Presentation - World Services Group

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Precedent Transactions• Steps:1) Identify change-of-control transactions with target companiesthat are meaningfully comparable to the subject company2) Determine (available) valuation multiples that are mostapplicable to relevant industry (e.g., EV/EBITDA)3) Analyze the transaction multiples to determine appropriaterange for subject company4) Apply selected multiple range to subject company financialresults• Valuation multiple may reflect transaction-specificsynergies30
Considerations for Precedent Transactions• Precision of multiples impacted by:– Lesser information available for private target companies– Transaction structures may differ, for example:• Stock versus cash consideration• Tax / NOL implications• Distressed versus healthy target• True “comparable” transactions may be limited in number31
Page 3: 19951996199719981999200020012002200
Page 6 and 7: M&A: The Year in Review and a Look
Page 8 and 9: Q2'95Q1'96Q4'96Q3'97Q2'98Q1'99Q4'99
Page 14 and 15: M&A Valuation MethodologiesJeffrey
Page 16 and 17: Discounted Cash Flow Method16
Page 18 and 19: Simplified FCF Calculation (One Yea
Page 20 and 21: Discounted Cash Flow: Projections
Page 22 and 23: Current Issues Impacting DCF Method
Page 24 and 25: Guideline Public Company Method (GP
Page 26 and 27: Considerations for GPCM (cont’d)
Page 28 and 29: Current Issues Impacting GPC Method
Page 32 and 33: Current Issues Impacting Precedent
Page 34 and 35: Summary and Other Considerations•
Page 36 and 37: ‣ One of the larger locally owned
Page 38 and 39: ‣ Medical Practice Acquisitions
Page 40 and 41: ‣ Financial Modeling- Valuation-
Page 42: ‣ Accounting - Post-Close- Audit-

Presentation - World Services Group

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