ANALYTICAL SERVICES. November 2007
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1 ANALYTICAL SERVICES November 2007
2 Table of Contents Corporate Advisory Services Analytical Services -Targeting Studies Question & Answer 1
3 CORPORATE ADVISORY SERVICES
4 Overview Corporate Advisory Services offers the most comprehensive solution to publicly traded companies, leveraging 250 analysts and 1,200 global client relationships to provide unparalleled service. Capital Markets Intelligence Targeting - Premium Targeting - City Focus Lists Perception studies Analytical Services The Thomson Edge Strategic Intelligence Transaction Analysis We are uniquely positioned given our experience and insight. 3
5 ANALYTICAL SERVICES: TARGETING
6 Understanding Institutional Investors The sell-side is industry-focused, the buy-side is not Analysts and PMs employ screens when looking for potential investments Key Buy-side Portfolio Fundamental Screens: Market Capitalization: Micro, Small, Mid, Large, Mega Value: P/E, EV/EBITDA, EV/S, P/B, ROIC, Margins, WC (DSOs, Inventory Turns, etc.) Income: Dividend Yield Growth: Y-O-Y revenue, EPS, Buybacks, LT Secular Growth Estimates Leverage: Total Debt/Total Capital, Debt Rating Key Buy-side Non-Economic Drivers: Index Representation: S&P, Russell, Barra Value/Growth Intangibles: Management reputation, corporate governance Industry Position/share: Leader, strong follower, laggard, buyout candidate, turnaround Momentum: Price performance, earnings relative to consensus, estimate revisions And finally the industry in which the company competes 5
7 Practical Illustration Case Study: McDonald s vs. Burger King Sell-Side Coverage McDonald s Burger King Bank of America Cowen and Company First Global Stockbroking Ltd. Griffin Securities, Inc. Jefferies & Co. Merrill Lynch RBC Capital UBS Argus Research Bear, Stearns & Co. Citigroup Goldman Sachs & Co. JPMorgan Leman Brothers Morgan Stanley Wachovia Securities Deutsche Bank NA Sell-side coverage overlaps; McDonald and Burging King are viewed as peers. 6
8 Practical Illustration Case Study: McDonald s vs. Burger King Top 10 Institutional Shareholders and Investment Style McDonald s Dodge & Cox - Deep Value Marsico Capital Mgmt, LLC - Core Growth AllianceBernstein L.P. - Core Growth State Street Global Advisors (US) - Index Vanguard Group, Inc. - Index Harris Associates L.P. -Core Value Barclays Global Investors, N.A. - Index Fidelity Management & Research - GARP Capital Research & Mgmt Co. -Core Value Pershing Sq Capital Mgmt, L.P. Hedge Fund Burger King Texas Pacific Group VC/Private Equity Bain Capital, LLC VC/Private Equity Goldman Sachs & Company, Inc - Deep Value Fidelity Management & Research - GARP J.P. Morgan Investment Mgmt -GARP Arience Capital Mgmt LP Hedge Fund SLS Management, LLC Hedge Fund Calamos Advisors, LLC - Growth Chilton Investment Co., Inc. - Core Growth Glenview Capital Management -Growth One common shareholder among the top 10 investors 7
9 Practical Illustration Case Study: McDonald s vs. Burger King Top 10 Mutual Fund Shareholders and Investment Style McDonald Dodge & Cox Stock Fund - Deep Value Vanguard 500 Index Fund - Index Dodge & Cox Balanced Fund - Deep Value Vanguard Wellington Fund - Yield CREF Stock Account - Index Oakmark Select Fund -Core Value Vanguard Total Stock Mkt Index Fund - Index American Funds Washington Mutual - Yield First Eagle Global Fund Core Value Vanguard Institutional Index Fund - Index Burger King JPMorgan Mid Cap Value Fund -Core Value AIM Constellation Fund - Momentum Fidelity Independence Fund - Core Growth Calamos Growth Fund - Core Growth Olstein All Cap Value Fund -GARP Putnam Investors Fund - Core Growth AIM Dynamics Fund -Momentum AIM Capital Development Fund - Core Growth JPMorgan Diversified MidCap Gr Fund - Momentum Vanguard Explorer Fund -Growth No common holders among the top 10 mutual funds 8
10 Practical Illustration Case Study: McDonald s vs. Burger King Investment Driver McDonald Burger King Differentiator Market Cap $71.20 Billion $3.6 Billion Yes Dividend Yield 2.5% 0.95% Yes Forward PE 20.9x 20.8x No Long-term EPS Growth 9% 15% Yes S&P 500 Constituent Yes No Yes Sector Restaurants Restaurants No Source: Thomson Financial, as of 1/11/07 Both sell burgers and fries, but investment profiles are very different 9
11 Practical Illustration Key Takeaways Understand the financial community Sell-side is organized by industry, buy-side is not Investment banks serve multiple constituencies, not all of which have a company s best interest in mind Money managers reliance on the sell-side during decision-making process has decreased Valuation drives investment Foundation for strategic targeting begins with a company s financial profile Comparative valuation relative to the market, industry and competitors for capital are all considered Institutional knowledge is powerful Investors display particular preferences for growth/value/income Not all firms are receptive to contact; many prefer direct contact with companies they own Investment style labels are only one piece of the puzzle A company should be aware of any non-financial drivers and activist tendencies Effective targeting equals unbiased quantitative & qualitative insight 10
12 Targeting Methodology Current position plus the amount of additional capital available to invest in the stock Portfolio Weights Market cap bucket Industry Recent trading (sector & regional rotation) Purchasing Power Portfolio Allocation Qualitative Characteristics Priority Rank Peer Ownership Investment horizon Investment style Discretion over assets Receptiveness Fundamental Drivers Competitors For Capital Fundamental peers Industry peers Investor Preference Market capitalization P/E, EV/EBITDA, P/S EPS growth Dividend yield Strategic targeting does not equal Who owns our peers, but not us 11
13 Targeting Offerings Premium Targeting - Retainer Relationship Dedicated analyst and team, available for consultation on topics such as road shows, common practices, and for institutional insight Annual investor analysis, targeting report Premium Targeting One-off Investor analysis, targeting report (Global, US, Europe, Asia) Executive-level presentation Executive-level presentation City focus lists City Focus Lists Investor analysis, targeting list for 1 to 4 cities including recommended schedule for a Non-Deal Roadshow 12
14 World s leading companies... leverage Thomson to build innovative investor management strategies for roadshows, cash deployment, capital structuring, spin-offs, IPOs, and acquisitions In 2007 alone, 190+ companies in all industries, over all market sizes, ranging from best-in-class to developing, emerging, and recovering have gained a competitive advantage through Thomson 13
15 QUESTION & ANSWER
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