Companies
|
| |
2018E Adjusted
EPS Multiple |
| |||
Broadridge Financial Solutions, Inc.
|
| | | | 23.8x | | |
Computershare Limited
|
| | | | 17.2x | | |
Fidelity National Information Services, Inc.
|
| | | | 19.8x | | |
Companies
|
| |
2018E Adjusted
EPS Multiple |
| |||
Fiserv, Inc.
|
| | | | 23.8x | | |
Jack Henry & Associates, Inc.
|
| | | | 30.7x | | |
SEI Investments Company
|
| | | | 27.1x | | |
SS&C Technologies Holdings, Inc.
|
| | | | 20.1x | | |
Companies
|
| |
2018E Adjusted
EPS Multiple |
| |||
Cotiviti Holdings, Inc.
|
| | | | 24.2x | | |
CVS Health Corporation
|
| | | | 12.0x | | |
Express Scripts Holding Company
|
| | | | 10.3x | | |
HMS Holdings Corp.
|
| | | | 27.5x | | |
Allscripts Healthcare Solutions, Inc.
|
| | | | 26.4x | | |
Premier, Inc.
|
| | | | 15.4x | | |
|
Implied Per Share Equity Value Reference Ranges for DST 2018E Adj. EPS
|
| |
Merger Consideration
|
| |||
|
$59.75 – $73.50
|
| | | $ | 84.00 | | |
Companies
|
| |
2018E Adjusted
EBITDA Multiple |
| |||
Broadridge Financial Solutions, Inc.
|
| | | | 14.4x | | |
Computershare Limited
|
| | | | 12.9x | | |
Fidelity National Information Services, Inc.
|
| | | | 12.8x | | |
Companies
|
| |
2018E Adjusted
EBITDA Multiple |
| |||
Fiserv, Inc.
|
| | | | 15.5x | | |
Jack Henry & Associates, Inc.
|
| | | | 16.9x | | |
SEI Investments Company
|
| | | | 16.0x | | |
SS&C Technologies Holdings, Inc.
|
| | | | 15.8x | | |
Companies
|
| |
2018E Adjusted
EBITDA Multiple |
| |||
Cotiviti Holdings, Inc.
|
| | | | 14.3x | | |
CVS Health Corporation
|
| | | | 9.5x | | |
Express Scripts Holding Company
|
| | | | 7.5x | | |
HMS Holdings Corp.
|
| | | | 14.3x | | |
Allscripts Healthcare Solutions, Inc.
|
| | | | 12.8x | | |
Premier, Inc.
|
| | | | 8.1x | | |
|
Date
Announced |
| |
Acquiror(s)
|
| |
Target
|
| |
Estimated NTM Adjusted
EBITDA Multiples |
|
|
3/13/2017
|
| |
•
Vista Equity Partners Management, LLC
|
| |
•
DH Corporation
|
| |
9.9x
|
|
|
12/9/2015
|
| |
•
Computer Sciences Corporation
|
| |
•
Xchanging Plc
|
| |
7.1x
|
|
|
8/12/2015
|
| |
•
Fidelity National Information Services Inc.
|
| |
•
SunGard
|
| |
11.5x
|
|
|
7/23/2013
|
| |
•
DH Corporation
|
| |
•
Harland Financial Solutions, Inc.
|
| |
9.8x
|
|
|
5/28/2013
|
| |
•
Fidelity National Financial, Inc.
|
| |
•
Lender Processing Services, Inc.
|
| |
7.4x
|
|
|
1/14/2013
|
| |
•
Fiserv, Inc.
|
| |
•
Open Solutions Inc.
|
| |
8.5x
|
|
|
3/19/2012
|
| |
•
Vista Equity Partners Management, LLC
|
| |
•
Misys Ltd.
|
| |
11.3x
|
|
|
3/14/2012
|
| |
•
SS&C Technologies Holdings, Inc.
|
| |
•
GlobeOp Financial Services S.A.
|
| |
10.3x
|
|
|
3/24/2011
|
| |
•
DH Corporation
|
| |
•
Mortgagebot LLC.
|
| |
10.5x
|
|
|
1/12/2011
|
| |
•
CoreLogic, Inc.
|
| |
•
RP Data Limited
|
| |
9.8x
|
|
|
Date
Announced |
| |
Acquiror
|
| |
Target
|
| |
Estimated NTM Adjusted
EBITDA Multiples |
|
|
11/15/2017
|
| |
•
Diplomat Pharmacy, Inc.
|
| |
•
Leehar Distributors, LLC
|
| |
13.1x
|
|
|
4/25/2016
|
| |
•
Veritas Capital Fund Management, LLC
|
| |
•
Verisk Health, Inc.
|
| |
10.4x
|
|
|
3/30/2015
|
| |
•
UnitedHealth Group Inc.
|
| |
•
Catamaran Corporation
|
| |
14.8x
|
|
|
2/11/2015
|
| |
•
Rite Aid Corporation
|
| |
•
Envision Pharmaceutical Services, LLC
|
| |
12.9x
|
|
|
8/4/2011
|
| |
•
The Blackstone Group LP
|
| |
•
Emdeon Inc.
|
| |
10.6x
|
|
Implied Per Share Equity Value Reference Ranges for DST 2018E Adj. EBITDA
|
| |
Merger Consideration
|
| |||
$61.00 - $86.50
|
| | | $ | 84.00 | | |
|
Implied Per Share Equity Value Reference Range for DST
|
| |
Merger Consideration
|
| |||||||||
|
Terminal Multiple
|
| |
Perpetuity Growth Rate
|
| | ||||||||
|
$67.75 – $89.00
|
| | | $ | 62.75 – $91.50 | | | | | $ | 84.00 | | |
| | |
Fiscal Year Ending December 31,
|
| |
Terminal Year
|
| ||||||||||||||||||
| | |
2018E
|
| |
2019E
|
| |
2020E
|
| | ||||||||||||||
Unlevered Free Cash Flow
|
| | | $ | 221 | | | | | $ | 286 | | | | | $ | 331 | | | | | $ | 328 | | |