Italian Small Cap Financial Advisory - Team - Methorios Capital

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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 144
Share price performance of global listed players (>€ 300 mln mkt cap) ‣ If we separate the medium and large cap from the smaller cap companies we are able to see there is asignificant difference in share price performance. One noticeable trend is that all companies, with exception to Piper Jaffrays, experienced a rebound in share price after a significant decline in the first half of the year. ‣ The best performing companies with respect to share price return in local currency were Evercore (+11.8%) and ABG Sundal (+7.7%). Lazard Greenhill ABG Sundal KBW Piper Jaffray Cos Evercore 130 120 110 100 90 80 70 60 50 Source: Bloomberg 31/12/2010 145
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Italian Small Cap Financial Advisor
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Index - K-Finance..................
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Small cap M&A and IPO market
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Small Cap M&A Market by Sector ‣
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Leadership AIM Italia IPO listings
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Italian market leaders ‣ The abov
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Italian Advisor Locations * Head of
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Local Player Analysis ‣ The follo
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Domestic non listed players
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AdviCorp ‣ AdviCorp is a provider
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AdviCorp Jonathan Croft Head of Cap
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Ambromobiliare INCOME STATEMENT 200
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Ambromobiliare Andrea Mastagni Dire
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Arché Advisor INCOME STATEMENT 200
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Arietti & Partners ‣ Arietti & Pa
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Arietti & Partners TEAM - Curriculu
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Baldi & Partners • October 2007:
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Baldi & Partners TEAM - Curriculum
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BP&A Bernardini, Postacchini & Asso
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Borghesi, Colombo e Associati ‣ T
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Caretti & Associati Corporate Finan
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Cassiopea Partners ‣ Cassiopea Pa
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Cassiopea Partners Luigi Aiello Lui
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Cassiopea Partners Tommaso Ferrari
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Cavour Corporate Finance ‣ In 200
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Cavour Corporate Finance TEAM - Cur
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Cavour Corporate Finance Filippo Av
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Consilia Business & Management INCO
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Continisio Sanfelice di Bagnoli & P
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Cross Border ‣ Cross Border was f
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Cross Border TEAM - Curriculum Vita
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DGPA & Co. ‣ DGPA Advisory, a sub
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DGPA Advisory DGPA Advisory Board o
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DGPA & Co. Massimo Girardi In 1983
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Eidos Partners ‣ Eidos Partners i
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Eidos Partners • December 2010: N
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Eidos Partners TEAM - Curriculum Vi
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EnVent • June 2010: EnVentacted i
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EnVent TEAM - Curriculum Vitae Fran
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Fineurop ‣ Fineurop Group is owne
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Fineurop INCOME STATEMENT 2008 2009
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Inteam Board of Directors Marco Sar
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K Finance ‣ K Finance is an advis
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K Finance ‣ Currently K Finance h
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K Finance TEAM - Curriculum Vitae G
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K EP Consulting ‣ KEP Consulting
Page 93 and 94: K EP Consulting INCOME STATEMENT 20
Page 95 and 96: Klecha & Co. ‣ Some of the deals
Page 97 and 98: Kon - Business and Financial Adviso
Page 99 and 100: Kon - Business and Financial Adviso
Page 101 and 102: Lucciola & Partners ‣ New client
Page 103 and 104: Madison Corporate Finance ‣ Madis
Page 105 and 106: Marco Polo Advisor ‣ Marco Polo i
Page 107 and 108: Marco Polo Advisor INCOME STATEMENT
Page 109 and 110: Marco Polo Advisor Alberto Romersa
Page 111 and 112: Natali & Partners INCOME STATEMENT
Page 113 and 114: Pentar • Pentar is a company that
Page 115 and 116: Pentar TEAM - Curriculum Vitae Mich
Page 117 and 118: Pentar Cinzia Rascazzo Cinzia Rasca
Page 119 and 120: Universoft ‣ Universoft is an adv
Page 121 and 122: Vitale & Associati ‣ Vitale & Ass
Page 123 and 124: Vitale & Associati • March 2010:
Page 125 and 126: Vitale & Associati TEAM - Curriculu
Page 127 and 128: Vitale & Associati Giacomo Bindi Ex
Page 129 and 130: Italian Listed Players ‣ The foll
Page 131 and 132: Gruppo MITTEL ‣ Activity related
Page 133 and 134: Gruppo MITTEL TEAM - Curriculum Vit
Page 135 and 136: Tamburi Investment Partners ‣ Sec
Page 137 and 138: Tamburi Investment Partners TEAM -
Page 139 and 140: Methorios Capital ‣ Recent IPO ad
Page 141 and 142: Methorios Capital TEAM - Curriculum
Page 143: Global Listed Players ‣ This sect
Page 147 and 148: Lazard Ltd Company Name Lazard Ltd
Page 149 and 150: Evercore Partners Company Name Ever
Page 151 and 152: Piper Jaffray Cos Company Name Pipe
Page 153 and 154: Numis Corporation Company Name Numi
Page 155 and 156: Rodman & Renshaw Capital Group Rodm
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