merger and acquistion 2

Investment Banking Pitchbook Template

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Table of Contents
Company Overview
1
4. Company Overview
5. Business Model
6. Operating Forecast
7. Shareholder Ownership
8. Liquidity Analysis
Industry Overview
2
10. Competitive Environment
11. Key Industry Trends
12. Corporate Finance Activity
Valuation
3
14. Historical Share Price Performance
15. Valuation Overview Including Football Field
16. Valuation Analysis
17. Comparables Overview
18. Precedents Overview
20. Strategic Review and Opportunities
21. Recommendation 1
22. Recommendation 2
Transaction Opportunities
4
Team Overview
5
25. Investment Banking Team
26. Deal Tombstones
23. Recommendation 3
Appendices
A

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Company Overview

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Company Overview

History: (What year was the company found? Who founded it? What key milestones has the company achieved?)
Valuation: (How has the stock performed? What is the market pricing in? What are the drivers behind their success? What are some of the key investment highlights?)
Strategy: (What is the company focusing on? What has company management iterated about strategy? What makes their strategy strong? What are the key details of the company’s strategy?)
Corporate Finance Transactions: (What are some of the companies most recent/notable/transformative acquisitions? Did they raise any equity/debt capital? Did they IPO recently?)
Ownership: (Who are the top shareholders? What % ownership? Value of ownership?)

Enterprise Value $2,626.9 Revenue (FY18e) $968

Market Cap $2,228.2 EBITDA (FY18e) $310

P/E* 39.6x EBITDA Margin 32%

EV/EBITDA* 8.5x Debt / EV 17%

Cash $320 Total Debt $450

Key Metrics Unit

Operating Data

Operating Data

Operating Data

Operating Data

Operating Data

Operating Data

Share Price Current: $40.00 High/Low: $50.15 / $35.79

Key Valuation Statistics ($mm)

Revenue Mix % Gross ($mm)

Segment A % $

Segment B % $

Segment C % $

*P/E and EV/EBITDA are based on FY18(e) for comparison

Industry Data Average

Relevant Industry Vertical A

EV/EBITDA

EV/Revenue

P/E

Relevant Industry Vertical B

EV/EBITDA

EV/Revenue

P/E

Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3

Company Highlights
Valuation & Share Performance
Transaction Opportunities
4

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Business Model Element 1:
Business Model Element 2:
Business Model Element 3:
Overarching Competitive Advantage: (What makes this part of their business model significant? What is the competitive landscape like? What are they key industry themes and trends?)
(e.g. Provide an example)
Industry Theme 1:
Business Model

Industry Theme 2:
Industry Value Chain
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction Opportunities
4

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Segment A: (What is most impressive about this segment? How does it compare to previous periods?)
(What is the forecasted growth rate? What is driving growth in this particular segment?)
(What is the significance of this? How are the company’s competitors faring?)
(What are some catalysts for this business segment? What opportunities exist?)

Operating Forecast
Operating Forecast
Segment B: (What is most impressive about this segment? How does it compare to previous periods?)
(What is the forecasted growth rate? What is driving growth in this particular segment?)
(What is the significance of this? How are the company’s competitors faring?)
(What are some catalysts for this business segment? What opportunities exist?)
Segment C: (What is most impressive about this segment? How does it compare to previous periods?)
(What is the forecasted growth rate? What is driving growth in this particular segment?)
(What is the significance of this? How are the company’s competitors faring?)
(What are some catalysts for this business segment? What opportunities exist?)

Revenue Drivers
Revenue & EBITDA Forecast
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction Opportunities
4

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Shareholder Ownership
(What is the breakdown between institutional/insider/retail ownership? What does this imply for float turnover? What is the float turnover?)
(Who are the top shareholders? How has this ownership dynamic changed over time? What are the key takeaways from this dynamic? What kinds of opportunities does this create? How has this activity impacted valuation?)

Ownership Analysis
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction Opportunities
4

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\TOCS2002INVEST_DSMultipub-creativeCREATIVETemplatesPitchbook GuidelinesTMT Templates – CIBC Excel.xls
Ownership Analysis (2)

Capital Adequacy
Capital intensity diminishes over time (Why is this happening? Is it signaling a strategic shift? What does this mean for liquidity? What is the split between growth and maintenance capex?)
Cash position improves over time (Why is this happening? How is this beneficial? What kinds of opportunities can Company A pursue with all this dry powder?)
(What are some potential pitfalls Company A might run into? How can these be avoided?)
(Where is capex expected to spike? Why? Are debt maturities evenly spaced out, or are they all within a short duration of each other? What does this mean?)

Debt Facility Outs. ($mm) Avail. ($mm) Maturity Interest rate Notes

Convertible Senior Unsecured Notes

Revolving Credit Facility

(What is the overarching theme? If your client takes away only one sentence from this slide, what should it be?)

Liquidity Analysis
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction Opportunities
4

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Industry Overview

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Company EV/ LTM Sales EV/ LTM EBITDA Strategy Structure

(LOGO A)
** .PNG format ** ** What are the relevant valuation metrics for comps? ** (P/NAV? P/CF? EV/EBITDAR? etc.) (Any recent developments? Analyst consensus / sentiment? Overarching themes? Stated growth strategies? Are they direct competitors?) (What industry verticals do they operate in? What are their business segments? What’s the revenue split?)

(LOGO B) (Any recent developments? Analyst consensus / sentiment? Overarching themes? Stated growth strategies? Are they direct competitors?) (What industry verticals do they operate in? What are their business segments? What’s the revenue split?)

(LOGO C) (Any recent developments? Analyst consensus / sentiment? Overarching themes? Stated growth strategies? Are they direct competitors?) (What industry verticals do they operate in? What are their business segments? What’s the revenue split?)

(LOGO D) (Any recent developments? Analyst consensus / sentiment? Overarching themes? Stated growth strategies? Are they direct competitors?) (What industry verticals do they operate in? What are their business segments? What’s the revenue split?)

(LOGO E) (Any recent developments? Analyst consensus / sentiment? Overarching themes? Stated growth strategies? Are they direct competitors?) (What industry verticals do they operate in? What are their business segments? What’s the revenue split?)

(LOGO F) (Any recent developments? Analyst consensus / sentiment? Overarching themes? Stated growth strategies? Are they direct competitors?) (What industry verticals do they operate in? What are their business segments? What’s the revenue split?)

Competitive Environment
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction Opportunities
4

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10

Geographic Revenue Breakdown
Segmented Revenue Breakdown

Industry Revenue Breakdown by Major Segment (2016)

Growing Vertical Revenue

New Vertical Revenue

Stagnating Vertical Revenue

Declining Vertical Revenue

Key Industry Averages

Total Debt/EBITDA

Total Debt/EV

EBITDA margin

EV/EBITDA

P/E Ratio

Market share of top 5 players

Global Industry

Total revenues

Forecasted 5-year revenue growth

Revenue Profile

(What are the secular trends in this industry? What is the industry outlook? What do the financial metrics imply?)

(What are the aggregate totals? Where have we witnessed deviant trends? Where have we witnessed convergent trends?)

+30.7% CAGR

Industry Overview
Industry Spending
Key Industry Trends
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction Opportunities
4

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2011 2012 2013 2014 2015 2016 2017

Corporate Finance Activity

2004 2005 2006 2007 2008 2009 2010

Competitor A divests X
Competitor A acquires X
Competitor A makes hostile bid for Company A
Major product rollout by Company A
Competitor D completes follow-on offering
Competitor E acquires X
Competitor A acquires Competitor B
Competitor C and Competitor D merge in a merger of equals
Competitor F IPO
Competitor A acquires Competitor F
Competitor G pulls IPO bid
Competitor D and Company A initiate joint venture
Competitor D 2:1 stock split
Company A initiates NCIB
Competitor C raises $1bn in Sr. Unsecured Notes
Competitor G IPO
Competitor B divests X
Competitor C buys X
Competitor D IPO
Competitor C files Chapter 11
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction Opportunities
4

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Valuation

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Historical Share Price Performance
Dec 2013 – Old CEO announces retirement; new CEO with 10 years’ industry experience appointed
Jun 2014 – Company A and Competitor D initiates joint venture, achieving economies of scales in their distribution channels
Nov 2014 – Company A rolls out Widget 2.0 product line available in store and online
May 2015 – Company A announces launch of new eCommerce platform; discontinues JV with Competitor D
Nov 2015 – Company A divests X; market reacts positively to low capital intensity moving forward
May 2016 – Company A announces acquisition of Competitor F pending antitrust regulatory approval
Oct 2016 – Company A reports record-breaking Q3 results, exceeding analyst consensus on both top line and EPS growth
May 2017 – Company A acquires 10% stake in Competitor G in opportunistic bid following poor post-IPO price performance from G
Sep 2017 – Company A signs 10-year exclusivity agreement with major online retailer, Customer X, to distribute Widget 2.0 on X’s platform

Key Events & Share Price Drivers
Company Overview
1
Team Overview
5
Transaction Opportunities
4
Valuation
3
Industry Overview
2

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Valuation Summary

Broker Estimates Target Prices ($) ’18e Revenues ($mm) ‘18e EBITDA ($mm) ‘18e EBITDA Margin (%)

RBC (10/16/2017) $46.00

J.P. Morgan (10/17/2017) $45.00

BMO (10/20/2017) $47.50

Morgan Stanley (10/21/2017) $47.25

CIBC (10/27/2017) $48.00

Current: $40.00 High: $50.15 Low: $35.79

(How has Company A’s stock performed relative to the market index? By how much? Since when?)
(Are there any nuances regarding how the market is valuing Company A? What catalysts are priced in? What are not?)
(Is there a trend where the market rewards Company A for certain types of activity? Where is the stock trading at in terms of its 52-week range? Is there causality?)
(What’s the street consensus? What are common analyst themes? Do they think Company A is under/overvalued?)

Valuation Metrics Intrinsic Trading Precedents

EV/EBITDA

EV/Revenue

P/E

Stock Price Performance
Valuation Football Field
Company Overview
1
Team Overview
5
Transaction Opportunities
4
Valuation
3
Industry Overview
2

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Category Assumptions Comments

2016A 2017-2024E

EBITDA Margin (What are your justifications as to why you chose these specific ranges of assumptions? Where do you see opportunity for growth/improvement? Do you believe the market is misunderstanding something? What do analysts think? Why do you deviate?)

Cost of Revenues

Marketing & Sales

Technology & Development

Operating Metric A

Operating Metric B

Purchases of PP&E

Purchases of Intangibles

Valuation Analysis
Company Overview
1
Team Overview
5
Transaction Opportunities
4
Valuation
3
Industry Overview
2

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Comparables Analysis
(What is the reasoning behind choosing this particular peer set? Do they have similar business models? Are they direct competitors?)
(What are the key similarities that you’ve identified in this peer set in terms of operations? Strategy? What are the differences?)
(Which company is the closest proxy for Company A? Why? Which company is outperforming Company A? How can Company A be better than this outperformer?)
Comparable Company Rationale

Company Overview
1
Team Overview
5
Transaction Opportunities
4
Valuation
3
Industry Overview
2

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Precedents Analysis
(Which transactions did you select to value Company A? Why? What similarities exist between the target and Company A?)
(In what ways would Company A command a higher TV if they were put in the position of a target? What competitive advantages does Company A have over past transaction targets?)
(How are the industry verticals classified relative to Company A and its strategy? Is there an identifiable trend over time regarding industry multiples? Are they contracting or expanding? Why? What’s the secular driver within the industry?)

Precedent Transaction Rationale
Company Overview
1
Team Overview
5
Transaction Opportunities
4
Valuation
3
Industry Overview
2

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Transaction Opportunities

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Strategic Review and Opportunities
Key Transaction Theme:
Reco 3
Key Transaction Theme 1:

Key Transaction Theme 2:
Reco 2
Key Transaction Theme 1: (In short, why should this theme be the focal point for Company A’s management team?)
(Why will this be the game-changing opportunity for Company A? Why is the timing ideal right now?)
Key Transaction Theme 2:

Reco 1
VALUATION OVERVIEW
Industry Vertical A:
EV/EBITDA: 0.0x – 0.0x
EV/Revenue: 0.0x – 0.0x
P/E: 0.0x – 0.0x

Industry Vertical B:
EV/EBITDA: 0.0x – 0.0x
EV/Revenue: 0.0x – 0.0x
P/E: 0.0x – 0.0x
(What observations can you make about the range of multiples? What insights can be gained from the differences? What is the industry trending towards?)
Company A:
EV/EBITDA: 2.9x
EV/Revenue: 3.5x
P/E: 51.8x
(Where does Company A stand in terms of relative industry valuation? Why is it currently trading at a premium/discount?)

All multiples are NTM
M&A Opportunities
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction Opportunities
4

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Recommendation 1

Strategic Rationale
Prime Target Company Overview
(Ideally, you will want to show the accretion/dilution at different control premiums, showcase potential synergies, and demonstrate a multiple re-rating in the market following the acquisition)
(How does this target company fit in with Company A’s strategy? What are some of the intangible elements like customer relationships or human capital talent that Company A will receive in the acquisition?)
(Why now? Timing considerations?)
Target Revenue & EBITDA Forecast
Prime Target
Valuation Multiples

Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction Opportunities
4

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Strategic Rationale
(When pitching a transaction opportunity to company management, it is best to give your top recommendation first as their time is valuable. If they are not interested in the first transaction, the next two recommendations are there to serve as a backup.)
(There should still be strong strategic rationale to pursue these transactions, what are they? Are there diversification opportunities available? Scaling opportunities? Etc.)

Acquisition Opportunities
Target A Revenue & EBITDA
Target A

Target B
Target A Revenue & EBITDA Forecast

Recommendation: Content/Production Focus
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction Opportunities
4

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“ 1,000 key Grand Hyatt-managed hotel, 2,000 condominium hotel
units totaling approximately 2,232,000 square feet, a 75,000 square foot
casino, 275,000 square feet of retail and restaurant space, 150,000 square
feet of meeting and ballroom space” – http://greatlasvegascondos.com/cosmopolitan_construction_financing.htm
2,200 condo-hotel units or 2,000 units?
“Approximately 2,700 keys comprised of luxury condo-hotel units and hotel rooms with over 1,700 condo-hotel units offered for sale” – http://www.hotel-online.com/News/PR2005_2nd/Apr05_HyattCosmopolitan.html

“- Initial developer Ian Eichner exhausts project funding / defaults on construction loans of $760 million and enters foreclosure” – http://www.examiner.com/article/cosmopolitan-the-rocky-past-and-uncertain-future-of-the-newest-vegas-resort
– Confirmed at 760 with Bloomberg article

€500m write-off in 2009 (annual report 2010) ~ $750m

22

Strategic Rationale
(When pitching a transaction opportunity to company management, it is best to give your top recommendation first as their time is valuable. If they are not interested in the first transaction, the next two recommendations are there to serve as a backup.)
(There should still be strong strategic rationale to pursue these transactions, what are they? Are there diversification opportunities available? Scaling opportunities? Etc.)

Acquisition Opportunities
Target C Revenue & EBITDA
Target C

Target D
Target C Revenue & EBITDA Forecast

Recommendation: Content/Production Focus
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction Opportunities
4

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“ 1,000 key Grand Hyatt-managed hotel, 2,000 condominium hotel
units totaling approximately 2,232,000 square feet, a 75,000 square foot
casino, 275,000 square feet of retail and restaurant space, 150,000 square
feet of meeting and ballroom space” – http://greatlasvegascondos.com/cosmopolitan_construction_financing.htm
2,200 condo-hotel units or 2,000 units?
“Approximately 2,700 keys comprised of luxury condo-hotel units and hotel rooms with over 1,700 condo-hotel units offered for sale” – http://www.hotel-online.com/News/PR2005_2nd/Apr05_HyattCosmopolitan.html

“- Initial developer Ian Eichner exhausts project funding / defaults on construction loans of $760 million and enters foreclosure” – http://www.examiner.com/article/cosmopolitan-the-rocky-past-and-uncertain-future-of-the-newest-vegas-resort
– Confirmed at 760 with Bloomberg article

€500m write-off in 2009 (annual report 2010) ~ $750m

23

Team Overview

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Investment Banking Team
“Our team is composed of a comprehensive roster of experienced and knowledgeable seniors and juniors to execute this transaction”
(For sell-side pitchbooks: What previous transaction experience does the team have? What is their background and education? How many years experience in the industry? What previous relevant positions have the directors held?)
(For buy-side pitchbooks: How extensive are the personnel resources of the bank? What divisions of the bank can contribute to what element of the transaction? How can I contact the different individuals listed?)

M&A Group

First Last Name – Position, Head of, Group
Phone Number
Email Address

Equity Capital Markets

First Last Name – Position, Head of, Group
Phone Number
Email Address

Debt Capital Markets

First Last Name – Position, Head of, Group
Phone Number
Email Address

Industry Group

First Last Name – Position, Head of, Group
Phone Number
Email Address

Team Leaders

First Last Name – Position, Head of, Group
Phone Number
Email Address

Leveraged Finance

First Last Name – Position, Head of, Group
Phone Number
Email Address

Industry Group

First Last Name – Position, Head of, Group
Phone Number
Email Address

Satellite Office

First Last Name – Position, Head of, Group
Phone Number
Email Address

Private Equity

First Last Name – Position, Head of, Group
Phone Number
Email Address

Precedent Transaction Rationale
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction Opportunities
4

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25

Deal Tombstones
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Notable Past Transactions
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Company Name

$ Deal Amount
Deal Unit Size
Deal Type

Deal Position
DATE
Logo:
.PNG format
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction Opportunities
4

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Tombstone guidelines can be found at – \TOCS2002INVEST_DSmultipubCREDENTIALSTombstonesTombstone Guidelines 2003.ppt

Appendices

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(in millions of U.S. dollars)
2014201520162017E2018E2019E2020E2021E
Segment A295.2 331.6 343.4 412.2 503.8 521.3 535.9 547.8
Segment B177.1 197.7 203.3 242.5 294.5 302.8 309.4 314.3
Segment C118.1 127.4 126.6 145.7 170.5 168.8 165.8 161.8
Total Revenues590.4 656.7 673.3 800.3 968.8 992.9 1,011.2 1,023.9
Segment A Revenue Growth, %12.3% 3.5% 20.0% 22.2% 3.5% 2.8% 2.2%
Segment B Revenue Growth, %11.6% 2.9% 19.3% 21.5% 2.8% 2.2% 1.6%
Segment C Revenue Growth, %7.9% -0.6% 15.1% 17.1% -1.0% -1.7% -2.5%
Total Revenues Growth, %11.2% 2.5% 18.9% 21.1% 2.5% 1.8% 1.3%
Total Adjusted EBITDA192.1 249.2 249.4 283.4 310.0 317.7 323.6 327.6
EBITDA Margin, %32.5% 38.0% 37.0% 35.4% 32.0% 32.0% 32.0% 32.0%
(in millions of U.S. dollars)
2014201520162017E2018E2019E2020E2021E2022E2023E2024E2025E
Historical & Forecasted PP&E Capex50.0 50.0 60.0 80.0 100.0 95.0 90.0 85.0 80.0 75.0 70.0 70.0
Historical & Forecasted Intangibles Capex200.0 150.0 130.0 110.0 100.0 90.0 80.0 75.0 75.0 75.0 75.0 75.0
Debt Repayment- – 100.0 50.0 – 35.0 15.0 50.0 – 100.0 – 50.0
Canada29%United States16%Latin America8%Europe5%Asia/Pacific18%Africa24%
Segment A7%Segment B8%Segment C22%Segment D32%Segment E31%
0102030405060708052-Week Trading RangeCurrent Analyst ForecastComparables ValuationPrecedent Transactions ValuationDCF ValuationShare PriceValuation Football Field (Company A)$31.81$44.81$36.81$45.00$22.68$40.54$48.00$63.90$65.90$55.90
(in millions of U.S. dollars)
StockEquityFirm
EV / RevenueEV / EBITDAPrice / Earnings
CompanySymbolPriceValueValue2016ALTMNTM2018E2016ALTMNTM2018E2016ALTMNTM2018E
Competitor AA.TO$41.00$8,015$7,5736.8×5.9×5.9×4.6×7.0x8.8×8.0x12.3×101.3×59.5×40.2×36.3x
Competitor BB.TO$3.59$2,494$3,1044.9×4.3×2.1×2.5×8.9×13.5×12.2×12.3×97.7×64.0x58.4×51.9x
Competitor CC.TO$27.22$6,116$6,7226.1×2.8×6.9×2.7×7.5×8.2×5.0x5.1×106.0x50.0x40.7×41.1x
Competitor DD.TO$16.78$4,278$4,6066.3×4.3×5.7×5.8×15.3×6.4×12.4×7.4×115.1×71.8×60.4×30.4x
Competitor EE.TO$13.99$2,533$2,9523.7×3.8×4.2×4.2×15.5×13.9×13.2×9.5×101.0x70.9×44.3×54.0x
Competitor FF.TO$26.37$10,190$11,0253.3×3.8×6.4×5.9×11.9×7.4×5.0x7.7×103.6×53.3×69.1×40.8x
Competitor GG.TO$22.48$2,559$2,3497.8×3.7×6.5×3.5×8.7×7.8×8.1×5.7×101.6×56.9×57.9×33.6x
Competitor HH.TO$17.68$7,358$7,2153.2×3.2×5.2×5.9×7.7×14.4×7.9×13.8×112.2×67.9×48.2×49.8x
Competitor II.TO$13.80$7,744$7,3763.9×3.5×2.9×2.7×10.5×9.5×9.0x8.5×99.5×51.8×49.7×39.6x
Company AA$40.00$2,228$2,6273.9×3.5×2.9×2.7×10.5×9.5×9.0x8.5×99.5×51.8×49.7×39.6x
High$10,190$11,0257.8×5.9×6.9×5.9×15.5×14.4×13.2×13.8×115.1×71.8×69.1×54.0x
Median$5,197$5,6644.4×3.7×5.5×3.8×9.7×9.1×8.5×8.5×101.5×58.2×49.7×40.2x
Mean$5,352$5,5555.0×3.9×4.9×4.0x10.4×9.9×9.0x9.1×103.8×59.8×51.9×41.7x
Low$2,228$2,3493.2×2.8×2.1×2.5×7.0x6.4×5.0x5.1×97.7×50.0x40.2×30.4x
TargetBuyerTransactionLTMEV/LTM
CompanyTypeCompanyTypeEVDateYearImpl. EVRevenueEBITDARevenueEBITDA
Company JNewCompany SDeclining$82,730July 26, 20172017$7,802$3,472$1,6042.2×4.9x
Company KGrowingCompany TStagnating$38,040August 15, 20162016$2,207$1,666$3931.3×5.6x
Company LDecliningCompany UStagnating$74,220March 27, 20152015$56,913$28,506$7,9162.0×7.2x
Company MDecliningCompany VStagnating$53,060January 8, 20132013$1,077$709$2591.5×4.2x
Company NStagnatingCompany WDeclining$36,520July 1, 20102010$5,098$4,682$2,5801.1×2.0x
Company OGrowingCompany XDeclining$117,250April 4, 20062006$880$1,641$4380.5×2.0x
Company PGrowingCompany YGrowing$30,490March 2, 20062006$1,658$82$2220.2×75.3x
Company QNewCompany ZStagnating$79,150June 26, 20042004$1,938$610$1203.2×16.2x
Company RGrowingCompany AAGrowing$80,760October 1, 20022002$2,037$720$2562.8×8.0x
Average 3.9×13.9x
Company A 3.5×9.5x
Multiple2018E2019E2020E
P/E60.7×64.3×54.8x
EV/Sales2.5×1.1×2.1x
EV/EBITDA9.9×8.9×6.2x
EV/EBIT10.9×9.9×7.2x

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