LBO BBG Consensus

Use to override the BEST_DATA_SOURCE_OVERRIDE BLI
Use to override the BEST_FPERIOD_OVERRIDE 1fy

Use to fix consolid BEST_CONSOLIDATED_OVERRIDE C
Use to set required EQY_FUND_CRNCY
1 2 3
12/31/2008 12/31/2009
2008
FY2008 FY2009
Sales_rev_turn EBITDA
2008 Sales 2008 EBITDA
BA/ ln Equity #ADDIN? #ADDIN?
mggt ln equity #ADDIN? #ADDIN?
weir ln equity #ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
BLI
2fy
C
4 5 6 7
EBIT Depreciation Capital_Expend Working_Capital

2008 EBIT 2008 Depreciation 2008 Capex 2008 Working Capital
#ADDIN? #ADDIN? #ADDIN? #ADDIN?
8 9 10 11
Sales_rev_turn EBITDA EBIT

2009 Sales 2009 EBITDA 2009 EBIT 2009 Depreciation
12 13 14 15 16 17 18
Capital_Expend Working_Capital Best_SalesBest_EBIT BEST_EBIT

2009 Capex 2009 Working Capital 2010 Sales 2010 EBITD2010 EBIT 2010 Deprec
#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
19 20 21 22 23 24 25 26 27
Best_SalesBest_EBIT BEST_EBIT Name PX_last EQY_SH_ BEST_NETCASH_AND_EQUIV

2011 Sales 2011 EBITD2011 EBIT 2010 DeprecCompany N Share Price
#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
28 29
Working Capital/sales
CASH_AND_EQUIV capex/sales FY2004 FY2005 FY2006 FY2007 FY2008
WC/Sales Average
#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Capex/sales
FY2009 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009

1 2 3 4
PX_Last bid_yield
10-year Govt Bonds GECU10yr Index #ADDIN?

5-year Interest Rate Swap EUSA5 curncy #ADDIN?
Company ba/ ln equity <= INSERT BBG TICKER
Inputs Debt Assumptions

Company Name #ADDIN? 5-year Interest Rate Swap
Currency £mm Senior Loan Spread
Acquisition Year End 31-Dec-10 10-year Govt Bonds
Exit Years after Acquisituon 5 High Yield Spread
Exit Year End 31-Dec-15 Mezzanine Cash Pay Rate
Marginal Tax Rate 30.0% Mezzanine PIK Rate
Operating Assumptions
2008 2009 2010 2011
Sales #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Base Case #ADDIN? #ADDIN? #ADDIN?
EBITDA #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Base Case #ADDIN? #ADDIN? #ADDIN? #ADDIN?
EBIT #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Depreciation #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Capital Expenditure #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Investment in Working Capital #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Key Inputs
Uses/Sources £mm Acquisition

Share Price
Purchase of Equity #ADDIN? Bid Premium
Retire Debt #ADDIN? Shares Outstanding
Equity Value
Total Uses #ADDIN?
Existing Net Debt
Senior Debt #ADDIN? Total Value
High Yield Debt #ADDIN?
Mezzanine 0
Total Debt #ADDIN? Capital Structure

Equity #ADDIN?
Total Sources #ADDIN?

Senior Debt
Total Senior
High-Yield Debt
Mezzanine
Total Debt
Equity
Total
#ADDIN?
£mm
2008 2009 2010 2011
Income Statement
Sales #ADDIN? #ADDIN? #ADDIN? #ADDIN?
% growth #ADDIN? #ADDIN? #ADDIN?
EBITDA #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Margin #ADDIN? #ADDIN? #ADDIN?
Depreciation #ADDIN? #ADDIN? #ADDIN? #ADDIN?
% of Sales #ADDIN? #ADDIN? #ADDIN? #ADDIN?
EBIT #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Margin #ADDIN? #ADDIN? #ADDIN? #ADDIN?
Total Interest #ADDIN? #ADDIN?
Profit before tax #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Tax #ADDIN? #ADDIN?
Tax Rate 30.0% 30.0%
Net Income #ADDIN? #ADDIN?

Margin #ADDIN? #ADDIN?
Cash Flow Statement

EBITDA #ADDIN? #ADDIN?
Cash Interest #ADDIN? #ADDIN?
Tax #ADDIN? #ADDIN?
Investment in Working Capital #ADDIN? #ADDIN?
% of Change in Sales #ADDIN? #ADDIN?
Capital Expenditure #ADDIN? #ADDIN?

% of Sales #ADDIN? #ADDIN?
% of Depreciation #ADDIN? #ADDIN?
Free Cash Flow #ADDIN? #ADDIN?
Debt / Cash Items
Senior Debt #ADDIN? #ADDIN?

- Interest Expense #ADDIN? #ADDIN?
- Retirements #ADDIN?
High Yield Debt #ADDIN? #ADDIN?

- Interest Expense #ADDIN? #ADDIN?
Mezzanine 0 #ADDIN?
- Cash Interest Expense #ADDIN?
- PIK Interest Expense 0
Cash #ADDIN? #ADDIN?

#ADDIN?
£mm
2008 2009 2010 2011
Total Debt / EBITDA (x) #ADDIN? #ADDIN?
Total Debt / (EBITDA-Capex) #ADDIN? #ADDIN?
Senior Debt / EBITDA (x) #ADDIN? #ADDIN?
EBITDA / Gross Cash Interest Expense (x) #ADDIN? #ADDIN?

EBIT / Gross Cash Interest Expense (x) #ADDIN? #ADDIN?
(EBITDA -WC-CAPEX) / Gross Cash Interest Expense (x) #ADDIN? #ADDIN?

(EBITDA -CAPEX) / Gross Cash Interest Expense (x) #ADDIN? #ADDIN?
FFO (EBITDA-Tax- Cash Interest) #ADDIN? #ADDIN?

FFO/Debt (%) #ADDIN? #ADDIN?
FFO+Cash Interest/Cash Interest (x) #ADDIN? #ADDIN?
#ADDIN?
Exit Valuation Date 31-Dec-15

EBITDA Multiple at Exit
#ADDIN? #ADDIN? #ADDIN?
Asset Value #ADDIN? #ADDIN? #ADDIN?

- Debt #ADDIN? #ADDIN? #ADDIN?
- Cash #ADDIN? 0 0
Equity Value #ADDIN? #ADDIN? #ADDIN?
IRR #ADDIN? #ADDIN? #ADDIN?

Investment Gain #ADDIN? #ADDIN? #ADDIN?
IRR Calculation 31-Dec-10 31-Dec-11
EBITDA #ADDIN? #ADDIN?

Total Debt #ADDIN? #ADDIN?
Cash #ADDIN? #ADDIN?
Select Year EBITDA #ADDIN?

Select Year Debt #ADDIN?
Select Year Cash #ADDIN?
31-Dec-10 31-Dec-11
#ADDIN? #ADDIN? 0
#ADDIN? #ADDIN? 0
#ADDIN? #ADDIN? 0
#ADDIN? #ADDIN? 0
#ADDIN? #ADDIN? 0
Average Life
31-Dec-10 31-Dec-11
Senior #ADDIN? Retirements 0 #ADDIN?
Year 1 2
Repayment x y 0 #ADDIN?
High Yield #ADDIN? Retirements 0 #ADDIN?

Year 1 2
Mezzanine 0 Retirements 0 #ADDIN?

Year 1 2
Debt Assumptions
5-year Interest Rate Swap #ADDIN?
Senior Loan Spread 2.00%
10-year Govt Bonds #ADDIN?
High Yield Spread 5.00%
Mezzanine Cash Pay Rate 8.00%
Mezzanine PIK Rate 8.0%
2012 2013 2014 2015 2016 2017

3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

9.0% 9.0% 9.0% 9.0% 9.0% 9.0%

3.0% 3.0% 3.0% 3.0% 3.0% 3.0%


£mm Acquisition Multiples

#ADDIN? TV / 2010 EBITDA (x) #ADDIN?
30% TV / 2010 EBIT (x) #ADDIN?
#ADDIN?
#ADDIN? TV / 2011 EBITDA (x) #ADDIN?
TV / 2011 EBIT (x) #ADDIN?
#ADDIN?
#ADDIN?
% of Total EBITDA Interest

Multiple Spread Rate Paydown
#ADDIN? #ADDIN? 2.00% #ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN? 5.0% #ADDIN? #ADDIN?
#ADDIN? #ADDIN? 16.0% 0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN? #ADDIN?
2012 2013 2014 2015 2016 2017



30.0% 30.0% 30.0% 30.0% 30.0% 30.0%


#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? -654





2012 2013 2014 2015 2016 2017



TDA Multiple at Exit

#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
0 0
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
#ADDIN? #ADDIN?
31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17


0 0 0 #ADDIN? 0 0 #ADDIN?

3 4 5 6 7 8

3 4 5 6 7 8

3 4 5 6 7 8
2500

LBO BBG Consensus

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LBO BBG Consensus

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Copyright:

Available Formats

Use to override the BEST_DATA_SOURCE_OVERRIDE BLI

Use to override the BEST_FPERIOD_OVERRIDE 1fy

EBIT Depreciation Capital_Expend Working_Capital

Sales_rev_turn EBITDA EBIT

Capital_Expend Working_Capital Best_SalesBest_EBIT BEST_EBIT

Best_SalesBest_EBIT BEST_EBIT Name PX_last EQY_SH_ BEST_NETCASH_AND_EQUIV

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

10-year Govt Bonds GECU10yr Index #ADDIN?

Inputs Debt Assumptions

Sales #ADDIN? #ADDIN? #ADDIN? #ADDIN?

EBITDA #ADDIN? #ADDIN? #ADDIN? #ADDIN?

EBIT #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Depreciation #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Capital Expenditure #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Investment in Working Capital #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Uses/Sources £mm Acquisition

Total Debt #ADDIN? Capital Structure

Total Sources #ADDIN?

EBIT #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Total Interest #ADDIN? #ADDIN?

Profit before tax #ADDIN? #ADDIN? #ADDIN? #ADDIN?

Net Income #ADDIN? #ADDIN?

Cash Flow Statement

Capital Expenditure #ADDIN? #ADDIN?

Free Cash Flow #ADDIN? #ADDIN?

Debt / Cash Items

Senior Debt #ADDIN? #ADDIN?

High Yield Debt #ADDIN? #ADDIN?

Cash #ADDIN? #ADDIN?

EBITDA / Gross Cash Interest Expense (x) #ADDIN? #ADDIN?

(EBITDA -WC-CAPEX) / Gross Cash Interest Expense (x) #ADDIN? #ADDIN?

FFO (EBITDA-Tax- Cash Interest) #ADDIN? #ADDIN?

Exit Valuation Date 31-Dec-15

Asset Value #ADDIN? #ADDIN? #ADDIN?

IRR #ADDIN? #ADDIN? #ADDIN?

IRR Calculation 31-Dec-10 31-Dec-11

EBITDA #ADDIN? #ADDIN?

Select Year EBITDA #ADDIN?

High Yield #ADDIN? Retirements 0 #ADDIN?

Mezzanine 0 Retirements 0 #ADDIN?

2012 2013 2014 2015 2016 2017

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

£mm Acquisition Multiples

% of Total EBITDA Interest

#ADDIN? #ADDIN? 2.00% #ADDIN? #ADDIN?

2012 2013 2014 2015 2016 2017

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?

#ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN? #ADDIN?