Italian Small Cap Financial Advisory - Team - Methorios Capital

Global & Italian Listed Player - Multiples
‣ The below chart indicates analysts forecasts for Enterprise Value and Market Capital value as a multiple of Sales
and Net Income.
EV as a multiple of
Equity as a multiple of
Mkt Cap €/Mln
Sales Sales Net Income
@ 30/12/2010
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012
LAZARD LTD-CL A 3,539 3.16 x 2.77 x 2.42 x 2.14 x 2.88 x 2.52 x 2.20 x 1.95 x na 21.11 x 14.18 x 12.16 x
GREENHILL & CO INC 1,800 7.94 x 7.74 x 5.49 x 4.52 x 8.02 x 7.81 x 5.54 x 4.57 x 33.63 x 45.51 x 23.41 x 20.13 x
EVERCORE PARTNERS INC-CL A 955 4.38 x 3.87 x 2.86 x 2.36 x 3.77 x 3.33 x 2.46 x 2.03 x na 32.08 x 18.23 x 13.91 x
KBW INC 743 2.19 x 1.98 x 1.63 x 1.39 x 2.55 x 2.31 x 1.90 x 1.62 x 41.89 x 32.64 x 16.91 x 13.03 x
PIPER JAFFRAY COS 547 239x 2.39 239x 2.39 215x 2.15 204x 2.04 151x 1.51 151x 1.51 136x 1.36 129x 1.29 23.97 x 38.11 x 18.8282 x 18.02 x
ABG SUNDAL COLLIER HOLDING 427 2.47 x 2.08 x 1.92 x 1.79 x 3.28 x 2.75 x 2.54 x 2.38 x 16.20 x 12.62 x 12.09 x 11.39 x
MITTEL SPA 218 6.75 x 18.33 x 24.12 x 30.56 x 3.20 x 8.70 x 11.45 x 14.50 x na na 54.38 x 72.50 x
NUMIS CORPORATION PLC 167 0.80 x 0.69 x 0.75 x na 2.76 x 2.41 x 2.59 x na na na na na
TAMBURI INVESTMENT PARTNERS 156 33.50 x 18.01 x 15.44 x na 48.31 x 25.97 x 22.26 x na 151.94 x 31.16 x 31.16 x na
ARBUTHNOT BANKING GROUP PLC 70 1.33 x 1.42 x 1.31 x 1.20 x 1.04 x 1.12 x 1.03 x 0.94 x 17.22 x 16.10 x 11.79 x na
RODMAN & RENSHAW CAPITAL GRP 68 0.67 x 0.88 x 0.60 x na 0.68 x 0.90 x 0.62 x na 3.31 x 64.13 x 5.32 x na
METHORIOS CAPITAL 50 16.05 x na na na 14.95 x na na na 52.53 x na na na
Average 6.80 x 5.47 x 5.33 x 5.75 x 7.75 x 5.39 x 4.90 x 3.66 x 42.59 x 32.61 x 20.63 x 23.02 x
Median 2.82 x 2.39 x 2.15 x 2.09 x 3.04 x 2.52 x 2.46 x 1.99 x 28.80 x 32.08 x 17.57 x 13.91 x
Source: Bloomberg 30/12/2010
‣ The below table indicates multiples related to listed Italian operators in the financial advisory sector.
EV as a multiple of
Equity as a multiple of
Mkt Cap €/Mln
Sales Sales Net Income
@ 30/12/2010
2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012
MITTEL SPA 218 6.75 x 18.33 x 24.12 x 30.56 x 3.20 x 8.70 x 11.45 x 14.50 x na na 54.38 x 72.50 x
TAMBURI INVESTMENT PARTNERS 156 33.50 x 18.01 x 15.44 x na 48.31 x 25.97 x 22.26 x na 151.94 x 31.16 x 31.16 x na
METHORIOS CAPITAL 50 16.05 x na na na 14.95 x na na na 52.53 x na na na
Average 18.77 x 18.17 x 19.78 x 30.56 x 22.15 x 17.33 x 16.85 x 14.50 x 102.24 x 31.16 x 42.77 x 72.50 x
Median 16.05 x 18.17 x 19.78 x 30.56 x 14.95 x 17.33 x 16.85 x 14.50 x 102.24 x 31.16 x 42.77 x 72.50 x
Source: Bloomberg 30/12/2010
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