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7	member 3/28/13 9:30PM RE: RE: question - 2014-15 + Square 6
Thanks for your question, consensus EBITDA is $679mm in 2014 and $736mm in 2015, which if we use $23.35 on roughly 215mm shares and $1.2bn of net debt gets us to 9.2x '14E and 8.5x... login to read the rest view available tags
6	member 3/24/13 7:01PM RE: question - 2014-15 + Square 5
VG - given the long-term nature of contracts here (3-5yrs with merchants 5-6yrs with banks) where do you shake out if you look at valuation on a 2014-15 time horizon? Separately, it seems the leg down... login to read the rest view available tags
5	member 12/26/12 3:58PM Updated Valuation and Risk/Reward
Old New Last 21.00 21.00 S/O (MM) 129 215 Mkt Cap 2,709 4,515 Net Debt 863 863 TEV 3,572 5,378 Old New LTM 3Q12 EBITDA (MM) 498.0 7.2x 10.8x 2013E EBITDA (MM) 560.0 6.4x 9.6x Old New LTM 3Q12 FCF (MM) 275.0 9.9x 16.4x 2013E FCF (MM) 320.0 8.5x 14.1x Downside @ 9x LTM EBITDA 16.8 = ((9 x 498) - 863 )/215 Downside @ 14x LTM FCF 17.9 = (14 x 275)/215 Average Downside... login to read the rest view available tags
4	member 12/24/12 12:28PM RE: RE: Share count 3
Hi dionis589 and gandalf, yep, my sharecount is off, which shifts the valuation multiples and the risk reward. Humble apologies, CapIQ, my normal sanity check, needs to be corrected as well. view available tags