NYSF Best Buy Valuation

8/16/2019 NYSF Best Buy Valuation

1/33

Consolidated Income Statements

(in US$ thousands except shares & per share amounts) Actuals

Period Ending December 31 2010A 2011A 2012A 2013

Current Case - Case A (Street) Case

Y/Y revenue growth (%) -3%

COGS as a % of revenue 74%

Selling expenses as a % of revenue %

Case A (Street)

Y/Y revenue growth (%) !"!% #"!% #"$% -3"%

COGS as a % of revenue 73"% 7"7% 73"% 73"&%

Selling expenses as a % of revenue #$"% !"% !"'% #"&%

Case B (Donside)

Y/Y revenue growth (%) !"!% #"!% #"$% -&"!%

COGS as a % of revenue 73"% 7"7% 73"% 73"&%

Selling expenses as a % of revenue #$"% !"% !"'% #"&%

Case C (!"side)

Y/Y revenue growth (%) !"!% #"!% #"$% #"!%

COGS as a % of revenue 73"% 7"7% 73"% 73"%

Selling expenses as a % of revenue #$"% !"% !"'% !"'%

Case C (#B$)Y/Y revenue growth (%) !"!% #"!% #"$% #"!%

COGS as a % of revenue 73"% 7"7% 73"% 73"!%

Selling expenses as a % of revenue #$"% !"% !"'% !"%


2/33

Estimates

201% 201& 201' 201 201

-% -% -% #% #% 1

74% 74% 74% 74% 74%

% % % % %

-"!% -"!% -"!% #"!% #"!%

73"'% 73"'% 73"'% 73"'% 73"'%

#"'% #"'% #"'% #"'% #"'%

-4"!% -3"!% -"!% -#"!% -#"!%

73"'% 73"'% 73"'% 73"'% 73"'%

#"'% #"'% #"'% #"'% #"'%

!"!% !"!% !"!% !"!% !"!%

73"% 73"% 73"% 73"% 73"%

!"'% !"'% !"'% !"'% !"'%

#"!% #"!% #"!% #"!% #"!%

73"!% 73"!% 73"!% 73"!% 73"!%

!"% !"% !"% !"% !"%


3/33

Consolidated Income Statements

(in US$ thousands except shares & per share amounts) Actuals

*or t+e ,iscal ear ended .arc+ 3/ 2012 2010A 2011A 2012A 2013

eenue $49,243.0 $49,747.0 $50,705.0 49,02.4

Y/Y revenue growth (%) #% % -3%

Cost o, goods sold 3!,3!3.0 3!,"90.0 37,"30.0 3!,075.!

COGS as a % of revenue 74% 73% 73% 74%

ross "ro,it 12/040 13/&&40 13/&&40 13/00'4

Gross profit argin (%) '% 7% 7% 7%

$"erating e5"enses

Se##in, enera# and administrati%e 9,755.0 "0,325.0 "0,45".0 "0,552.7

SG* as a % of revenue #$"% !"% !"'% #"&%

ther 0.0 0.0 0.0 0.0

6otal o"erating e5"enses 7/&&40 10/32&40 10/%&140 10/&&24

'uit in earnins o* unconso#idated a**i#iates 0.0 0.0 0.0 0.0

EBI6DA 3/12&40 3/23240 3/12%40 2/%&%41

+,.* argin (%) '"3% '"&% '"% &"!%

+epreciation 3.0 9!.0 97.0 905.2

morti-ation .0 2.0 4.0 4!.5

Ad8usted EBI6 2/17740 2/2&%40 2/1740 1/&024%

+,. argin (%) 4"&% 4"&% 4"3% 3"#%

$"erating income (AAP) 2,3!.0 2,374.0 ",05.0 0.0

Interest

nterest expense 92.0 !.0 "34.0 7!.7

nterest income (53.0) (43.0) (37.0) (0.3)

/ain on sa#e o* in%estments 0.0 0.0 0.0 0.09et interest e5"ense 3740 %340 740 '4%

Income be,ore ta5 (IB6) 2/1'040 2/21140 2/0240 1/%2'40

,. argin (%) 4% 4% 4% 3%

ncome tax expense 3!.0 7".0 705.0 42.9

*ll-in effe0tive tax rate (%) 3$% 3&% 34% 34%

9et income ,rom continuing o"s 1/32%40 1/%3040 1/340 7%341

9on-recurring eents

estructurin chares 1 /S 3".9 5. "2.0 0.0

estructurin chares 0.0 !.9 25. 0.0

est u 'urope transaction costs 1 S/& 0.0 0.0 30.4 0.0

/oodi## impairment 0.0 0.0 ","0.0 0.0

/ain on sa#e o* in%estments 0.0 0.0 4.0 0.0

estructurin chares 6 0.0 0.0 (4.0) 0.0est u 'urope transaction costs 1 6 0.0 0.0 ("3.0) 0.0

8 pro*it share uout 1 6 0.0 0.0 ",303.0 0.0

Discontinued o"erations 0.0 0.0 0.0 0.0

estructurin chares 1 /S 0.0 "0.0 .0 0.0

estructurin chares 0.0 44.0 "7.0 0.0

estructurin chares 6 0.0 0.0 (5.0) 0.0

6otal non-recurring eents 3147 1%'4 2/'342 040

9et income 1/27241 1/2342 1/30'42 7%341


4/33

+i%idend paout (234.0) (237.0) (22.0) ("4".5)

: o* net income #"#% #"&% #7"&% #&"!%

;er share di%idend 0.55 0.57 0.!2 0.39

Ad8usted Earnings "er s+are

asic $3."0 $3."! $3.57 $2.57

+i#uted $3.02 $3.0 $3.57 $2.57Earnings "er s+are (AAP) 3410 341% (343') 0400

Aerage common s+ares outstanding

asic 4"!. 40!." 3!!.3 3''43

+i#uted 427.5 4"!.5 3!!.3 3''43


5/33

Estimates

201% 201& 201' 201 201

4,"00. 47,"3. 4!,"9!.0 4!,!5.0 47,"24.5

-% -% -% #% #%

35,402.2 34,!94." 34,000.3 34,340.3 34,!3.7

74% 74% 74% 74% 74%

12/'74' 12/%%%4' 12/17&4 12/314 12/%%047

'% '% '% '% '%

"0,39. "0,"2.0 9,97.3 "0,07." "0,"7.9

#"'% #"'% #"'% #"'% #"'%

0.0 0.0 0.0 0.0 0.0

10/374 10/1240 7/743 10/041 10/147

0.0 0.0 0.0 0.0 0.0

2/304 2/2'24 2/214% 2/2374' 2/2'240

4"% 4"% 4"% 4"% 4"%

943.7 9".7 ",0"!.4 ",050.! ",04.7

45.5 44.! 43.7 44.2 44.!

1/3174' 1/23'43 1/1&43 1/1%%47 1/1324'

"7% "'% "&% "&% "4%

0.0 0.0 0.0 0.0 0.0

9.9 0.0 0.0 0.0 0.0

(3.0) (.2) ("3.) (".2) (23.9)

0.0 0.0 0.0 0.0 0.0'47 (42) (134) (142) (2347)

1/3124 1/2%%4& 1/1141 1/1'340 1/1&'4&

3% 3% 3% % %

444.5 42".4 39!.5 393. 39".!

34% 34% 34% 34% 34%

'42 2341 %4& '742 '%47

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0

040 040 040 040 040

'42 2341 %4& '742 '%47


6/33

("30.2) ("23.5) (""!.2) (""5.4) (""4.7)

#&"!% #&"!% #&"!% #&"!% #&"!%

0.3! 0.34 0.32 0.3" 0.3"

$2.37 $2.25 $2."" $2."0 $2.09

$2.37 $2.25 $2."" $2."0 $2.090400 0400 0400 0400 0400

3''43 3''43 3''43 3''43 3''43

3''43 3''43 3''43 3''43 3''43


7/33

Consolidated Statements o, Cas+ *los

(in US$ thousands) Actuals

Period Ending December 31 2010A 2011A

Cas+ ,los ,rom o"erating actiities

6et income a*ter distriutions ",394.0 ",3!!.0

+epreciation and amorti-ation 3.0 9!.0

cuired identi*ia#e amorti-a#e intani#e assets, net o* accum. amort. 0.0 0.0

morti-ation o* de*inite1#i%ed intani#e assets .0 2.0

estructurin 52.0 222.0

/oodi## impairment 0.0 0.0

Stoc;urchase o* propert, #easeho#d impro%ements & euipment? (!"5.0) (744.0)

;roceeds *rom sa#e o* propert, #easeho#d impro%ements & euipment ("!.0) (2!7.0)

usiness acuisitions net o* cash acuired >& net o* intani#es@other? (7.0) 0.0

;roceeds *rom sa#e o* usinesses >spin1o**s? 0.0 2".0

;roceeds *rom sa#e o* in%estments 5!.0 4"5.0

hane in restricted assets ".0 (2.0)

Sett#ement o* in%estment hedes 40.0 "2.0

ther ("!.0) (4.0)

6otal cas+ "roided b (used ,or) inesting actiities (&%040) (&'740)

Cas+ ,los ,rom ,inancing actiities

Short1term orroins (repaments) 0.0 0.0

Aon1term orroins (repaments) (2"0.0) (99.0)

;roceeds *rom issuance o* common stoc< and additiona# paid1in capita# "3.0 "79.0

epurchase o* common stoc< >treasur stoc


8/33

+istriutions (234.0) (237.0)

;aments to non1contro##in interests 0.0 0.0

ther (42.0) (7.0)

6otal cas+ "roided b (used ,or) ,inancing actiities (3%40) (1/3&40)

E,,ect o, e5c+ange rate on cas+ "0.0 "3.0

6otal c+ange in cas+ and cas+ e;uialents 1/3240 (2340)

S!PP#E.E96A# DA6A<

ash *#o e*ore det padon


9/33

Estimates

2012A 2013 201% 201& 201' 201 201

22.0 943." !.2 23." 774.5 7!9.2 7!4.9

97.0 905.2 943.7 9".7 ",0"!.4 ",050.! ",04.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0

4.0 4!.5 45.5 44.! 43.7 44.2 44.!

2.0 0.0 0.0 0.0 0.0 0.0 0.0

",207.0 0.0 0.0 0.0 0.0 0.0 0.0

"20.0 "20.0 "20.0 "20.0 "20.0 "20.0 "20.0

(55.0) 0.0 0.0 0.0 0.0 0.0 0.02.0 (30.0) ("34.0) 2.0 (30.0) ("34.0) 2.0

0.0 ("".0) ("".0) ("".0) ("".0) ("".0) ("".0)

25.0 0.0 0.0 0.0 0.0 0.0 0.0

25.0 "03.0 (33.0) 25.0 "03.0 (33.0) 25.0

4".0 44.2 44.9 44.0 43." (2".") (2".3)

"20.0 2." "05.4 ""0.9 "0.7 (53.2) (53.)

(24.0) 34.5 20.9 20.5 20." (9.) (9.9)

574.0 (30.7) (93.0) (97.) (95.9) 47.0 47.4

0.0 (5.9) (9.0) (.) (.!) 4.2 4.3

0.0 20.9 (.!) ("".0) ("0.) 5.3 5.3

(23.0) (9".!) (24.!) (3".4) (30.7) "5." "5.2'40 (27'4&) 3&47 2'43 2&4 (124') (124)

3/27340 1/04% 1/3&4% 2/034 2/0%24% 1/7343 2/0%34&

(7!!.0) (749.5) (770.5) (7!0.0) (!93.0) (!3.3) (!3.3)

(""2.0) (""2.0) (""2.0) (""2.0) (""2.0) (""2.0) (""2.0)

("74.0) 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

290.0 0.0 0.0 0.0 0.0 0.0 0.0

40.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

(2.0) 0.0 0.0 0.0 0.0 0.0 0.0

(2%40) ('14&) (24&) (240) (0&40) (7&43) (7&43)

0.0 (523.0) 0.0 0.0 0.0 0.0 0.0

509.0 (",403.4) (2".!) 0.0 0.0 0.0 0.0

!7.0 0.0 0.0 0.0 0.0 0.0 0.0

(",500.0) 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0


10/33

(22.0) ("4".5) ("30.2) ("23.5) (""!.2) (""5.4) (""4.7)

(",303.0) 0.0 0.0 0.0 0.0 0.0 0.0

(23.0) 0.0 0.0 0.0 0.0 0.0 0.0

(2/%40) (2/0'47) (%114) (1234&) (11'42) (11&4%) (11%4)

5.0 0.0 0.0 0.0 0.0 0.0 0.0

7'40 (1/1%740) &%141 1/0%243 1/12142 24' 1/1334%

777.4 22.7 ",042.3 ","2".2 2.! ","33.4


11/33

$"erating =or:ing Ca"ital Sc+edule ($=C)


*or t+e ,iscal ear ended .arc+ 3/ 2012 2010A 2011A 2012A 2013

Current assets

Brade accounts recei%a#e 2,34.0 2,2.0 2,243.

a1s re0eiva2le #7"! #'"& #'"&

n%entories 597.0 573".0 5,!4.9

nventor1 turnover a1s &"7 &'"4 &'"4

ther current assets ","03.0 ",079.0 ",044.5

% of revenue "% "#% "#%

6otal current assets 7/3%40 7/0740 /7342

Current liabilities

ccounts paa#e 4,94.0 5,3!4.0 4,93.3

a1s pa1a2le 4"7 4$"7 4$"7

/i*t card #ii#ities 474.0 45!.0 450."

a1s pa1a2le 3"4 3"3 3"3

ccrued compensation 570.0 539.0 559.9

a1s pa1a2le #$"$ #$"# #$"#

ccrued #iai#ities ",47".0 ",!5.0 ",593.4

a1s pa1a2le "3 &4"4 &4"4

6otal current liabilities /%0740 /0%%40 /&'4

6otal o"erating or:ing ca"ital 1/73740 1/0&%40 1/3&04&

hane in tota# operatin or (?@9) ?


12/33

Estimates

201% 201& 201' 201 201

2,"9.9 2,"55.0 2,""".9 2,"33.0 2,"54.3

#'"& #'"& #'"& #'"& #'"&

5,543.4 5,432.! 5,323.9 5,377.2 5,430.9

&'"4 &'"4 &'"4 &'"4 &'"4

",023.! ",003." 93.0 992.9 ",002.

"#% "#% "#% "#% "#%

/''40 /&704 /%14 /&0340 /&41

4,90.3 4,792.5 4,!9!.7 4,743.! 4,79"."

4$"7 4$"7 4$"7 4$"7 4$"7

44"." 432.3 423.! 427.9 432.2

3"3 3"3 3"3 3"3 3"3

55".3 540.2 529.4 534.7 540."

#$"# #$"# #$"# #$"# #$"#

",5!. ",537.4 ",50!.! ",52".7 ",53!.9

&4"4 &4"4 &4"4 &4"4 &4"4

/%&14% /3024% /1&'4% /2247 /30042

1/31%4& 1/242 1/2'24& 1/2&41 1/247

$35.9 $2!.3 $25. ($"2.!) ($"2.)

? ? ? ? ?


13/33

Consolidated Balance S+eets


*or t+e ,iscal ear ended .arc+ 3/ 2012 2010A 2011A 2012A

Assets

Current assets<

ash and cash eui%a#ents ","03.0 ","99.0

Brade accounts recei%a#e 2,34.0 2,2.0

Short term in%estments 22.0 0.0

n%entories 5,97.0 5,73".0

ther current assets ","03.0 ",079.0

6otal current assets 10/%340 10/2740

;ropert, p#ant and euipment, net 3,23.0 3,47".0/oodi## 2,454.0 ",335.0

cuired identi*ia#e amorti-a#e intani#e assets, net o* accum. amort. 0.0 0.0

Brader names & customer re#ationships 33!.0 359.0

'uit and other in%estments 32.0 "40.0

ther #on1term assets 435.0 403.0

6otal assets 1/%740 1'/00&40

#iabilities

Current liabilities<

Short term det 99.0 523.0

Brade accounts paa#e 4,94.0 5,3!4.0

Unredeemed i*t card #iai#ities 474.0 45!.0

ccrued compensation 570.0 539.0

ccrued #iai#ities ",47".0 ",!5.0

ccrued income taxes 25!.0 2.0

ther current #iai#ities 0.0 0.0

6otal current liabilities /''340 /&&40

Aon1term det 7"".0 ",!5.0

ther #on1term #iai#ities ","3.0 ",099.0

6otal liabilities 10/&&40 11/'3740

Stoc:+olders e;uit

'uit in*usion C o1n%est 0.0 0.0

ommon stoc< par %a#ue and additiona# paid1in1capita# 57.0 34.0

Aess stoc< repurchased >treasur stoc


14/33

Balance> (?@9) ? ? ?


15/33

Estimates

2013 201% 201& 201' 201 201

50.0 59"." ",!33.4 2,754.! 3,!37.3 4,770.7

2,243. 2,"9.9 2,"55.0 2,""".9 2,"33.0 2,"54.3

0.0 0.0 0.0 0.0 0.0 0.0

5,!4.9 5,543.4 5,432.! 5,323.9 5,377.2 5,430.9

",044.5 ",023.! ",003." 93.0 992.9 ",002.

/742 7/3&41 10/22%41 11/134& 12/1%043 13/3&4

3,427.2 3,3!!.0 3,25!.2 3,044. 2,79.! 2,500.2",335.0 ",335.0 ",335.0 ",335.0 ",335.0 ",335.0

0.0 0.0 0.0 0.0 0.0 0.0

3"2.5 2!7.0 222.4 "7.! "34.5 9.9

"40.0 "40.0 "40.0 "40.0 "40.0 "40.0

403.0 403.0 403.0 403.0 403.0 403.0

1%/'0&40 1%/'41 1&/&04' 1'/2%47 1'/7%243 1/2'4

0.0 0.0 0.0 0.0 0.0 0.0

4,93.3 4,90.3 4,792.5 4,!9!.7 4,743.! 4,79"."

450." 44"." 432.3 423.! 427.9 432.2

559.9 55".3 540.2 529.4 534.7 540."

",593.4 ",5!. ",537.4 ",50!.! ",52".7 ",53!.9

3!".0 "94.0 247.0 320.0 "53.0 20!.0

0.0 0.0 0.0 0.0 0.0 0.0

/7%4 /'%&4% /&%74% /%'4% /3047 /&0'42

2".! 0.0 0.0 0.0 0.0 0.0

",099.0 ",099.0 ",099.0 ",099.0 ",099.0 ",099.0

7/3243 /%%4% /'%4% /&&4% /%747 /'0&42

0.0 0.0 0.0 0.0 0.0 0.0

"43.0 252.0 3!".0 470.0 579.0 !.0

0.0 0.0 0.0 0.0 0.0 0.0!2".0 !2".0 !2".0 !2".0 !2".0 !2".0

90.0 90.0 90.0 90.0 90.0 90.0

4,422.7 5,"!0.! 5,!0.2 !,5".! 7,"72.4 7,22.5

&/2'4 '/1234' '/73242 /'774' /%'24% 7/2214&

1%/'0&40 1%/'41 1&/&04' 1'/2%47 1'/7%243 1/2'4

040 040 040 040 040 040


16/33

? ? ? ? ? ?


17/33

De"reciation


*or t+e ,iscal ear ended .arc+ 3/ 2012 2010A 2011A 2012A 2013 201%

Pro"ert/ "lant e;ui"ment on .arc+ 31/ 3/%140

Ca"ital e5"enditures as o, .arc+ 31/ ('1&40) (%%40) (''40) %74& 04&

Straig+t line de"reciation #"% #"&% #"&% #"&% #"'%

?ears (PPE) %

?ears (CAPE) 20 20

'xistin ;;&' !7. !7.

20"3 ;'= 37.5 37.5

20"4 ;'= 3.5

20"5 ;'=

20"! ;'=

20"7 ;'=

20" ;'=

6otal boo: de"reciation 340 7'40 740 70&42 7%34

*s % of revenue % % % % %

Amortiation o, de,inite-lied intangible as 40 240 %40 %'4& %&4&

*s % of revenue !"% !"% !"#% !"#% !"#%


18/33

Estimates

201& 201' 201 201

'040 '7340 '343 '343

#"'% #"&% #"&% #"&%

20 20 20 20

!7. !7. !7. !7.

37.5 37.5 37.5 37.5

3.5 3.5 3.5 3.5

3.0 3.0 3.0 3.0

34.7 34.7 34.7

34.2 34.2

34.2

714 1/01'4% 1/0&04' 1/0%4

% % % %

%%4' %34 %%42 %%4'

!"#% !"#% !"#% !"#%


19/33

Debt Sc+edule


*or t+e ,iscal ear ended .arc+ 3/ 2012 2010A 2011A 2012A 2013 201%

Cas+ aailable to "a don debt

ash at einnin o* ear ","99.0 50.0

ash *#o e*ore det padon 777.4 22.7

8inimum cash cushion (50.0) (50.0)

6otal cas+ aailable to "a don debt 1/72'4% 224

eoler

+et (einnin o* ear) 523.0 0.0

8andator issuances @ (retirements) 0.0 0.06on1mandator issuances @ (retirements) (523.0) 0.0

Debt (end o, ear) &2340 040 040

nterest expense 7. 0.0

nterest rate 3"!% 3"!%

#ong term debt

Short term det (einnin o* ear) ",!5.0 2".!

8andator issuances @ (retirements) 0.0 0.0

6on1mandator issuances @ (retirements) (",403.4) (2".!)

S+ort term debt (end o, ear) 1/'&40 214' 040

Short term interest expense !. 9.9

Short ter interest rate 7"!% 7"!%

6otal issuances @ (retirements) (1/72'4%) (214')

6otal interest e5"ense 7!.7 9.9

Cas+ at t+e end o, t+e ear 1/17740 &040 &7141

nterest income 0.3 3.0

nterest rate #% #%

.atc+> (?@9) ? ?


20/33

Estimates

201& 201' 201 201

59"." ",!33.4 2,754.! 3,!37.3

",042.3 ","2".2 2.! ","33.4

(50.0) (50.0) (50.0) (50.0)

1/&34% 2/0%4' 3/&43 %/204

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 Seep0.0 0.0 0.0 0.0 "00:

040 040 040 040

0.0 0.0 0.0 0.0

3"!% 3"!% 3"!% 3"!%

0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 Seep

0.0 0.0 0.0 0.0 "00:

040 040 040 040

0.0 0.0 0.0 0.0

7"!% 7"!% 7"!% 7"!%

040 040 040 040

0.0 0.0 0.0 0.0

1/'334% 2/&%4' 3/'343 %/04

.2 "3. ".2 23.9

#% #% #% #%

? ? ? ?


21/33

Discounted Cas+ *lo Analsis

(in US$ mi##ions inc#udin shares & except per share amounts) Actuals

*or t+e ,iscal ear ended .arc+ 3/ 2012 2010A 2011A 2012A

!nleered *ree Cas+ *lo

'B 2,"79.0

+epreciation & morti-ation 945.0

+e*erred Baxes 2.0

ther 0.0

hanes in Dor


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2.5x

Per"etuit .et+od Sensitiit (=ACC s4 rot+)

$2!." .0: 9.0: "0.0:

12.5:

12.0:

1".5:


23/33

Estimates

2013 201% 201& 201' 201

",502.4 ",3"9.! ",23!.3 ","57.3 ","44.9

95".7 99.3 ",02!.4 ",0!0." ",094.7

(30.0) ("34.0) 2.0 (30.0) ("34.0)

0.0 0.0 0.0 0.0 0.0

(29!.5) 35.9 2!.3 25. ("2.!)

(749.5) (770.5) (7!0.0) (!93.0) (!3.3) Bax rate

(50.7) (44!.) (4".!) (39".9) (37.7) 34:

'74% 7734& 1/1343 1/1243 1/02240

0.5 ".5 2.5 3.5 4.5

32. 73.0 9"7.7 34.5 !93.5

%/1&14&

Cost o, Ca"ital<

is< Eree ate 2.: Stoc< ;rice $"2.95

'uit is< ;remium !.0: +i#uted shares 0

eta ".4 Shares utstandin 337

Cost o, E;uit "".!: E;uit alue %/3&74

Bota# det 2,22!.0Cost o, Debt 7.0: ash 1!0.0

ost o* ;re*erred Stoc< 0.0: 8inorit interest 59!.0

=ACC 9.3: Enter"rise alue '/&014

'uit $4,359.

+et 2,22!.0

ap. Structure !,5!


24/33


25/33

!!:

34:


26/33


27/33

Com"arable Com"anies Analsis

($ in mi##ions)

Stoc: Stoc: "rice as .ar:et Enter"rise Enter"rise alue @

Com"an smbol o,


28/33

Com"arable com"s aluation analsis

Stats Ao Gih

20"2 AB8 'B+ 3,"7.0 2.0x 3.0x

20"3' 'B+ 2,454." ".5 2.5

Im"lied enter"rise alue

6et detIm"lied e;uti alue

Shares outstandin

Im"lied stoc: "rice alue


29/33

BI6DA Enter"rise alue @ eenue Price @ Earnings

201%E 2013E #6. 201%E 2013E #6. 201%E

3.4x 0.3x 0.3x 0.3x .2x 68 7.!x

.9x ".4x ".5x ".2x ".4x 50.5x "4.7x

2.!x 0."x 0."x 0."x .0x 3.!x 7.4x

3.4x 0.3x 0.3x 0.3x .2x 27."x 7.!x

5.0x 0.!x 0.!x 0.5x "".5x 27."x 9.9x

!.5x 2.7x 3.3x 2.3x "".9x "3.4x "0."x

"7.0x ".3x ".9x "."x "3."x 68 !4.4x

"".7x 2.0x 2.!x ".7x 75.0x "3.4x 37.3x

"".7x 2.0x 2.!x ".7x 75.0x "3.4x 37.3x

3405 0415 0415 0415 '425 9. '405


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'nterprise %a#ue

Ao Gih

!,35! 9,534

3,!" !,"35

&/017 /3&

2,"42 2,"422/ &/'73

33!.!7 33!.!7

4&% 1'471


31/33

&2 ee: ranage Com"arable a

#o F Gig+ #o F

"".4" 2.5" $.54

Share price

Shares outstandin

'uit %a#ue

6et det

'nterprise %a#ue

$"2.95

+E 'B+ method ana#sis

52 ee< hih #o

ompara#e compan ana#sis

+E ;erpetuit method ana#sis

$0.00 $"0.00 $2

$"3.97

$"".4"

$.54

$22.9


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alsis DC* EBI6DA met+od analsis C* Per"etuit met+od analsi

Gig+ #o F Gig+ #o F Gig+

$"!.9" $"3.97 $"9.7 $22.9 $30.2

$24 1 $2!

0.00 $30.00 $40.00 $50.00

$"9.7

$2.5"

$"!.9"

$30.2


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ateor Ao Spread Gih urrent

DC* EBI6 $"3.97 $5." $"9.7 $"2.95

&2 ee: + $"".4" $"7."0 $2.5" $"2.95

Com"ara $.54 $.3! $"!.9" $"2.95

DC* Per" $22.9 $7.39 $30.2 $"2.95

NYSF Best Buy Valuation

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