Price is what you pay. Value is what you get. Warren Buffett
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1 Jamaica Stock Exchange Junior Exchange Seminar 20 February 2009 IPO Valuation 1
2 Price is what you pay. Value is what you get. Warren Buffett 2
3 Pre IPO Value Factors Private capital structure Equity & Debt Post IPO capital structure Market value of assets employed assets and redundant assets Intangible value and goodwill created as a private entity Business model & business plan Comparable industry valuations or transactions Risk 3
4 IPO Pricing Methodologies IPO pricing is a triangulation of valuation methodologies, factors and considerations Traditional valuation techniques Industry Comparables Company characteristics Intangibles 4
5 IPO Price Box Traditional Valuation Techniques Capitalizing earnings/profits after tax Discounted cash flows EBITDA Multiple Price to Book Value Company Characteristics $ IPO PRICE Industry Comparables Industry metric benchmarks Listed company comparables Comparable business models Recent Transactions Intangibles Performance metrics profit margins, ROA, ROE Growth Rates Client mix and demographic Capital structure Brand appeal, recognition and value Management team Trademarks and copyrights Industry and market conditions 5
6 Traditional Valuation Techniques Past financial performance focus on growth, profitability, cash generation/burn, ROA, ROE Cash flow projections demonstrating future growth and how IPO cash injection will be deployed in the business Net asset/book value of the business asset valuations may be necessary Identifying non recurring income and expenses normalising income 6
7 Industry Comparables Company performance metrics vs industry standard Listed company comparables to guide on price multiples, leverage and performance ratios Free float of shares Pricing on past IPOs in the same industry Tracking price movement of listed industry counterparts 7
8 Industry PEs on the Big Board Average Industry P/E Ratios as at 17 February Finance Conglomorates General Services Hotel Insurance Manufacturing Mkt. Average* * Excludes P/E ratio for Hardware & Lumber 8
9 Company Characteristics Stage in the business cycle customer growth, demographic and geographic spread Past performance, with a focus on most recent 3-5 years has there been growth How is the business financed Debt to Equity The impact of the IPO on the future performance of the company reduce debt or expand enhanced income tax incentives on the Junior Market 9
10 Intangibles Brand value, appeal & recognition strong brand and trademarks owned by the company may warrant a higher price Market conditions is the time right for an IPO is there growing demand for the product, will a reduction in debt servicing improve performance significantly Governance and Management experience, future involvement, technical abilities and commitment 10
11 Valuation vs JSE Price The intrinsic value of a company very often differs from the market determined price, but there is liquidity and access to capital. A valuation exercise may include information that is not available to the public Discussions are held with management and boards that allow the valuator to make judgments on both a qualitative and a quantitative basis Market prices tend to reflect the minority position rather than an en bloc value of the business 11
12 Post IPO Value Factors Meeting business and strategic plan objectives presented pre IPO Growing revenues, profits and market share Liquidity of the stock following listing Disclosure and corporate governance Sustained strong leadership in the management team 12
13 Sierra Associates Limited Financial Advisory & Business Valuation Professionals Kathleen A J Moss, CBV kajmoss@sierraassociatesja.com Andrew Leo-Rhynie, CBV a.leorhynie@sierraassociatesja.com Mailing Address: 1A Braemar Avenue Kingston /6 13
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