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MSTrainingJuly2001ProjectTrainingMORGANSTANLEYDEANWITTERNYIBDF13\162526\A2\11JUL2001\6:53AM\1TableofContentsProjectTrainingMORGANSTANLEYDEANWITTERNYIBDF13\162526\A2\11JUL2001\6:53AM\3Section1OverviewSection2MorganStanleyFinancialDefinitionsSection3Market-BasedValuationTabAComparableCompaniesAnalysisTabBPrecedentTransactionsAnalysisSection4IntrinsicValuationTabCDiscountedCashFlowAnalysisSection5MergerAccounting/AnalysisTabEAccountingIssuesTabFContributionAnalysisTabGMini-MergerAnalysisTabHValueCreationAnalysisTabIPotentialImpactofNewAccountingRulesTabJOverviewofFormerAccountingPracticesSection6RestructuringTableofContents(cont'd)ProjectTrainingMORGANSTANLEYDEANWITTERNYIBDF13\162526\A2\11JUL2001\6:53AM\4Section7EquityCapitalMarketServicesSection8FixedIncomeCapitalMarkets(“FICM”)Section9CaseStudiesTabKZiff-DavisTabLUPSTabMAPAMergerTabNRealEstateTabOAmericanGeneralTabPAOLTimeWarnerSection1OverviewProjectTrainingMORGANSTANLEYDEANWITTERNYIBDF13\162526\A2\11JUL2001\6:53AM\5ProjectTrainingOverviewValuationOverview•MorganStanleyusesfourprimaryvaluationtechniquestoestablishthevaluerangeforacompanyMORGANSTANLEYDEANWITTERCompanyValueComparableCompanyTradingAnalysisPrecedentTransactionAnalysisDiscountedCashFlowAnalysisLeveragedBuyoutAnalysis1NYIBDF13\162526\A2\11JUL2001\6:53AM\6ProjectTrainingOverviewSummaryofValuationTechniques•Thereisnosingle“correct”valuationtechnique.However,eachapproachhasstrengthsandweaknessesandshouldbeusedinthecontextofeachspecificsituation•GenerallyseveralvaluationtechniquesareusedtodetermineavaluerangeMORGANSTANLEYDEANWITTERValuationMethodDescriptionCommentsComparableCompanyTradingAnalysis•ProvidesCompany’simpliedvalueinthepublicequitymarketsthroughanalysisofcomparablecompanies’tradingandoperatingstatistics•Doesnotincludecontrolpremium•“Fullydistributed”tradingvalue•Applymultiplesderivedfromsimilaror“comparable”publiclytradedcompaniestocompany’soperatingstatistics•Reliabilitydependsonthelevelofcomparabilityofotherpubliclytradedcompanies–industry–rangeofproducts–revenuebase(size)–geographicalpresence–profitability–growth•AchangeofcontrolpremiummaybeappliedtoestimateprivatemarketvaluePrecedentTransactionsAnalysis•Providesprivatemarketbenchmarkina“changeofcontrol”scenario•Doesincludecontrolpremium•Applymultiplesderivedfromsimilaror“comparable”precedentM&AtransactionstoCompany’soperatingdata•Reliabilitydependsonnumberofrecentprecedenttransactionsandtheirdegreeofcomparability,aswellastherelativesupplyanddemandforacertaintypeofassetatthetimeofthetransaction•MarketcyclesandvolatilitymayalsoaffectvaluationDiscountedCashFlowAnalysis•Theoreticalvaluation•ProjecttheCompany’sfutureoperatingcashflowsforfiveyearsormoreandcalculatethepresentvalueofthosecashflowsandoftheterminalvalueusinganappropriatecostofcapitalandterminalvaluemethodology•Thisanalysisisheavilydependentoncashflowandgrowthcharacteristicsofthecompany,andtheterminalvalueassumptionLeveragedBuyoutAnalysis•Determinetherangeofpricesthatafinancialbuyerwouldbewillingtopayforanassetassumingarangeoftargetratesofreturn•ThisanalysisisheavilydependentonthecashflowprofileoftheassetexitvalueassumptionOther•Checkifthereareanyothersourcesofvalueinaparticulartransaction•Netoperatinglosscarryforwards(“NOLs”)•Synergies•Offbalancesheetitems•Break-upvalue•Differentvaluationtechniquesmightapply2NYIBDF13\162526\A2\11JUL2001\6:53AM\7ProjectTrainingOverviewApplicationsofValuationTechniquesMORGANSTANLEYDEANWITTER•ValuationanalysisiscentraltotheadviceMorganStanleygivesitsclientsandisusedbroadlythroughoutthefirm•Applicationsofvaluationanalysisinclude:-Acquisitions-Howmuchwouldonebewillingtopaytobuythecompany?-Divestitures-Howmuchcanthecompany/divisionbesoldfor?-FairnessOpinion-Isthepriceofferedforthecompany/divisionfairfromafinancialpointofview?-PublicEquityOfferings-Howmuchvaluecanbeobtainedinthepublicmarketforthecompany/division?-Restructurings-Whatisthevaluethatcanbegeneratedthrougharestructuringofthecompany?-NewBusinessPresentations-Variousapplications3NYIBDF13\162526\A2\11JUL2001\6:53AM\8Section2MorganStanleyFinancialDefinitionsProjectTrainingMORGANSTANLEYDEANWITTERNYIBDF13\162526\A2\11JUL2001\6:53AM\9MorganStanleyFinancialDefinitionsTheBasicEquationsProjectTrainingMORGANSTANLEYDEANWITTERNYIBDF13\162526\A2\11JUL2001\6:53AM\104AV=EV+NetDorEV=AV-DEV=NIxP/ENI=(EBIT-Int.Exp.)(1-t)Int.Exp=DxrD=L%*AVDefinitions:AV=AssetvalueEV=Equityvalue(market)D=Debt(net)P/E=Pricetoearningsratio(=pricepershare/earningspershare)NI=NetincomeEBIT=Earningsbeforeinterestandtaxest=taxrater=interestrateL%=D/(D+EV),orleverageMorganStanleyFinancialDefinitionsDynamicModelOverviewRelationshipsBetweenKeyFinancialStatementsProjectTrainingMORGANSTANLEYDEANWITTERNote1.Depreciationoffactory-relateditemscanbefoundinCostofGoodsSold.Depreciationoneverythingelse(headquarters,copiersincorporateoffices,etc.)canbefoundinSG&ANYIBDF13\162526\A2\11JUL2001\6:53AM\115BalanceSheetCash+Inventory+AccountsReceivable+PP&E=TotalAssets+AccountsPayable+Debt+Shareholders’Equity=TotalLiabilitiesandShareholders’EquityWorking