12 $35,019 $670 52.2x
Other Diversified Financial Services 2 1 3 $348,235 $36,842 9.5x
Property and Casualty Insurance 1 7 28 5 2 2 45 $193,459 $15,441 12.5x
Real Estate Development 1 1 $572 $17 33.3x
Real Estate Operating Companies 1 1 2 $2,966 -$177 N/M
Real Estate Services 1 1 2 1 1 6 $14,313 $179 79.8x
Regional Banks 1 24 63 30 9 7 134 $267,713 $18,033 14.8x
Reinsurance 10 4 14 $37,783 $4,194 9.0x
Residential REITs 1 7 8 $35,628 $377 94.4x
Retail REITs 1 5 2 8 $6,101 $82 74.8x
Specialized Finance 3 6 2 2 13 $61,029 $4,199 14.5x
Specialized REITs 5 5 1 1 12 $19,291 $275 70.2x
Thrifts and Mortgage Finance 1 4 17 8 3 4 37 $43,997 $855 51.4x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
90%
100%
110%
120%
130%
140%
150%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Healthcare LTM Transaction Activities: Healthcare
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 913 $178,439 1,224 $110,990 1,493 $170,263 1,330 $127,033
LBO 58 606 102 15,264 110 19,490 81 11,876
Strategic M&A 855 177,833 1,122 95,726 1,383 150,773 1,249 115,157
Non-LBO PE 326 $ 3,391 672 $ 11,725 757 $ 7,326 695 $ 6,610
PIPEs 339 2,094 380 1,843 397 2,107 367 2,106
Venture Capital 840 6,827 1,086 6,999 1,159 7,225 985 7,948
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 6.9x 9.7x 11.5x 14.3x 12.0x 11.0x 10.3x 11.1x
Equity/LTM NI 10.5x 20.6x 21.7x 26.7x 16.9x 21.5x 24.8x 30.6x
Distribution of Stocks by YTD % Returns and Industry: Healthcare
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Biotechnology 7 11 16 16 10 4 24 88 $320,322 $7,427 43.1x
Health Care Technology 1 2 1 1 2 2 1 3 13 $25,588 $601 42.6x
Healthcare Distributors 3 4 1 1 9 $59,132 $4,123 14.3x
Healthcare Equipment 2 7 19 19 7 5 59 $288,838 $11,630 24.8x
Healthcare Facilities 1 6 8 2 1 3 21 $45,750 $4,506 10.2x
Healthcare Services 1 3 5 8 2 4 1 24 $102,427 $2,628 39.0x
Healthcare Supplies 1 2 5 6 1 2 17 $25,575 $633 40.4x
Life Sciences Tools and Services 1 2 8 4 6 21 $89,494 $4,128 21.7x
Managed Healthcare 3 3 6 1 1 14 $136,181 $13,327 10.2x
Pharmaceuticals 1 3 8 15 6 4 1 6 44 $886,985 $43,805 20.2x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
90%
100%
110%
120%
130%
140%
150%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Industrials LTM Transaction Activities: Industrials
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 1,685 $ 18,818 2,070 $92,322 2,372 97,729$ 2,417 $ 84,621
LBO 197 2,894 189 7,321 242 16,313 226 15,770
Strategic M&A 1,488 15,924 1,881 85,001 2,130 81,415 2,191 68,851
Non-LBO PE 140 $ 3,198 280 $ 6,803 413 $ 5,993 335 $ 6,768
PIPEs 177 4,718 254 1,539 235 2,193 221 2,422
Venture Capital 262 2,197 401 5,128 441 3,568 398 7,098
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 5.9x 9.1x 6.7x 9.4x 8.7x 10.2x 7.2x 9.8x
Equity/LTM NI 11.7x 24.7x 14.5x 20.5x 15.5x 23.0x 11.0x 16.5x
Distribution of Stocks by YTD % Returns and Industry: Industrials
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Aerospace and Defense 2 17 15 2 2 2 40 $356,241 $27,092 13.1x
Air Freight and Logistics 8 2 1 11 $118,639 $7,081 16.8x
Airlines 4 5 1 1 11 $33,740 $3,047 11.1x
Airport Services 1 2 3 $5,900 $260 22.7x
Building Products 4 3 5 3 1 3 19 $31,540 -$154 N/M
Commercial Printing 1 1 1 2 2 7 $6,002 $188 32.0x
Construction and Engineering 2 6 10 2 1 21 $47,740 $1,925 24.8x
Construction and Farm Machinery and Heavy Trucks 1 3 6 10 6 2 28 $168,770 $16,833 10.0x
Diversified Support Services 4 9 2 2 17 $28,650 $1,279 22.4x
Electrical Components and Equipment 2 5 10 6 1 24 $107,540 $6,606 16.3x
Environmental and Facilities Services 1 4 5 3 13 $48,746 $2,556 19.1x
Heavy Electrical Equipment 1 1 1 1 4 $4,569 $266 17.1x
Human Resource and Employment Services 7 2 2 1 1 13 $16,691 $966 17.3x
Industrial Conglomerates 1 5 2 8 $365,186 $21,568 16.9x
Industrial Machinery 3 12 25 10 3 1 54 $194,002 $11,479 16.9x
Marine 1 6 3 10 $9,573 $487 19.7x
Marine Ports and Services 1 1 $285 $11 24.9x
Office Services and Supplies 3 4 4 1 1 13 $15,764 $1,281 12.3x
Railroads 2 3 1 6 $112,561 $8,085 13.9x
Research and Consulting Services 1 3 5 5 4 18 $44,968 $1,900 23.7x
Security and Alarm Services 1 1 1 3 $6,266 $325 19.3x
Trading Companies and Distributors 9 11 5 1 26 $60,639 $3,244 18.7x
Trucking 1 1 6 6 4 1 19 $33,580 $2,000 16.8x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
80%
90%
100%
110%
120%
130%
140%
150%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Information Technology LTM Transaction Activities: Information Technology
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 1,597 $ 56,300 2,122 $ 94,462 2,281 $122,926 2,267 $ 70,209
LBO 121 3,725 136 12,407 158 17,609 143 9,188
Strategic M&A 1,476 52,576 1,986 82,056 2,123 105,317 2,124 61,021
Non-LBO PE 442 $ 3,624 851 $ 6,328 988 $ 19,158 860 $ 8,686
PIPEs 290 1,304 365 1,486 417 1,750 336 2,568
Venture Capital 1,533 6,919 2,244 9,774 2,843 13,900 2,815 11,865
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 8.3x 12.9x 12.5x 14.1x 12.1x 17.5x 9.9x 13.9x
Equity/LTM NI 15.3x 29.2x 20.5x 37.7x 16.6x 42.0x 15.3x 44.0x
Distribution of Stocks by YTD % Returns and Industry: Information Technology
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Application Software 2 15 14 17 11 2 3 64 $177,720 $4,292 41.4x
Communications Equipment 3 4 14 14 5 2 42 $288,693 $15,093 19.1x
Computer Hardware 4 2 1 2 2 11 $679,381 $38,049 17.9x
Computer Storage and Peripherals 6 3 2 2 1 14 $108,983 $8,404 13.0x
Data Processing and Outsourced Services 2 5 13 11 2 2 1 36 $285,119 $6,532 43.7x
Electronic Components 2 1 7 3 13 $41,676 $3,340 12.5x
Electronic Equipment and Instruments 3 9 3 3 1 19 $19,819 $285 69.5x
Electronic Manufacturing Services 2 4 11 1 1 19 $42,660 $2,923 14.6x
Home Entertainment Software 1 1 1 3 1 1 1 1 10 $23,975 $878 27.3x
Internet Software and Services 1 5 5 17 22 13 9 1 3 76 $765,522 $21,477 35.6x
IT Consulting and Other Services 1 3 5 7 4 3 1 24 $348,554 $21,832 16.0x
Office Electronics 1 1 2 $11,478 $1,377 8.3x
Semiconductor Equipment 5 7 9 2 1 24 $43,694 $1,318 33.1x
Semiconductors 2 16 18 21 3 4 1 6 71 $315,194 $16,021 19.7x
Systems Software 1 1 3 10 5 6 1 27 $525,290 $31,342 16.8x
Technology Distributors 8 3 11 $17,861 $2,206 8.1x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
90%
100%
110%
120%
130%
140%
150%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Materials LTM Transaction Activities: Materials
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 926 $ 17,799 1,234 $ 50,091 1,364 $ 76,453 1,205 $ 40,183
LBO 70 1,479 85 5,615 89 2,705 86 4,425
Strategic M&A 856 16,320 1,149 44,476 1,275 73,748 1,119 35,758
Non-LBO PE 77 $ 2,372 159 $ 3,802 184 $ 4,620 150 $ 3,490
PIPEs 1,612 9,007 1,927 8,894 1,926 8,875 1,477 5,675
Venture Capital 95 623 173 945 187 2568 128 884
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 7.2x 7.2x 7.5x 11.9x 7.3x 9.9x 7.5x 8.0x
Equity/LTM NI 13.3x 24.2x 15.4x 24.9x 28.0x 19.7x 10.7x 12.8x
Distribution of Stocks by YTD % Returns and Industry: Materials
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Aluminum 2 1 1 4 $11,717 $174 67.3x
Commodity Chemicals 3 3 2 3 11 $18,165 $2,408 7.5x
Construction Materials 1 2 2 1 1 1 8 $23,744 -$1,214 N/M
Diversified Chemicals 1 2 2 3 8 $122,425 $7,785 15.7x
Diversified Metals and Mining 2 6 5 1 1 15 $81,904 $6,307 13.0x
Fertilizers and Agricultural Chemicals 3 2 2 1 2 10 $115,967 $7,100 16.3x
Forest Products 1 1 2 $2,579 -$160 N/M
Gold 2 3 2 1 8 $94,772 $2,211 42.9x
Industrial Gases 2 1 3 $54,954 $3,273 16.8x
Metal and Glass Containers 3 3 1 1 8 $24,740 $882 28.1x
Paper Packaging 2 1 3 1 7 $21,054 $1,119 18.8x
Paper Products 4 4 4 12 $31,616 $1,986 15.9x
Precious Metals and Minerals 4 1 5 $7,588 $152 49.9x
Specialty Chemicals 1 2 7 10 8 5 1 1 35 $138,718 $7,223 19.2x
Steel 2 4 6 4 2 1 19 $48,327 $2,223 21.7x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of 9/30/12
and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
90%
100%
110%
120%
130%
140%
150%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Telecommunication Services LTM Transaction Activities: Telecommunication Services
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 100 $29,257 118 $ 31,033 133 $14,988 96 $ 11,017
LBO 6 1534 11 637 6 2,723 3 1000
Strategic M&A 94 27,723 107 30,396 127 12,265 93 10,017
Non-LBO PE 18 $ 454 37 $ 341 40 $ 961 21 $ 291
PIPEs 27 376 37 1868 36 203 18 453
Venture Capital 34 494 33 1923 27 43 25 643
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 6.3x 5.4x 6.2x 7.6x 5.5x 7.6x 10.9x 8.9x
Equity/LTM NI 28.1x 11.4x 0.8x 63.6x 16.1x 35.8x 13.8x 29.7x
Distribution of Stocks by YTD % Returns and Industry: Telecommunication Services
2012 YTD Stock Price Performance Total ($ mil) 2012 YTD Stock Price Performance
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Alternative Carriers 3 1 3 1 2 10 $13,150 -$24 N/M
Integrated Telecommunication Services 1 4 4 1 1 11 $388,370 $8,443 46.0x
Wireless Telecommunication Services 1 1 2 5 1 2 2 1 1 16 $93,876 -$2,756 N/M
Notes
YTD relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
80%
90%
100%
110%
120%
130%
140%
150%
160%
S&P 500
LargeCap
MidCap
SmallCap
&&
LTM Relative % Performance vs. S&P 500: Utilities LTM Transaction Activities: Utilities
Last Twelve Months Ending September 30th of:
2009 2010 2011 2012
Deal Type # $ (mil) # $ (mil) # $ (mil) # $ (mil)
All M&A 170 $15,148 207 $38,080 264 $ 85,008 229 $ 20,546
LBO 12 237 12 1022 10 1,650 16 1,016
Strategic M&A 158 14,911 195 37,059 254 83,359 213 19,530
Non-LBO PE 39 $ 4,546 48 $ 4,193 54 $ 4,381 69 $ 8,664
PIPEs 29 1,280 53 1,847 52 553 39 358
Venture Capital 52 164 81 1014 83 1,914 59 945
(M&A only) 2009 2010 2011 2012
Median Deal Deal < Deal > Deal < Deal > Deal < Deal > Deal < Deal >
Multiples $500M $500M $500M $500M $500M $500M $500M $500M
TEV/EBITDA 6.9x 30.3x 9.8x 7.1x 8.7x 10.3x 11.9x 8.4x
Equity/LTM NI 20.5x - 10.2x 10.5x 14.6x 18.6x 22.2x 27.7x
Distribution of Stocks by YTD % Returns and Industry: Utilities
2012 YTD Stock Price Performance Total ($ mil)
Industry <-80% <-60% <-40% <-20% < 0 <20% <40% <60% <80% 80%+ Count MarCap Earnings P/E
Electric Utilities 6 25 1 32 $310,932 $17,085 18.2x
Gas Utilities 10 9 19 $53,134 $2,258 23.5x
Independent Power Producers and Energy Traders 2 3 5 $23,945 -$72 N/M
Multi-Utilities 6 15 21 $176,855 $9,897 17.9x
Water Utilities 6 1 7 $12,550 $632 19.8x
Notes
LTM relative performance chart is based
on S&P equity indices as of 9/30/12.
Transaction activities data is as of
9/30/12 and include both US and Canadian targets.
Distribution of stocks by industry includes only US-exchange traded equities above $250MM in market cap as of 9/30/12.
Def inition of 'Earnings' is aggregate LTM net income to common excluding extra
items. 'P/E' equals total aggreate industry market capitalization divided by LTM net income.
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
S&P 500
LargeCap
MidCap
SmallCap
&&
Oct'08-Dec'08
Jan'09-Mar'09
Apr'09-Jun'09
Jul'09-Sept'09
Oct'09-Dec'09
Jan'10-Mar'10
Apr'10-Jun'10
Jul'10-Sept'10
Oct'10-Dec'10
Jan'11-Mar'11
Apr'11-Jun'11
Jul'11-Sept'11
Oct'11-Dec'11
Jan'12-Mar'12
Apr'12-Jun'12
Jul'12-Sept'12
LBO$ $18,330.69 $5,032.43 $4,332.45 $7,810.69 $16,242.63 $10,007.28 $25,437.61 $25,959.24 $37,210.98 $17,868.19 $22,731.51 $20,021.51 $30,093.15 $21,324.38 $19,682.11 $43,299.15
Strategic$ $94,978.11 $219,816.39 $188,157.43 $107,074.25 $222,702.60 $172,170.52 $197,723.70 $203,648.85 $210,644.51 $246,863.19 $255,868.52 $270,599.74 $207,389.23 $170,804.23 $198,376.94 $180,025.13
LBO# 278 236 255 244 285 316 297 278 320 305 280 271 282 263 308 289
Strategic# 2,422 2,110 2,333 2,592 2,914 3,416 3,296 3,366 3,636 3,876 3,979 3,786 3,903 3,999 3,951 3,584
0
1000
2000
3000
4000
5000
$0
$100,000
$200,000
$300,000
$400,000
$500,000
Source: S&P Capital IQ
millon
Oct'08-Dec'08
Jan'09-Mar'09
Apr'09-Jun'09
Jul'09-Sept'09
Oct'09-Dec'09
Jan'10-Mar'10
Apr'10-Jun'10
Jul'10-Sept'10
Oct'10-Dec'10
Jan'11-Mar'11
Apr'11-Jun'11
Jul'11-Sept'11
Oct'11-Dec'11
Jan'12-Mar'12
Apr'12-Jun'12
Jul'12-Sept'12
LBO$ $15,558.04 $3,483.97 $29,552.64 $25,322.12 $17,227.86 $11,390.81 $15,002.80 $25,739.24 $21,566.62 $25,572.42 $40,132.22 $21,625.49 $14,405.92 $13,665.78 $18,161.15 $9,263.50
Strategic$ $117,421.46 $109,164.15 $85,995.56 $116,548.09 $140,631.09 $144,670.46 $169,699.65 $120,235.78 $201,350.09 $155,648.63 $180,522.82 $129,360.63 $134,543.23 $197,606.40 $143,038.62 $90,100.96
LBO# 546 383 392 383 435 487 472 486 487 498 471 450 456 429 371 342
Strategic# 3,538 2,841 2,810 2,684 3,252 3,411 3,404 3,356 3,920 3,874 3,818 3,842 4,175 3,876 3,606 3,011
0
1000
2000
3000
4000
5000
$0
$100,000
$200,000
$300,000
$400,000
$500,000
Source: S&P Capital IQ
millon
&&
Oct'08-Dec'08
Jan'09-Mar'09
Apr'09-Jun'09
Jul'09-Sept'09
Oct'09-Dec'09
Jan'10-Mar'10
Apr'10-Jun'10
Jul'10-Sept'10
Oct'10-Dec'10
Jan'11-Mar'11
Apr'11-Jun'11
Jul'11-Sept'11
Oct'11-Dec'11
Jan'12-Mar'12
Apr'12-Jun'12
Jul'12-Sept'12
LBO 10.4x 7.1x 7.8x 7.9x 8.8x 7.2x 9.4x 7.9x 8.4x 11.0x 7.8x 12.4x 9.8x 9.0x 8.8x 9.1x
Strategic 9.3x 6.8x 8.1x 7.8x 9.5x 11.2x 9.9x 11.3x 10.9x 10.6x 11.0x 11.6x 10.7x 7.8x 9.9x 9.0x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Source: S&P Capital IQ
Oct'08-Dec'08
Jan'09-Mar'09
Apr'09-Jun'09
Jul'09-Sept'09
Oct'09-Dec'09
Jan'10-Mar'10
Apr'10-Jun'10
Jul'10-Sept'10
Oct'10-Dec'10
Jan'11-Mar'11
Apr'11-Jun'11
Jul'11-Sept'11
Oct'11-Dec'11
Jan'12-Mar'12
Apr'12-Jun'12
Jul'12-Sept'12
LBO 22.9x 17.2x 17.6x 35.5x 15.1x 15.6x 18.9x 29.2x 25.2x 23.2x 17.0x 20.6x 21.6x 25.5x 37.9x 24.8x
Strategic 16.7x 13.5x 18.1x 15.9x 20.3x 16.8x 19.5x 16.5x 22.7x 16.2x 17.2x 19.5x 13.7x 14.7x 17.5x 17.1x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
Source: S&P Capital IQ
&&
Oct'08-Dec'08
Jan'09-Mar'09
Apr'09-Jun'09
Jul'09-Sept'09
Oct'09-Dec'09
Jan'10-Mar'10
Apr'10-Jun'10
Jul'10-Sept'10
Oct'10-Dec'10
Jan'11-Mar'11
Apr'11-Jun'11
Jul'11-Sept'11
Oct'11-Dec'11
Jan'12-Mar'12
Apr'12-Jun'12
Jul'12-Sept'12
LBO 8.3x 9.9x 5.9x 5.6x 5.2x 8.2x 6.6x 8.7x 9.0x 10.6x 7.4x 9.1x 7.3x 8.5x 8.7x 8.2x
Strategic 7.5x 8.7x 7.9x 8.3x 9.2x 8.2x 7.7x 9.2x 10.7x 8.3x 10.1x 10.1x 9.0x 8.5x 7.8x 8.1x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
Median Enterprise Value / EBITDA
Source: S&P Capital IQ
Oct'08-Dec'08
Jan'09-Mar'09
Apr'09-Jun'09
Jul'09-Sept'09
Oct'09-Dec'09
Jan'10-Mar'10
Apr'10-Jun'10
Jul'10-Sept'10
Oct'10-Dec'10
Jan'11-Mar'11
Apr'11-Jun'11
Jul'11-Sept'11
Oct'11-Dec'11
Jan'12-Mar'12
Apr'12-Jun'12
Jul'12-Sept'12
LBO 10.5x 8.3x 14.7x 16.3x 19.7x 12.0x 35.8x 12.7x 21.3x 16.4x 15.0x 14.9x 60.0x 14.8x 8.5x
Strategic 13.2x 16.3x 13.2x 15.0x 15.2x 13.1x 14.2x 15.7x 15.8x 15.2x 18.2x 16.6x 14.8x 14.0x 15.0x 15.4x
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
60.0x
70.0x
Median Equity Value / LTM Net Income
Source: S&P Capital IQ
&&
Median Implied Enterprise Value / EBITDA (North American Targets)
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Target's Sector
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Consumer Discretionary 9.8x 8.2x 6.6x 10.8x 11.3x 9.4x 11.0x 8.1x 10.2x 9.5x
Consumer Staples 7.2x 10.3x 8.5x 9.3x 10.5x 8.9x 9.5x 7.5x 7.6x 9.0x
Energy 6.6x 9.8x 5.1x 9.9x 9.2x 10.8x 10.3x 14.2x 5.4x 8.6x
Financials 10.9x 12.3x 15.6x 11.3x 10.6x 14.1x 12.9x 17.7x 13.7x 14.1x
Healthcare 15.3x 16.7x 6.9x 9.7x 11.5x 14.3x 12.0x 11.0x 10.3x 11.1x
Industrials 9.4x 10.9x 5.9x 9.1x 6.7x 9.4x 8.7x 10.2x 7.2x 9.8x
Information Technology 14.1x 16.8x 8.3x 12.9x 12.5x 14.1x 12.1x 17.5x 9.9x 13.9x
Materials 9.5x 9.8x 7.2x 7.2x 7.5x 11.9x 7.3x 9.9x 7.5x 8.0x
Telecommunication Services 8.0x 8.3x 6.3x 5.4x 6.2x 7.6x 5.5x 7.6x 10.9x 8.9x
Utilities 8.0x 9.1x 6.9x 30.3x 9.8x 7.1x 8.7x 10.3x 11.9x 8.4x
Source: S&P Capital IQ
Median Implied Equity Value / LTM Net Income (North American Targets)
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Target's Sector
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Consumer Discretionary 10.6x 22.0x 7.7x 26.3x 14.8x 21.9x 18.6x 17.7x 16.9x 23.2x
Consumer Staples 5.3x 24.2x 15.4x 17.0x 20.1x 14.5x 16.4x 18.2x 18.4x 17.6x
Energy 16.9x 24.5x 9.2x 23.0x 20.3x 26.4x 16.4x 26.8x 11.4x 26.2x
Financials 19.2x 19.9x 28.2x 18.3x 12.7x 18.9x 21.9x 21.3x 16.9x 12.7x
Healthcare 21.0x 34.3x 10.5x 20.6x 21.7x 26.7x 16.9x 21.5x 24.8x 30.6x
Industrials 13.3x 18.7x 11.7x 24.7x 14.5x 20.5x 15.5x 23.0x 11.0x 16.5x
Information Technology 20.0x 29.5x 15.3x 29.2x 20.5x 37.7x 16.6x 42.0x 15.3x 44.0x
Materials 10.8x 22.6x 13.3x 24.2x 15.4x 24.9x 28.0x 19.7x 10.7x 12.8x
Telecommunication Services 2.7x - 28.1x 11.4x 0.8x 63.6x 16.1x 35.8x 13.8x 29.7x
Utilities 10.2x 26.3x 20.5x - 10.2x 10.5x 14.6x 18.6x 22.2x 27.7x
Source: S&P Capital IQ
&&
Median Implied Enterprise Value / EBITDA (European Targets)
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Target's Sector
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Consumer Discretionary 11.0x 13.9x 7.9x 10.4x 8.5x 9.6x 8.6x 9.3x 8.0x 8.1x
Consumer Staples 14.2x 14.0x 9.4x 14.2x 8.7x 9.0x 8.1x 12.9x 7.8x 9.0x
Energy 11.7x 11.7x 4.2x 6.6x 5.5x 8.3x 9.2x 13.4x 6.0x 8.3x
Financials 17.9x 13.3x 16.5x 17.0x 13.5x 13.0x 17.7x 20.1x 10.0x 18.9x
Healthcare 15.1x 20.5x 8.8x - 11.7x 13.3x 11.0x 15.2x 8.9x 12.1x
Industrials 7.3x 10.9x 7.4x 7.6x 7.0x 10.0x 8.2x 10.5x 7.6x 10.3x
Information Technology 9.9x 15.1x 7.3x 14.1x 8.8x 15.9x 10.5x 11.1x 9.8x 11.2x
Materials 6.3x 7.3x 6.6x 6.4x 7.8x 6.1x 5.9x 10.8x 6.4x 7.0x
Telecommunication Services 7.7x 10.4x 6.1x 6.9x 5.9x 4.5x 7.9x 5.1x 5.0x 5.3x
Utilities 11.3x 14.1x 10.0x 10.5x 8.2x 9.6x 10.9x 9.9x 8.0x 8.6x
Source: S&P Capital IQ
Median Implied Equity Value / LTM Net Income (European Targets)
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Target's Sector
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Less Than
$500M
Greater
Than $500M
Consumer Discretionary 17.2x 24.0x 13.4x 22.4x 14.3x 46.7x 16.6x 19.3x 16.3x 17.0x
Consumer Staples 14.5x 30.3x 16.2x 20.8x 12.5x 28.7x 15.2x 26.2x 11.3x 22.3x
Energy 18.9x 23.8x 9.6x 20.1x 14.1x 20.5x 12.7x 17.3x 12.2x 15.8x
Financials 13.9x 17.7x 12.2x 24.3x 14.1x 14.5x 16.5x 12.8x 11.4x 33.3x
Healthcare 37.5x 46.3x 22.3x - 18.2x 0.0x 20.0x 21.5x 11.2x 14.2x
Industrials 12.1x 19.8x 12.5x 13.2x 10.9x 17.2x 12.6x 19.4x 15.6x 20.8x
Information Technology 16.8x 33.5x 17.1x 52.9x 14.3x 30.5x 20.3x 20.6x 14.9x 44.4x
Materials 15.7x 16.1x 8.8x 17.2x 16.5x 18.4x 12.5x 19.0x 13.6x 18.5x
Telecommunication Services 10.4x 25.7x 10.8x 17.5x 19.7x 8.7x 14.1x 15.3x 11.0x 37.8x
Utilities 20.1x 17.9x 12.5x 14.1x 15.6x 21.0x 13.4x 17.5x 11.5x 11.7x
Source: S&P Capital IQ
&&
North American Target M&A
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 2,375 74,604.30$ 1,769 106,564.23$ 2,270 99,259.31$ 2,504 80,056.42$ 2,588 107,838.29$
Consumer Staples 446 124,822.40 348 28,901.42 429 53,563.71 447 17,573.70 521 40,099.06
Energy 827 106,060.81 747 69,282.33 1,066 179,490.73 1,125 145,982.24 1,054 196,121.77
Financials 1,953 199,884.49 2,215 125,022.58 3,428 124,599.48 4,470 270,828.52 4,872 173,325.40
Healthcare 1,153 154,189.38 913 178,438.79 1,224 110,990.22 1,493 170,263.32 1,330 127,033.43
Industrials 2,419 101,875.48 1,685 18,817.85 2,070 92,321.98 2,372 97,728.51 2,417 84,621.19
Information Technology 2,170 101,706.35 1,597 56,300.33 2,122 94,462.35 2,281 122,926.24 2,267 70,209.18
Materials 1,073 93,101.96 926 17,799.48 1,234 50,090.92 1,364 76,452.78 1,205 40,182.99
Telecommunication Services 144 34,178.58 100 29,257.30 118 31,033.42 133 14,988.40 96 11,016.96
Utilities 173 26,854.57 170 15,148.13 207 38,080.31 264 85,008.02 229 20,546.06
Grand Total 12,733 1,017,278.32$ 10,470 645,532.44$ 14,168 873,892.43$ 16,453 1,081,808.15$ 16,579 870,994.33$
European Target M&A
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 3,945 145,220.93$ 3,075 34,022.58$ 3,256 62,950.30$ 3,598 95,444.26$ 3,239 61,030.66$
Consumer Staples 1,219 65,729.02 880 33,428.99 948 28,159.16 1,084 42,541.89 991 22,900.66
Energy 382 62,532.38 301 45,973.22 336 42,481.07 394 51,488.95 438 34,454.24
Financials 2,296 272,126.09 2,510 166,685.98 3,572 178,466.92 4,066 164,060.44 4,012 166,517.56
Healthcare 853 47,879.27 657 19,287.33 767 63,585.85 855 47,343.52 746 35,257.90
Industrials 4,525 153,640.12 3,119 74,663.00 3,156 121,221.16 3,705 124,924.33 3,443 92,645.39
Information Technology 2,241 55,000.95 1,587 16,763.61 1,665 22,587.19 1,889 40,997.70 1,772 36,773.21
Materials 1,267 53,061.49 820 19,847.35 853 25,472.85 958 75,704.36 890 95,888.58
Telecommunication Services 254 59,457.51 174 13,890.27 226 57,144.39 227 61,955.40 160 24,855.60
Utilities 541 121,799.31 454 78,483.70 524 42,528.79 584 71,318.06 575 50,461.76
Grand Total 17,523 1,036,447.07$ 13,577 503,046.03$ 15,303 644,597.68$ 17,360 775,778.91$ 16,266 620,785.56$
Source: S&P Capital IQ
&&
North American Target Leveraged Buyouts
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 426 16,200.44$ 283 6,441.96$ 333 20,976.86$ 303 23,204.51$ 350 41,508.19$
Consumer Staples 78 1,765.44 56 132.65 62 6,436.01 64 9,347.93 56 2,993.98
Energy 47 6,882.01 31 2,358.68 46 4,595.08 39 2,353.33 47 20,882.54
Financials 139 9,291.30 179 16,098.02 200 3,373.29 155 2,436.03 134 5,738.28
Healthcare 118 7,603.59 58 605.86 102 15,263.78 110 19,490.46 81 11,876.13
Industrials 330 18,669.18 197 2,894.13 189 7,321.22 242 16,313.45 226 15,769.76
Information Technology 169 7,962.76 121 3,724.77 136 12,406.57 158 17,609.01 143 9,188.25
Materials 111 5,309.73 70 1,479.12 85 5,614.94 89 2,705.08 86 4,425.24
Telecommunication Services 11 495.33 6 1,534.22 11 637.35 6 2,722.91 3 1,000.00
Utilities 12 11,186.67 12 236.86 12 1,021.65 10 1,649.50 16 1,016.44
Grand Total 1,441 85,366.45$ 1,013 35,506.27$ 1,176 77,646.76$ 1,176 97,832.18$ 1,142 114,398.79$
European Target Leveraged Buyouts
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 708 30,246.22$ 584 3,206.69$ 598 18,483.32$ 637 29,403.54$ 517 8,551.61$
Consumer Staples 164 4,777.24 129 925.04 123 5,226.44 129 2,664.20 110 1,506.14
Energy 23 9,867.86 12 1,787.13 14 193.55 21 11,717.99 16 148.78
Financials 178 16,383.14 201 29,464.33 285 9,056.25 195 7,423.77 148 6,796.10
Healthcare 87 9,020.17 56 2,197.60 97 5,096.89 98 3,264.08 82 7,862.71
Industrials 693 44,132.73 395 28,443.59 463 18,122.19 448 25,389.69 399 11,674.47
Information Technology 208 8,211.63 177 4,693.41 132 2,905.26 176 6,487.00 152 5,569.97
Materials 178 10,696.35 120 1,555.76 113 4,683.31 118 6,849.02 115 1,664.63
Telecommunication Services 18 81.03 10 1,127.70 15 3,586.62 22 8,636.90 11 2,936.36
Utilities 25 21,755.88 20 515.51 40 2,006.87 62 7,060.57 48 8,785.58
Grand Total 2,282 155,172.27$ 1,704 73,916.78$ 1,880 69,360.71$ 1,906 108,896.75$ 1,598 55,496.35$
Source: S&P Capital IQ
&&
North American Target Strategic M&A
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 1,949 58,403.86$ 1,486 100,122.27$ 1,937 78,282.46$ 2,201 56,851.92$ 2,238 66,330.10$
Consumer Staples 368 123,056.96 292 28,768.77 367 47,127.70 383 8,225.78 465 37,105.09
Energy 780 99,178.80 716 66,923.65 1,020 174,895.65 1,086 143,628.91 1,007 175,239.23
Financials 1,814 190,593.19 2,036 108,924.56 3,228 121,226.18 4,315 268,392.50 4,738 167,587.12
Healthcare 1,035 146,585.80 855 177,832.94 1,122 95,726.43 1,383 150,772.87 1,249 115,157.30
Industrials 2,089 83,206.30 1,488 15,923.72 1,881 85,000.76 2,130 81,415.06 2,191 68,851.43
Information Technology 2,001 93,743.59 1,476 52,575.56 1,986 82,055.78 2,123 105,317.23 2,124 61,020.93
Materials 962 87,792.24 856 16,320.36 1,149 44,475.98 1,275 73,747.70 1,119 35,757.75
Telecommunication Services 133 33,683.26 94 27,723.08 107 30,396.07 127 12,265.49 93 10,016.96
Utilities 161 15,667.89 158 14,911.27 195 37,058.65 254 83,358.52 213 19,529.63
Grand Total 11,292 931,911.88$ 9,457 610,026.17$ 12,992 796,245.67$ 15,277 983,975.96$ 15,437 756,595.54$
European Target Strategic M&A
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 3,237 114,974.71$ 2,491 30,815.89$ 2,658 44,466.99$ 2,961 66,040.72$ 2,722 52,479.05$
Consumer Staples 1,055 60,951.78 751 32,503.95 825 22,932.72 955 39,877.69 881 21,394.52
Energy 359 52,664.51 289 44,186.09 322 42,287.52 373 39,770.96 422 34,305.45
Financials 2,118 255,742.95 2,309 137,221.65 3,287 169,410.68 3,871 156,636.68 3,864 159,721.47
Healthcare 766 38,859.09 601 17,089.73 670 58,488.95 757 44,079.45 664 27,395.19
Industrials 3,832 109,507.39 2,724 46,219.42 2,693 103,098.96 3,257 99,534.64 3,044 80,970.92
Information Technology 2,033 46,789.32 1,410 12,070.20 1,533 19,681.93 1,713 34,510.71 1,620 31,203.24
Materials 1,089 42,365.14 700 18,291.58 740 20,789.53 840 68,855.34 775 94,223.95
Telecommunication Services 236 59,376.47 164 12,762.57 211 53,557.77 205 53,318.50 149 21,919.24
Utilities 516 100,043.44 434 77,968.19 484 40,521.92 522 64,257.49 527 41,676.18
Grand Total 15,241 881,274.81$ 11,873 429,129.26$ 13,423 575,236.98$ 15,454 666,882.17$ 14,668 565,289.22$
Source: S&P Capital IQ
&&
North American Target Private Equity Investments
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 89 5,016.50$ 169 28,097.83$ 284 5,668.86$ 382 9,632.19$ 318 7,380.55$
Consumer Staples 33 1,386.37 44 1,710.99 113 2,783.08 126 2,623.90 79 1,348.57
Energy 47 3,337.35 61 3,684.00 113 6,534.83 141 9,767.65 110 5,562.88
Financials 77 10,595.12 447 29,887.25 391 18,127.75 526 16,822.20 319 10,762.16
Healthcare 183 3,802.17 326 3,391.41 672 11,724.51 757 7,325.51 695 6,610.42
Industrials 112 3,666.95 140 3,198.37 280 6,802.62 413 5,992.86 335 6,767.89
Information Technology 314 5,089.76 442 3,623.51 851 6,327.97 988 19,158.03 860 8,686.04
Materials 85 2,152.83 77 2,371.74 159 3,802.09 184 4,620.01 150 3,490.15
Telecommunication Services 20 1,376.77 18 453.64 37 340.57 40 960.54 21 291.48
Utilities 21 3,632.49 39 4,545.71 48 4,193.22 54 4,380.93 69 8,664.15
Grand Total 981 40,056.31$ 1,763 80,964.45$ 2,948 66,305.51$ 3,611 81,283.82$ 2,956 59,564.28$
European Target Private Equity Investments
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 105 2,099.79$ 180 4,014.85$ 240 4,697.91$ 216 4,635.03$ 192 3,416.86$
Consumer Staples 30 1,644.39 41 1,005.57 78 2,848.59 76 726.83 69 698.63
Energy 13 502.91 7 266.68 33 4,887.89 39 8,396.29 30 1,141.40
Financials 73 26,564.39 116 86,609.12 202 115,482.58 245 68,190.75 216 29,176.67
Healthcare 60 1,210.97 111 922.99 142 2,113.03 156 1,080.86 152 3,084.74
Industrials 83 2,265.53 168 6,725.53 321 17,502.69 363 18,456.76 320 14,638.69
Information Technology 114 832.65 167 1,146.55 237 2,777.86 274 6,171.03 279 2,267.57
Materials 33 658.14 45 514.04 70 4,046.89 81 3,376.60 81 4,353.66
Telecommunication Services 8 99.24 17 1,447.26 11 374.83 15 2,001.64 12 1,485.45
Utilities 12 1,919.86 12 1,408.55 35 8,612.95 35 7,151.24 31 14,695.56
Grand Total 531 37,797.87$ 864 104,061.14$ 1,369 163,345.23$ 1,500 120,187.04$ 1,382 74,959.23$
Source: S&P Capital IQ
&&
North American Target PIPEs
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 209 3,592.66$ 156 1,442.71$ 233 2,794.31$ 219 1,804.86$ 176 1,083.25$
Consumer Staples 84 409.86 67 2,061.23 71 388.08 97 705.55 88 694.97
Energy 572 6,988.24 439 4,243.36 599 8,128.99 593 7,200.08 429 8,713.82
Financials 201 468,195.27 555 318,434.90 271 13,801.56 341 11,196.31 204 4,075.06
Healthcare 387 3,145.98 339 2,093.69 380 1,843.05 397 2,106.52 367 2,105.53
Industrials 250 1,981.56 177 4,718.11 254 1,538.67 235 2,192.77 221 2,421.52
Information Technology 394 4,662.64 290 1,303.88 365 1,486.08 417 1,749.75 336 2,567.62
Materials 1,511 12,002.79 1,612 9,007.35 1,927 8,894.41 1,926 8,874.78 1,477 5,675.22
Telecommunication Services 33 3,663.78 27 376.32 37 1,868.15 36 203.26 18 452.58
Utilities 32 1,719.94 29 1,279.50 53 1,847.28 52 553.40 39 357.63
Grand Total 3,673 506,362.72$ 3,691 344,961.06$ 4,190 42,590.57$ 4,313 36,587.28$ 3,355 28,147.20$
European Target PIPEs
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 44 1,513.94$ 36 3,166.02$ 55 4,094.91$ 63 3,186.85$ 51 855.49$
Consumer Staples 14 142.61 16 1,199.42 23 719.83 18 617.67 8 333.02
Energy 37 1,294.30 40 1,006.39 72 2,231.96 55 2,259.10 44 2,458.34
Financials 67 27,453.18 99 138,751.66 84 52,980.43 118 38,190.76 65 14,321.08
Healthcare 44 1,437.83 36 1,934.07 61 550.28 47 666.52 43 1,557.80
Industrials 59 2,141.40 57 4,015.47 56 1,327.50 59 3,767.14 48 4,202.67
Information Technology 74 497.84 71 2,697.06 76 587.05 73 678.12 53 5,635.08
Materials 45 8,713.87 41 2,842.15 48 622.42 59 3,995.50 46 2,563.57
Telecommunication Services 4 186.64 4 264.63 4 14.84 11 566.20 5 122.47
Utilities 8 1,207.23 9 2,157.04 15 3,521.59 21 7,080.75 11 1,159.78
Grand Total 396 44,588.84$ 409 158,033.92$ 494 66,650.82$ 524 61,008.59$ 374 33,209.30$
Source: S&P Capital IQ
&&
North American Target Venture Capital
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 336 3,871.90$ 367 2,233.77$ 536 2,737.31$ 733 5,570.66$ 626 3,732.77$
Consumer Staples 59 593.52 69 153.29 137 313.43 178 1,066.17 190 769.42
Energy 126 5,528.28 85 2,361.18 112 2,428.65 136 5,220.47 137 7,641.93
Financials 124 6,213.28 150 4,122.25 313 5,562.08 349 4,975.30 312 7,075.58
Healthcare 798 8,505.39 840 6,826.50 1,086 6,999.11 1,159 7,224.55 985 7,947.77
Industrials 279 3,159.48 262 2,196.95 401 5,128.21 441 3,568.44 398 7,097.82
Information Technology 1,719 12,547.61 1,533 6,919.13 2,244 9,773.55 2,843 13,900.17 2,815 11,865.23
Materials 121 1,078.38 95 622.65 173 945.23 187 2,567.59 128 884.09
Telecommunication Services 36 469.72 34 493.75 33 1,922.97 27 42.94 25 643.14
Utilities 34 1,418.45 52 163.83 81 1,014.28 83 1,913.99 59 944.63
Grand Total 3,632 43,386.00$ 3,487 26,093.30$ 5,116 36,824.82$ 6,136 46,050.28$ 5,675 48,602.38$
European Target Venture Capital
(As of 9/30/12) Last Twelve Months Ending September 30th of:
2008 2009 2010 2011 2012
Sector # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil) # of Deals Value ($mil)
Consumer Discretionary 350 1,919.57$ 266 1,350.39$ 332 2,318.61$ 411 2,380.78$ 375 4,737.52$
Consumer Staples 69 388.29 44 427.48 62 266.59 79 426.70 78 419.94
Energy 44 1,474.42 23 325.32 33 2,456.04 37 2,734.84 31 1,543.93
Financials 105 4,081.45 76 6,875.08 118 12,844.49 168 13,927.09 145 4,664.51
Healthcare 381 2,076.19 309 1,253.44 306 1,762.59 344 1,600.11 291 910.33
Industrials 259 2,209.44 227 1,963.06 285 5,803.91 316 16,605.30 296 4,238.79
Information Technology 853 3,332.59 773 2,479.74 803 1,775.68 1,060 3,192.96 1,058 3,016.08
Materials 85 630.91 70 884.39 84 746.19 115 2,569.22 76 1,251.58
Telecommunication Services 33 2,076.29 18 105.45 18 317.26 18 30.20 6 33.70
Utilities 47 1,311.17 42 578.36 60 5,929.20 70 5,076.15 41 11,726.49
Grand Total 2,226 19,500.32$ 1,848 16,242.70$ 2,101 34,220.54$ 2,618 48,543.36$ 2,397 32,542.87$
Source: S&P Capital IQ
