Table of Contents
Page
Public Company Profiles
3
Private Company Profiles
133
Keynote Speakers
147
Jefferies Investment Banking Biographies
157
Jefferies Equity Research Biographies
177
Important Disclosures
186
Global Technology, Media & Telecom Conference
1
Conference Notes
2
Public Company Profiles
3
21Vianet Group, Inc.
129
Ticker:
VNET
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGM
Jefferies Analyst:
Not Covered
Target Price:
$8.95
(as of Apr 26, 2013)
N/A
Business Description
Founded:
Employees:
1999
Location:
745
Beijing, China
21Vianet Group, Inc. provides carrier-neutral Internet data center services in the People’s Republic of China. The company provides
hosting and related services to house servers and networking equipment in its data centers, and connects them through a data
transmission network; and other hosting related value-added services. Its hosting and related services include managed hosting services that
offer data center space to house customers’ servers and networking equipment and provide tailored server administration services;
interconnectivity services, which allow customers to connect their servers with Internet backbones in China and other networks through
the company’s border gateway protocol network or single-line, dual-line, or multiple-line network; content delivery network services;
cloud infrastructure services; and value-added services comprising firewall services, server load balancing, data backup and recovery,
data center management, server management, and backup server services. The company also provides traffic charts and analysis,
gateway monitoring for servers, domain name system setup, defense mechanism against distributed denial of service attacks, basic setting of
switches and routers, and virus protections. In addition, it offers managed network services, which allow customers to transmit data
across the Internet through its hosting area network and data transmission network, which connects the servers housed in its data
centers; and route optimization services. As of December 31, 2012, the company operated 10 self-built and 71 partnered data centers
located in 42 cities in China with approximately 11,900 cabinets. Its customers include Internet companies, blue-chip enterprises,
government entities, and small- to mid-sized enterprises. The company was founded in 1999 and is headquartered in Beijing, the People’s
Republic of China.
Trading Data
(as of Apr 26, 2013)
Financial Projections
(USD)
Share Price
$8.95
% of 52-Week High
52-Week High
52-Week Low
90-Day Avg. Daily Trading Volume (000s)
Fiscal Year End
Enterprise Value Calculation
(Consensus, unless otherwise noted)
65.7%
$13.63
8.39
232
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$680.9
Total Debt
FY 2014E
$327.3
59.3
$0.11
0.56
$446.3
90.9
$0.48
0.85
1.4x
Enterprise Value / Revenue
79.7
Minority Interest
Preferred Equity
Cash and Cash Equivalents
Enterprise Value
FY 2013E
$244.5
47.2
$0.15
0.15
Valuation Metrics
(USD millio ns)
Market Capitalization (fully-diluted)
(USD millio ns, except per share data)
LTM
Enterprise Value / EBITDA
3.0
–
145.1
$618.5
Price / Earnings (GAAP)
Price / Earnings (Adjusted)
Total Debt / EBITDA
2.5x
1.9x
13.1x
10.4x
6.8x
NM
NM
1.7x
NM
15.9x
1.3x
18.5x
10.5x
0.9x
NM when multiples are less than zero and/or greater than 50.0x for P/E, 40.0x for EV/EBITDA.
NA when not available.
Price / Volume — Last Twelve Months
$14.00
1,500
$12.00
Price (USD)
900
$8.00
$6.00
Volume (000s)
1,200
$10.00
600
$4.00
300
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
Cash and Cash Equivalents includes: Cash, Short Term Investments, Long Term Investments, Restricted Cash
12/12
4
Sources: Company filings and Capital IQ as of April 26, 2013.
Pric
8x8 Inc.
120
Ticker:
EGHT
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$7.32
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1987
Location:
301
San Jose, CA (United States)
8x8, Inc. develops and markets telecommunications services for Internet protocol (IP), telephony, and video applications. It also
offers contact center, Web-based conferencing, and unified communications services, as well as cloud-based computing services. The
company provides the 8x8 Virtual Office, a hosted private branch exchange service targeting the small and medium-sized business market;
the 8x8 Virtual Contact Center service, an integrated hosted call center solution that works with various broadband Internet
connections and offers enterprise class contact center functionality combined with Virtual Office calling features; the 8x8 Virtual Office Pro
unified communications solution that allows subscribers to manage business communications functions online through a centralized
Web-based portal through a PC, laptop, tablet, or smart phone; and the 8x8 managed hosting and cloud-based computing solutions for
business customers. In addition, it offers the 8x8 IP Telephones, such as various models of Polycom IP phones and speakerphones featuring
high definition HD audio, corporate directory display and lookup, intercom paging, shared line appearance, and power over Ethernet.
The company markets its services under the 8x8 brand to end users through direct sales force, Website, and third party resellers
primarily in the United States. As of March 31, 2012, it had approximately 28,500 business customers. 8x8, Inc. was founded in 1987 and is
headquartered in San Jose, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$7.32
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
92.1%
$7.95
3.80
720
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$519.5
Total Debt
FY 2014E
$107.4
17.5
$0.19
0.20
$126.3
23.9
$0.19
0.28
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$103.2
16.1
$1.02
1.02
Valuation Metrics
(USD millio ns)
LTM
–
–
46.5
$472.9
Total Debt / EBITDA
4.6x
4.4x
3.7x
29.4x
27.0x
19.8x
7.2x
7.2x
–
39.2x
36.6x
–
39.4x
25.7x
–
$9.00
6,000
$8.00
5,000
Price (USD)
$6.00
4,000
$5.00
3,000
$4.00
$3.00
Volume (000s)
$7.00
2,000
$2.00
1,000
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
5
Pric
Advanced Micro Devices, Inc.
70
Ticker:
AMD
Jefferies Rating:
BUY
Price:
$2.68
Exchange:
NYSE
Jefferies Analyst:
Mark Lipacis
Target Price:
$4.00
(as of Apr 26, 2013)
Founded:
Employees:
1969
Location:
9,844
Sunnyvale, CA (United States)
Advanced Micro Devices, Inc. (AMD) operates in two segments: Computing Solutions and Graphics. The Company designs, develops and
sells microprocessor products, such as central processing units (CPU) and accelerated processing units (APU) for servers, desktop PCs and
mobile devices. Its microprocessors for server platforms include AMD Opteron 6000, 4000 and 3000 series processors; APUs for mobile
PC platforms consist of performance mainstream AMD A-Series APU, the AMD E-Series APU for everyday performance, the AMD C-Series APU
for HD Internet experiences in small form factors, and the AMD Z-Series APU for Windows-based tablets; and CPUs for mobile PC
platforms comprise the AMD Phenom II mobile processor, AMD Turion X2 mobile processor, AMD Turion II mobile processor, AMD Turion II ultra
mobile processor, and AMD Athlon II processor. The Company’s APUs for desktop PC platforms primarily comprise the AMD A Series APU and
the AMD E-Series APU, second generation desktop AMD FX processors, and AMD A-Series APUs for mainstream desktop platforms; and CPUs
for desktop PC platforms include AMD FX processors, AMD Athlon II processors and AMD Sempron processors. AMD also offers embedded
processor products for vendors in industrial controls, digital signage, point of sale / self-service kiosks, medical imaging, set-top
box and casino gaming machines. In addition, it provides chipset products with and without integrated graphics processors for desktop
PCs and servers, and AMD controller hub-based chipsets for its APUs; and graphics, video, and multimedia products for use in desktop
and notebook computers.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$2.68
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
34.7%
$7.72
1.81
15,719
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,885.5
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
$4,925.0
(70.0)
($1.00)
(1.00)
FY 2013E
FY 2014E
$4,711.4
250.6
($0.33)
(0.26)
$5,019.9
460.9
$0.00
(0.01)
Valuation Metrics
(USD millio ns)
LTM
0.6x
0.6x
0.5x
2,042.0
NM
11.0x
6.0x
–
–
1,183.0
$2,744.5
Total Debt / EBITDA
NM
NM
NM
NM
NM
8.1x
NM
NM
4.4x
$9.00
120,000
$8.00
100,000
Price (USD)
$6.00
80,000
$5.00
60,000
$4.00
$3.00
Volume (000s)
$7.00
40,000
$2.00
20,000
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
6
Price
Advent Software, Inc.
78
Ticker:
ADVS
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$27.40
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1983
Location:
1,222
San Francisco, CA (United States)
Advent Software, Inc. provides software products and services for automating and integrating data and work flows across the investment
management organization, as well as between the investment management organization and external parties worldwide. The company engages
in the development, marketing, and sale of software products, hosting services, data interfaces, and related maintenance and services that
automate, integrate, and support mission-critical functions of investment management organizations. It also offers various professional
services, which include consulting, project management, implementation and integration, custom report writing, and training, as well as data
conversion services. In addition, the company provides Web-based, outsourced portfolio management, and reporting platforms for
independent advisors; and margin management and financing software to hedge funds and prime brokers. It primarily serves asset managers,
wealth managers, registered investment advisors, prime brokers, fund administrators, hedge funds, family offices, broker dealers, foundations,
pension funds, endowments, and funds of funds. Advent Software, Inc. was founded in 1983 and is headquartered in San Francisco, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$27.40
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.7%
$29.88
20.85
170
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,383.5
Total Debt
FY 2014E
$376.3
124.4
$0.83
1.23
$401.3
136.0
$0.94
1.36
3.2x
92.5
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$364.4
78.7
$0.67
0.67
Valuation Metrics
(USD millio ns)
LTM
–
–
184.7
$1,291.3
3.5x
3.4x
16.4x
10.4x
9.5x
Total Debt / EBITDA
40.6x
40.9x
1.2x
32.9x
22.3x
0.7x
29.0x
20.2x
0.7x
$35.00
1,400
$30.00
1,200
$25.00
1,000
$20.00
800
$15.00
600
$10.00
400
$5.00
200
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
7
Pric
Akamai Technologies, Inc.
117
Ticker:
AKAM
Jefferies Rating:
HOLD
Price:
$43.03
Exchange:
NasdaqGS
Jefferies Analyst:
Aaron Schwartz
Target Price:
$40.00
(as of Apr 26, 2013)
Founded:
Employees:
1998
Location:
3,074
Cambridge, MA (United States)
Akamai Technologies, Inc. provides content delivery and cloud infrastructure services for accelerating and improving the delivery of
content and applications over the Internet in the United States and internationally. It offers application and cloud performance
services, solutions for digital media and software distribution and storage, Website optimization services, security tools, network
operator solutions, and other specialized Internet-based offerings. The company’s solutions include Terra solutions, such as Terra Alta
that are designed to improve the operation of dynamic applications used by enterprises to connect with their employees, suppliers, and
customers; and Aqua solutions, including Aqua Ion, Aqua Ion Mobile, and Dynamic Site Accelerator, which are designed to accelerate
business-to-consumer Websites that integrate collaborative content and applications into their online architecture. Its solutions also
comprise Sola solutions, such as Sola Sphere HTTP delivery network, Sola Vision, Sola Media Analytics, and Sola Software Distribution
that are designed to enable enterprises to execute digital media and software distribution strategies; Kona Security Solutions,
including Site Defender and Web Application Firewall for overall Web security; and Aura Network Solutions, a line of managed and licensed
content delivery network offerings designed specifically for network operators to build their own content delivery network
capabilities. The company markets and sells its services and solutions through direct sales and services organization; and through active
channel partners. It has a strategic partnership with Swisscom AG. The company was founded in 1998 and is headquartered in Cambridge,
Massachusetts.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$43.03
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
98.5%
$43.68
25.90
4,466
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$7,584.6
Total Debt
FY 2014E
$1,543.8
656.1
$1.45
1.93
$1,747.1
754.4
$1.66
2.18
3.7x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$1,422.5
628.1
$1.27
1.27
Valuation Metrics
(USD millio ns)
LTM
–
–
1,082.4
$6,502.1
4.6x
4.2x
10.4x
9.9x
8.6x
Total Debt / EBITDA
33.9x
33.9x
–
29.8x
22.3x
–
25.9x
19.7x
–
$45.00
30,000
$40.00
25,000
Price (USD)
$30.00
20,000
$25.00
15,000
$20.00
$15.00
Volume (000s)
$35.00
10,000
$10.00
5,000
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
8
Pric
Allot Communications Ltd.
1
Ticker:
ALLT
Jefferies Rating:
BUY
Price:
$11.35
Exchange:
NasdaqGS
Jefferies Analyst:
Peter Misek
Target Price:
$20.00
(as of Apr 26, 2013)
Founded:
Employees:
1996
Location:
442
Hod-Hasharon, Israel
Allot Communications Ltd. develops, markets, and sells intelligent Internet protocol service optimization solutions in the United
States, the Middle East, Africa, Europe, Asia, Oceania, and rest of the Americas. The company offers high-performance platforms, including
Allot Service Gateway platform that integrates network intelligence, policy enforcement, and revenue-generating services for fixed,
mobile, and converged broadband networks; and Allot NetEnforcer, a bandwidth management device, which monitors and manages network
traffic. It also provides subscriber management platform suite consisting of Allot TierManager, Allot QuotaManager, and Allot ChargeSmart,
which drives the centralized creation, provisioning, and pricing of subscriber services; and analytics solutions comprising Allot
Data Mediator and Allot Proactive Analytics that analyze traffic data. In addition, it offers video caching and optimization solutions
for over-the-top video delivery, which includes Allot MediaSwift E and Allot VideoClass; security solutions comprising Allot WebSafe and
Allot ServiceProtector for protecting network service integrity and brand reputation; and centralized management solutions, such as
NetXplorer Analytics and Reporting, NetXplorer Data Collector, NetAccounting Server, and NetPolicy Provisioner for providing a central
access point for network-wide monitoring, reporting, analytics, troubleshooting, accounting, and quality of service policy
provisioning. The company markets and sells its products through direct sales, distributors, resellers, original equipment manufacturers, and
system integrators to carriers, mobile operators, cable operators, educational institutions, governments, and enterprises, as well as
wireless, wireline, and satellite Internet service providers. The company was formerly known as Ariadne Ltd. and changed its name to
Allot Communications Ltd. in September 1997. Allot Communications Ltd. was founded in 1996 and is based in Hod-Hasharon, Israel.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$11.35
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
39.1%
$29.05
10.75
570
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$369.6
Total Debt
FY 2014E
$104.8
17.7
($0.21)
(0.21)
$123.1
25.0
$0.43
0.65
$147.9
40.5
$0.64
0.90
1.8x
1.5x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
Valuation Metrics
(USD millio ns)
LTM
2.2x
–
–
143.1
$226.6
Total Debt / EBITDA
12.8x
9.1x
5.6x
NM
NM
–
26.5x
17.5x
–
17.8x
12.6x
–
$30.00
5,000
4,500
4,000
3,500
$20.00
3,000
$15.00
2,500
Volume (000s)
Price (USD)
$25.00
2,000
$10.00
1,500
1,000
$5.00
500
–
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
9
Price
ams AG
67
Ticker:
AMS
Jefferies Rating:
BUY
Price:
Exchange:
SWX
Jefferies Analyst:
Lee Simpson
Target Price:
$91.84
(as of Apr 26, 2013)
$121.10
Founded:
Employees:
NM
Location:
1,300
Unterpremstätten, Austria
ams AG designs, manufactures, and sells analog and analog intensive mixed signal integrated circuits (ICs) worldwide. It provides
high fidelity audio front-ends for personal media players and other mobile consumer devices, as well as standalone amplifiers and
telephone ICs; data converters, including A/D and D/A converters, analog switches, digital acquisition front-ends, and digital
potentiometers; and interface products, such as capacitive sensors, FlexRay transceivers, industrial bus, LIN/CAN bus systems, and
solenoid/relay drivers. The company also offers lighting management products for smart and simple flash LED applications; and RGB LED-based
fun light applications in mobile phones and other portable devices, as well as high performance solutions for large LCD panel
backlighting, and LED and LCD drivers for a range of applications. In addition, it provides light sensors comprising digital ambient light,
digital color, proximity detection, light-to-digital, light-to-voltage, and light-to-frequency sensors, as well as linear sensor
arrays; magnetic position sensors for industrial, medical, robotics, automotive, and consumer applications; mobile entertainment
solutions and integrated general purpose microcontrollers, as well as evaluation boards, reference designs, and software development kits;
and power converters. Further, the company offers various power management products for mobile phones, portable navigation devices,
personal audio/video players, and personal healthcare devices; single chip reader solutions for HF RFID and UHF RFID, UHF
transmitters and RF transceivers for wireless data transmission, and LF wake-up receivers; motor drivers; analog and mixed signal ASICs for
the automotive, consumer, industry, and healthcare markets; and chip fabrication services. The company was formerly known as
austriamicrosystems AG and changed its name to ams AG in May 2012.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$91.84
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
70.9%
$129.60
64.38
151
December
103.5
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$567.6
169.0
$8.47
8.52
$633.7
198.4
$10.14
10.65
2.5x
2.2x
1.9x
8.8x
7.3x
6.2x
13.6x
13.6x
0.7x
10.8x
10.8x
0.6x
9.1x
8.6x
0.5x
Valuation Metrics
$1,236.5
Total Debt
FY 2013E
$489.2
140.0
$6.76
6.76
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
–
–
111.2
$1,228.8
Total Debt / EBITDA
$140.00
600
500
$100.00
400
$80.00
300
Volume (000s)
Price (USD)
$120.00
$60.00
200
$40.00
100
$20.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
10
Pric
AOL Inc.
141
Ticker:
AOL
Jefferies Rating:
BUY
Price:
$39.05
Exchange:
NYSE
Jefferies Analyst:
Brian Pitz
Target Price:
$50.00
(as of Apr 26, 2013)
Founded:
Employees:
1985
Location:
5,600
New York, NY (United States)
AOL Inc., a Web services brand company, offers a suite of online content, products, and services to consumers, advertisers,
publishers, and subscribers worldwide. The company’s Brand Group segment provides content created by journalists, politicians, celebrities,
academics, policy experts, freelance writers and bloggers, aggregated content from third parties, and user-generated content through
AOL.com and The Huffington Post sites, as well as to niche audiences on StyleList and TechCrunch branded properties. It also operates
Patch, a community specific news and information platform; and MapQuest, which offers online mapping and directions services. In
addition, this segment consists of entertainment brands, such as Moviefone, AOL Music, and Cambio; technology and marketplace brands
comprising Engadget, DailyFinance, AOL Autos, and AOL Travel; and lifestyle brands, including Games.com, Kitchen Daily, Homesessive, and
Makers. AOL’s Membership Group segment includes subscription access service, which provides online services, including telephone
dial-up access to the Internet; and offers various communications tools, such as AOL Mail and AIM, which are email and instant messaging
services. The company’s AOL Networks segment offers advertising, and online video and content distribution through various
applications comprising Advertising.com, goviral, AOL On, ADTECH, Pictela, and Sponsored Listings, as well as AdLearn technology to manage,
optimize, and analyze online marketing campaigns. The company distributes its AOL properties through subscription access services; open
Web and the Apple App Store; toolbars, widgets, co-branded portals, Websites, mobile aggregators, third party Website, and social
networks; and agreements with manufacturers of digital devices and other consumer electronics, and mobile carriers, as well as through
search engine marketing and optimization distribution methods. AOL Inc. was founded in 1985 and is headquartered in New York, New York.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$39.05
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
88.9%
$43.93
23.58
1,591
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,014.4
Total Debt
105.9
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$2,191.7
511.0
$11.21
11.21
$2,257.0
425.2
$1.61
2.01
$2,336.9
455.4
$1.82
2.19
1.2x
1.2x
1.1x
5.2x
6.3x
5.9x
Total Debt / EBITDA
3.5x
3.5x
0.2x
24.2x
19.4x
0.2x
21.5x
17.8x
0.2x
Valuation Metrics
(USD millio ns)
LTM
13.1
–
466.6
$2,666.8
$50.00
12,000
$45.00
10,000
Price (USD)
$35.00
8,000
$30.00
$25.00
6,000
Volume (000s)
$40.00
$20.00
4,000
$15.00
$10.00
2,000
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
11
Pric
Applied Micro Circuits Corp.
59
Ticker:
AMCC
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$7.35
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1979
Location:
728
Applied Micro Circuits Corporation provides semiconductor solutions for data center, enterprise, telecom, and consumer / small medium
business markets. The Company designs, develops, markets and supports integrated circuits (ICs) used for processing, transporting
and storing information. It offers physical layer products that convert high-speed serial formats to low-speed parallel formats and
vice versa; framer and mapper products, which transmit and receive signals to and from the physical layer in a parallel format and are
used in high-speed optical network infrastructure equipment; and embedded computing products that are deployed in various critical
applications. The Company also provides server processor products, including its innovative X-Gene ARM 64-bit server chip, for computing
and networking applications; packet processing products, which are programmable processors that receive and transmit signals to and
from the framing layer and perform the processing of packet and cell headers; and cell switching products that switch information in
the proper priority and to the proper destinations. Its products are used in wireline and wireless communications equipment,
enterprise and edge switches, blade servers, storage systems and data center applications. The Company offers its solutions in the United
States, Taiwan, Hong Kong, Europe, China, Japan, Malaysia, Singapore, and other Asian countries.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$7.35
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
76.3%
$9.64
4.28
606
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$489.3
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$195.6
(24.0)
($2.25)
(2.25)
$243.1
74.6
($0.14)
0.03
$308.0
74.4
$0.16
0.42
Valuation Metrics
(USD millio ns)
LTM
–
–
84.2
$405.1
2.1x
1.7x
NM
5.4x
1.3x
5.4x
Total Debt / EBITDA
NM
NM
–
NM
NM
–
45.9x
17.7x
–
$12.00
3,000
$10.00
2,500
$8.00
2,000
$6.00
1,500
$4.00
1,000
$2.00
500
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
12
Pric
Arris Enterprises, Inc.
4
Ticker:
ARRS
Jefferies Rating:
HOLD
Price:
$16.37
Exchange:
NasdaqGS
Jefferies Analyst:
James Kisner
Target Price:
$16.50
(as of Apr 26, 2013)
Founded:
Employees:
1969
Location:
2,175
Suwanee, GA (United States)
Arris Enterprises, Inc. develops, manufactures, and supplies telephony, data, video, construction, rebuild, and maintenance equipment
primarily for cable system operators in the broadband communications industry worldwide. The company operates in three segments:
Broadband Communications Systems (BCS); Access, Transport, and Supplies (ATS); and Media and Communications Systems (MCS). The BCS
segment provides VoIP and high speed data products, including CMTS edge routers, 2-line residential embedded multimedia terminal adapters
(EMTA), multi-line EMTA for residential and commercial services, wireless gateway, and high speed data cable modems; video/IP
products comprising cable modem termination systems edge routers, broadband and universal edge quadrature amplitude modulation products, and
whole home gateways and media players; and video processing products, such as switched digital video systems, IPTV systems, digital
video encoders, transcoders, transraters, and statistical multiplexers. The ATS segment offers hybrid fiber-coaxial plant equipment
products comprising headend and hub products, optical transmitters, optical amplifiers, optical repeaters, optical nodes, optical
passives, Wi-Fi access points, radio frequency over glass optical network units, radio frequency amplifiers, and RF multi-taps and line
passives; and infrastructure products for fiber optic or coaxial networks, including cable and strand, vaults, conduit, drop
materials, tools, connectors, and test equipment. The MCS segment provides media, delivery, and monetization platform products, such as video
on demand management and distribution, and linear and advanced advertising; and operations management systems, including network and
service assurance, and mobile workforce management products. The company was formerly known as Arris Group, Inc. and changed its name
to Arris Enterprises, Inc. in April 2013. Arris Enterprises, Inc. was founded in 1969 and is headquartered in Suwanee, Georgia.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$16.37
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.1%
$17.98
11.70
1,096
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,874.2
Total Debt
225.4
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$1,404.4
184.9
$0.28
0.28
$3,802.5
528.8
$0.24
1.54
$4,930.0
687.9
$0.84
2.08
1.0x
0.4x
0.3x
7.7x
2.7x
2.1x
Total Debt / EBITDA
NM
NM
1.2x
NM
10.6x
0.4x
19.5x
7.9x
0.3x
Valuation Metrics
(USD millio ns)
LTM
–
–
669.0
$1,430.5
$20.00
6,000
$18.00
5,000
Price (USD)
$14.00
4,000
$12.00
$10.00
3,000
Volume (000s)
$16.00
$8.00
2,000
$6.00
$4.00
1,000
$2.00
–
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
13
Price
Arrow Electronics, Inc.
21
Ticker:
ARW
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$37.95
Price
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1935
Location:
16,500
Englewood, CO (United States)
Arrow Electronics, Inc. provides products, services, and solutions to industrial and commercial users of electronic components and
enterprise computing solutions worldwide. It operates in two segments, Global Components and Global Enterprise Computing Solutions. The
Global Components segment distributes electronic components and related services to original equipment manufacturers and contract
manufacturers. This segment provides online catalogs for electronic components; cloud-based design tools that expedite product
development cycles; factory-direct end-of-life product inventory; reverse logistics; and electronics asset disposition solutions to redeploy,
remarket, and recycle technology assets. Its products and services include semiconductor products and related services; passive,
electro-mechanical, and interconnect products consisting primarily of capacitors, resistors, potentiometers, power supplies, relays,
switches, and connectors; computing and memory; and other products and services. The Global Enterprise Computing Solutions segment
provides enterprise and midrange computing products, services, and solutions to value-added resellers; and unified communications products
and related services, as well as cloud computing, security, and networking services. It also offers a suite of online supply chain
tools. The company’s customers include manufacturers of consumer and industrial equipment, telecommunications products, automotive and
transportation, aerospace and defense, scientific and medical devices, and computer and office products, as well as value-added
resellers of enterprise computing solutions. The company was founded in 1935 and is headquartered in Englewood, Colorado.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
FY 2013E
FY 2014E
$20,553.3
874.5
$4.18
4.32
$21,642.6
979.6
$4.84
4.93
0.3x
0.3x
0.3x
1,962.7
5.9x
6.2x
5.5x
4.1
–
543.2
$5,413.7
Total Debt / EBITDA
8.3x
8.3x
2.1x
9.1x
8.8x
2.2x
7.8x
7.7x
2.0x
88.2%
$43.02
30.84
645
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
Valuation Metrics
$3,990.1
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
LTM
(USD millio ns)
$20,405.1
922.3
$4.56
4.56
$37.95
$45.00
3,000
$40.00
2,500
Price (USD)
$30.00
2,000
$25.00
1,500
$20.00
$15.00
Volume (000s)
$35.00
1,000
$10.00
500
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
14
AVEVA Group plc
109
Ticker:
AVV
Jefferies Rating:
BUY
Price:
$34.49
Exchange:
LSE
Jefferies Analyst:
Milan Radia
Target Price:
$40.00
(as of Apr 26, 2013)
Founded:
Employees:
1967
Location:
1,055
Cambridge, United Kingdom
AVEVA provides highly advanced design and product lifecycle management software to customers specifically within the Plant and Marine
industries. The company is headquartered in Cambridge, UK and employs over 1000 people across over 50 offices globally. Segments of
vertical focus include Oil & Gas, Power, Metals & Mining and Chemicals. Over time, the company has grown primarily organically, but
has benefited from small acquisitions that have brought presence in adjacent verticals and add-on technologies. At the end of 2012,
AVEVA launched Everything3D (E3D), a major upgrade to its core PDMS design platform. The product started to ship at the start of the
year and early traction should be solid given the scope to sell upgrades into the company’s installed base of c.2,000 PDMS customers.
Many of the oil majors (BP and Shell included) are seeking to drive down costs through better usage of data models. For example, by
linking 3D models with scheduling in one centralised location, problems in the fabrication process can be resolved more quickly. E3D
seeks to address precisely these types of issues with a focus on reducing rework during fabrication phases. The Enterprise Solutions
(ES) division moved into profitability in H2 13 with c.30% yoy growth posted in FY13, including a c.40% uplift in H2 13. The recent
FY13E trading update confirmed that the company had met consensus estimates, posting c.13% revenue growth. A decline in Latin America
was more than offset by stronger trends in other regions within the Oil & Gas vertical.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$34.49
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
95.1%
$36.26
22.66
112
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,331.3
Total Debt
FY 2014E
$336.4
109.4
$1.04
1.12
$385.2
129.3
$1.24
1.33
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$335.9
102.0
$0.99
0.99
Valuation Metrics
(USD millio ns)
LTM
–
–
268.3
$2,063.0
6.1x
6.1x
5.4x
20.2x
18.9x
16.0x
Total Debt / EBITDA
34.9x
34.9x
–
33.2x
30.7x
–
27.9x
25.9x
–
$40.00
1,500
$35.00
Price (USD)
1,000
$25.00
$20.00
$15.00
Volume (000s)
$30.00
500
$10.00
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
15
Pric
AXT Inc.
65
Ticker:
AXTI
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$2.95
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1986
Location:
1,284
Fremont, CA (United States)
AXT, Inc. designs, develops, manufactures and distributes compound and single element semiconductor substrates primarily used in
wireless communications, lighting display applications and fiber optic communications. It offers semi-insulating substrates made from
gallium arsenide, which are used for applications in power amplifiers and radio frequency integrated circuits for wireless handsets;
direct broadcast televisions; high-performance transistors; and satellite communications. The Company also provides semi-conducting
substrates made from gallium arsenide that have applications in light emitting diodes, lasers and optical couplers; substrates made from
indium phosphide, which are used in broadband and fiber optic communications; and substrates made from germanium that are used in
satellite and terrestrial solar cells and optical applications. AXT manufactures its semiconductor substrates using its proprietary
vertical gradient freeze technology. In addition, the Company, through its joint ventures in China, manufactures and sells gallium,
arsenic, germanium, germanium dioxide, pyrolytic boron nitride crucibles and boron oxide.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$2.95
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
56.4%
$5.23
2.59
149
December
$91.2
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
LTM
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$88.4
11.1
$0.09
0.09
FY 2013E
FY 2014E
$89.9
2.6
($0.09)
(0.10)
$104.1
14.4
$0.08
0.11
Valuation Metrics
(USD millio ns)
7.3
3.5
50.1
$52.0
0.6x
0.6x
4.7x
20.2x
0.5x
3.6x
Total Debt / EBITDA
32.8x
32.8x
–
NM
NM
–
39.3x
26.8x
–
$6.00
1,500
1,200
$4.00
900
$3.00
Volume (000s)
Price (USD)
$5.00
600
$2.00
300
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
16
Pric
Blackbaud Inc.
94
Ticker:
BLKB
Jefferies Rating:
HOLD
Price:
$29.11
Exchange:
NasdaqGS
Jefferies Analyst:
Ross MacMillan
Target Price:
$28.00
(as of Apr 26, 2013)
Founded:
Employees:
1982
Location:
2,705
Charleston, SC (United States)
Blackbaud, Inc. provides software and related services for nonprofit organizations. The company offers The Raiser’s Edge, a software
application to manage nonprofit organization's constituent relationship management (CRM) and fundraising activity; Blackbaud CRM, a Web-based
CRM solution that addresses the needs of mid-size, large, and federated chapter based nonprofit organizations; Luminate CRM for campaign
management, constituent relations, business intelligence, and analytics; eTapestry, a software-as-a-service (SaaS) donor management and
fundraising solution for smaller nonprofits; Luminate Online, which provides tools to build online fundraising campaigns as part of an
organization's existing Website or as a stand-alone fundraising site; Blackbaud NetCommunity, an Internet marketing and communications tool
to build interactive Websites and manage email marketing campaigns; Sphere eMarketing, a SaaS that provides applications to manage
e-marketing, communications, programs, services, and online fundraising; and Everyday Hero, an event-driven Web-based fundraising solution. It
also provides The Financial Edge, an accounting application; The Education Edge, a student information management system; Blackbaud’s
Student Information System, which links student information across various campus offices, as well as organizes the admissions and
registrar’s processes; The Patron Edge, a ticketing management solution; Altru, a SaaS solution that helps general admissions arts and cultural
organizations in their operation; and Sphere Friends Asking Friends software product to launch and manage online event fundraising
Websites. In addition, the company offers consulting and education, analytics, maintenance, and payment processing services. As of December 31,
2012, it served approximately 27,000 customers in 61 countries.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$29.11
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.3%
$31.88
20.99
150
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,289.9
Total Debt
FY 2014E
$447.4
84.1
$0.15
0.15
$500.4
109.8
$0.59
1.21
$546.8
125.2
$0.86
1.45
3.2x
2.8x
2.6x
17.0x
13.0x
11.4x
NM
NM
2.6x
49.8x
24.1x
2.0x
34.0x
20.1x
1.7x
216.8
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
Valuation Metrics
(USD millio ns)
LTM
–
–
81.7
$1,425.0
Total Debt / EBITDA
$35.00
1,800
1,600
$30.00
Price (USD)
1,200
$20.00
1,000
$15.00
800
Volume (000s)
1,400
$25.00
600
$10.00
400
$5.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
17
Pric
Blucora, Inc.
27
Ticker:
BCOR
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$14.77
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1996
Location:
225
Bellevue, WA (United States)
Blucora, Inc. engages in the online search and tax preparation businesses in the Unites States and internationally. The company
operates in two segments, Search and Tax Preparation. It provides search technology, aggregated search content, and monetization solutions
to partner sites. The company offers search services through the web properties of its distribution partners, as well as directly
through its owned Internet search properties; and distributes aggregated search content through its own Websites, such as Dogpile.com
and WebCrawler.com. It also provides online tax preparation service for individuals, tax preparation software for individuals and
professional tax preparers, and ancillary services. The company was formerly known as InfoSpace, Inc. and changed its name to Blucora,
Inc. in June 2012. Blucora, Inc. was founded in 1996 and is headquartered in Bellevue, Washington.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$14.77
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
79.3%
$18.63
10.73
560
December
74.3
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$483.5
98.5
$0.96
2.29
$571.5
108.4
$1.34
1.25
1.3x
1.1x
0.9x
6.4x
5.3x
4.8x
27.4x
27.4x
0.9x
15.4x
6.4x
0.8x
11.0x
11.8x
0.7x
Valuation Metrics
$605.6
Total Debt
FY 2013E
$406.9
81.5
$0.54
0.54
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
–
–
162.3
$517.6
Total Debt / EBITDA
$20.00
4,500
$18.00
4,000
$16.00
3,500
$14.00
3,000
$12.00
2,500
$10.00
2,000
$8.00
Volume (000s)
Price (USD)
1,500
$6.00
$4.00
1,000
$2.00
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
18
Pric
Bottomline Technologies (de), Inc.
81
Ticker:
EPAY
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$25.90
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1989
Location:
1,000
Portsmouth, NH (United States)
Bottomline Technologies (de), Inc. provides cloud-based payment, invoice, and banking solutions to corporations, insurance companies,
financial institutions, and banks worldwide. Its solutions are used to streamline, automate, and manage processes and transactions involving
global payments, invoice receipt and approval, collections, cash and document management, risk mitigation, reporting, and document
archive. The company’s products include cash management and treasury platforms that enable banks to offer ACH and BACS payments, wires,
international payments, check production, balance and information reporting, and cash management facilities; and legal spend management
solutions, which integrate with claims management, and time and billing systems to automate legal invoice management processes. It also
offers Paymode-X, a business-to-business electronic settlement network, such as online access to purchase orders, invoices, payments, and
remittance details, as well as comprehensive workflow and turnkey vendor enrollment and support; and WebSeries and C-Series, the payment
and document automation solutions that generate payment instructions along with consolidated bank reporting of cash activity. In addition,
the company provides forms management, mobile documentation, workflow automation, and payments solutions to healthcare organizations.
Further, it offers SWIFT access service that enables corporations exchange financial information with their banks and counterparties.
Additionally, the company provides consulting, project implementation, and training services; and consumable products for laser check
printing that comprise magnetic ink character recognition toner and blank-paper check stock, as well as printers and printer-related
equipment. Bottomline Technologies (de), Inc. sells its products directly through sales force, as well as through various channel partners
and resellers. The company was founded in 1989 and is headquartered in Portsmouth, New Hampshire.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$25.90
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
86.9%
$29.82
16.96
286
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$952.9
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$242.0
22.5
($0.27)
(0.27)
$254.4
47.5
($0.29)
1.15
$280.6
59.8
$0.22
1.28
Valuation Metrics
(USD millio ns)
LTM
133.7
–
–
280.9
$805.8
Total Debt / EBITDA
3.3x
3.2x
2.9x
35.7x
17.0x
13.5x
NM
NM
5.9x
NM
22.4x
2.8x
NM
20.3x
2.2x
$35.00
1,800
1,600
$30.00
Price (USD)
1,200
$20.00
1,000
$15.00
800
Volume (000s)
1,400
$25.00
600
$10.00
400
$5.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
19
Pric
Broadridge Financial Solutions, Inc.
77
Ticker:
BR
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$24.52
(as of Apr 26, 2013)
N/A
Founded:
Employees:
NM
Location:
6,200
Lake Success, NY (United States)
Broadridge Financial Solutions, Inc., together with its subsidiaries, provides technology solutions to the financial services
industry in the United States, Canada, and the United Kingdom. The company’s Investor Communication Solutions segment is involved in the
processing and distribution of proxy materials to investors in equity securities and mutual funds, as well as the facilitation of
related vote processing. It provides ProxyEdge, an electronic proxy delivery and voting solution for institutional investors and financial
advisors. This segment also distributes regulatory reports and corporate action/reorganization event information, as well as provides
tax reporting solutions that help its clients meet their regulatory compliance needs. In addition, it offers financial information
distribution and transaction reporting services, such as processing and distributing account statements and trade confirmations;
traditional and personalized document fulfillment and content management services; marketing communications; and imaging, archival, and
workflow solutions to financial institutions and securities issuers. The company’s Securities Processing Solutions segment offers a
suite of computerized real-time transaction processing services that automate the securities transaction lifecycle, including desktop
productivity tools, data aggregation, performance reporting, portfolio management, order capture and execution, trade confirmation,
settlement, and accounting. This segment’s services help financial institutions consolidate their books and records, gather and service
assets under management, focus on their core businesses, and manage risk. The company serves retail and institutional brokerage
firms, global banks, mutual funds, annuity companies, institutional investors, specialty trading firms, clearing firms, independent
broker-dealers, clearing firms, and corporate issuers. Broadridge Financial Solutions, Inc. is headquartered in Lake Success, New York.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$24.52
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
98.2%
$24.96
19.75
722
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,984.2
Total Debt
524.4
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$2,336.3
404.2
$1.05
1.06
$2,372.0
438.9
$1.65
1.76
$2,465.1
499.4
$1.96
2.01
1.4x
1.4x
1.3x
8.0x
7.4x
6.5x
23.4x
23.1x
1.3x
14.9x
14.0x
1.2x
12.5x
12.2x
1.1x
Valuation Metrics
(USD millio ns)
LTM
–
–
259.1
$3,249.5
Total Debt / EBITDA
$30.00
3,000
$25.00
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
Volume (000s)
Price (USD)
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
20
Pric
BroadSoft, Inc.
8
Ticker:
BSFT
Jefferies Rating:
BUY
Price:
$24.41
Exchange:
NasdaqGS
Jefferies Analyst:
George Notter
Target Price:
$32.00
(as of Apr 26, 2013)
Founded:
Employees:
1998
Location:
611
Gaithersburg, MD (United States)
BroadSoft, Inc. provides software and services that enable mobile, fixed-line, and cable service providers to deliver hosted or
cloud-based unified communications and other voice and multimedia services over Internet protocol (IP) based networks. The company’s
communications platform consists of BroadWorks software, which enables its service provider customers to provide enterprises and consumers
with a range of hosted communications offerings, such as hosted PBX, voice and video calling, SIP Trunking, voice and video mail,
call center, and audio conferencing, as well as 4G or LTE offerings; BroadCloud that enables the company to offer its service provider
customers communications applications, such as BroadCloud PBX functionality, as well as Web collaboration, video conferencing, and
fixed line short message service from its cloud service delivery platform; and BroadTouch, a client application that enables carriers
to offer unified communications services for smartphones, tablets, desktops, and laptops. It also provides a range of professional
support services, including pre-sales support; installation, network integration, project management, and remote upgrade services, as
well as consulting services; product life-cycle services; and training services. The company sells its products to telecommunication
service providers directly, as well as indirectly through distribution partners, such as telecommunications equipment vendors,
value-added resellers, and other distributors. It operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. BroadSoft,
Inc. was founded in 1998 and is headquartered in Gaithersburg, Maryland.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$24.41
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
53.9%
$45.32
20.13
969
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$683.6
Total Debt
FY 2014E
$184.6
44.9
$0.31
1.24
$216.8
57.6
$0.64
1.70
87.4
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$164.8
46.1
$0.43
0.43
Valuation Metrics
(USD millio ns)
LTM
–
–
193.7
$577.3
Total Debt / EBITDA
3.5x
3.1x
2.7x
12.5x
12.9x
10.0x
NM
NM
1.9x
NM
19.7x
1.9x
38.1x
14.3x
1.5x
$50.00
6,000
$45.00
5,000
Price (USD)
$35.00
4,000
$30.00
$25.00
3,000
Volume (000s)
$40.00
$20.00
2,000
$15.00
$10.00
1,000
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
21
Pric
CACI International Inc.
80
Ticker:
CACI
Jefferies Rating:
HOLD
Price:
$58.09
Exchange:
NYSE
Jefferies Analyst:
Jason Kupferberg
Target Price:
$57.00
(as of Apr 26, 2013)
Founded:
Employees:
1962
Location:
14,500
Arlington, VA (United States)
CACI International Inc, through its subsidiaries, provides information solutions and services to the U.S. federal government and
commercial markets in North America and internationally. The company offers enterprise information technology (IT) solutions and services
for the design, development, integration, deployment, operations and management, sustainment, and security of clients’ infrastructure;
information solutions and services that automate the knowledge management lifecycle; and enterprise-level system solutions in the domain of
procurement, financial, human capital, logistics, and supply chain management. It also offers intelligence, surveillance, and reconnaissance
solutions; command and control solutions to support military, homeland security, law enforcement, border security, emergency response, and
disaster relief missions; and develops and manages logistics information systems, and simulation and modeling toolsets, as well as
provides logistics engineering services. In addition, the company offers cyber security services that support preparing for, protecting
against, detecting, reacting, and responding to the cyber threats; integrated security solutions and services for mitigating and countering the
effects of natural, technological, and man-made hazards; geospatial solutions relating to defense, intelligence, homeland security, and
commercial applications; and government investigation and litigation support solutions. Further, it provides healthcare IT solutions;
identity management solutions; program management, and system engineering and technical assistance services to government program
offices; mobility solutions and services; and planning, design, implementation, and management solutions that resolve technical or business
needs for commercial and government clients in the telecommunications, education, financial services, healthcare services, and
transportation sectors. The company was founded in 1962 and is headquartered in Arlington, Virginia.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$58.09
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
93.5%
$62.15
41.29
351
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,311.6
Total Debt
702.7
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$3,739.7
336.0
$6.21
6.21
$3,752.8
336.1
$6.53
6.54
$3,662.8
325.0
$6.33
6.26
0.5x
0.5x
0.5x
5.9x
5.9x
6.1x
Total Debt / EBITDA
9.3x
9.3x
2.1x
8.9x
8.9x
2.1x
9.2x
9.3x
2.2x
Valuation Metrics
(USD millio ns)
LTM
2.3
–
37.5
$1,979.1
$70.00
3,000
2,500
$50.00
2,000
$40.00
1,500
Volume (000s)
Price (USD)
$60.00
$30.00
1,000
$20.00
500
$10.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
22
Pric
Cadence Design Systems Inc.
46
Ticker:
CDNS
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$13.84
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1988
Location:
5,200
Cadence Design Systems, Inc. (Cadence) develops electronic design automation (EDA) software, hardware and silicon intellectual
property (IP). Cadence licenses software and IP, sells or leases hardware technology and provides engineering and education services to help
manage and accelerate electronics product development processes. The Company’s customers use its products and services to design and
develop complex integrated circuits (ICs) and electronics systems. Designers of ICs for electronics such as mobile devices, game
consoles and other consumer electronics speed their products to market using hardware simulators to run software on a ‘virtual’ chip. The
Company bridges the traditional gap between chip designers and fabrication facilities, so that manufacturing challenges can be addressed
early in the design stage. The Company combines its products and technologies into platforms for four design activities: Functional
Verification; Digital IC Design and Implementation; Custom IC Design and Verification and System Interconnect Design. It sells software
using three license types: subscription, term and perpetual.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$13.84
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
93.5%
$14.81
9.73
3,192
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,862.9
Total Debt
452.6
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$1,364.9
363.3
$1.72
1.72
$1,463.5
449.4
$0.72
0.88
$1,571.2
502.5
$0.75
0.99
2.6x
2.4x
2.2x
9.6x
7.8x
6.9x
Total Debt / EBITDA
8.0x
8.0x
1.2x
19.2x
15.7x
1.0x
18.6x
13.9x
0.9x
Valuation Metrics
(USD millio ns)
LTM
–
–
827.1
$3,488.4
$16.00
12,000
$14.00
10,000
Price (USD)
8,000
$10.00
$8.00
6,000
$6.00
Volume (000s)
$12.00
4,000
$4.00
2,000
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
23
Pric
CafePress Inc.
26
Ticker:
PRSS
Jefferies Rating:
HOLD
Price:
$6.09
Exchange:
NasdaqGS
Jefferies Analyst:
Brian Fitzgerald
Target Price:
$6.00
(as of Apr 26, 2013)
Founded:
Employees:
1999
Location:
742
San Mateo, CA (United States)
CafePress Inc. operates an e-commerce platform enabling customers to create, buy, and sell various customized and personalized
products worldwide. The company operates a portfolio of branded Websites, including CafePress.com, CanvasOnDemand.com, Imagekind.com, and
GreatBigCanvas.com. It enables users to purchase a range of merchandise, customize products using online design tools, create and
manage shops, and access design, sales, and support staff. The company, through its platform, offers approximately 600 stock keeping
units of merchandise comprising clothing and accessories, stickers and flair, home accents, and stationery products, as well as art,
posters, and signs. Its customers include individuals, groups, businesses, and organizations, as well as individual designers, artists,
and branded content licensors. The company was formerly known as CafePress.com, Inc. and changed its name to CafePress Inc. in June
2011. CafePress Inc. was founded in 1999 and is headquartered in San Mateo, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$6.09
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
32.9%
$18.50
4.44
67
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$104.3
Total Debt
3.7
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$217.8
17.6
($0.01)
(0.01)
$252.0
13.3
($0.33)
0.17
$281.3
22.3
$0.08
0.45
Valuation Metrics
(USD millio ns)
LTM
–
–
40.6
$67.4
0.3x
0.3x
0.2x
3.8x
5.1x
3.0x
Total Debt / EBITDA
NM
NM
0.2x
NM
36.4x
0.3x
NM
13.6x
0.2x
$20.00
1,000
$18.00
Price (USD)
800
$14.00
$12.00
600
$10.00
$8.00
Volume (000s)
$16.00
400
$6.00
$4.00
200
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
24
Pric
Calix Inc.
5
Ticker:
CALX
Jefferies Rating:
BUY
Price:
Exchange:
NYSE
Jefferies Analyst:
George Notter
Target Price:
$8.13
(as of Apr 26, 2013)
$10.50
Founded:
Employees:
1999
Location:
714
Petaluma, CA (United States)
Calix, Inc. provides broadband communications access systems and software for fiber and copper-based network architectures that
enable communications service providers (CSPs) to connect to their residential and business subscribers in North America. Its Unified
Access portfolio consists of main platforms and/or nodes, the B6 Ethernet service access nodes, the C7 multiservice, multiprotocol access
platform, the E-Series Ethernet service access platforms and nodes, and the BLM1500 gigabit passive optical network access terminal.
The company’s platforms, nodes, and terminals also include P-Series and T-Series optical network terminals and residential gateways,
and the Calix Management System, Entriview element management software, and Compass suite of value-added software applications. Its
portfolio serves the CSP network from the central office or data center to the subscriber premises and enables CSPs to deliver both
basic voice and data and advanced broadband services over legacy and next-generation access networks. The company markets its access
systems and software to communication service providers primarily in North America, the Caribbean, and Latin America through its
direct sales force and resellers. The company was founded in 1999 and is headquartered in Petaluma, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$8.13
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
85.8%
$9.48
4.25
419
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$397.7
Total Debt
FY 2014E
$406.5
31.7
($0.09)
0.41
$451.9
40.7
$0.07
0.65
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$342.2
20.1
($0.56)
(0.56)
Valuation Metrics
(USD millio ns)
LTM
–
–
48.1
$349.6
Total Debt / EBITDA
1.0x
0.9x
0.8x
17.4x
11.0x
8.6x
NM
NM
–
NM
19.6x
–
NM
12.5x
–
$10.00
3,500
$9.00
3,000
Price (USD)
2,500
$7.00
$6.00
2,000
$5.00
Volume (000s)
$8.00
1,500
$4.00
$3.00
1,000
$2.00
500
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
25
Pric
Cavium, Inc.
62
Ticker:
CAVM
Jefferies Rating:
BUY
Price:
$30.69
Exchange:
NasdaqGS
Jefferies Analyst:
Sundeep Bajikar
Target Price:
$42.00
(as of Apr 26, 2013)
Founded:
Employees:
2000
Location:
831
Cavium Inc. develops and markets semiconductor processors for intelligent and secure networks. Its semiconductor products enable
customers to develop networking, wireless, storage, and electronic equipment. The Company’s products also include a suite of embedded
security protocols, which enable unified threat management (UTM), secure connectivity, network perimeter protection, deep packet
inspection, network virtualization, broadband gateways, third generation/fourth generation (3G/4G) wireless infrastructure, storage systems,
wireless high-definition multimedia interface (HDMI) cable replacement, and embedded video applications. Its products are used in
networking equipment, such as routers, switches, content-aware switches, UTM and other security appliances, application-aware gateways,
voice/video/data gateways, wireless local area network, 3G/4G Wimax/LTE access, aggregation and gateway devices, storage networking
equipment, servers and intelligent network interface cards, Internet protocol surveillance systems, digital video recorders, wireless
HDMI cable replacement systems, and video conferencing systems; and connected home and office equipment, such as print servers,
wireless routers, and broadband gateways. It sells its products directly or through contract manufacturing organizations and distributors
to the providers of networking, wireless, storage, and consumer electronic equipment; and to original design manufacturers and
contract electronics manufacturers primarily in the United States, China, Taiwan, Japan and Malaysia.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$30.69
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
77.7%
$39.52
22.30
946
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,534.9
Total Debt
46.3
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$235.5
17.6
($2.26)
(2.26)
$309.5
91.0
($0.04)
1.00
$378.1
123.0
$0.41
1.38
Valuation Metrics
(USD millio ns)
LTM
(1.0)
–
76.8
$1,503.5
6.4x
4.9x
4.0x
NM
16.5x
12.2x
Total Debt / EBITDA
NM
NM
2.6x
NM
30.7x
0.5x
NM
22.2x
0.4x
$45.00
6,000
$40.00
5,000
Price (USD)
$30.00
4,000
$25.00
3,000
$20.00
$15.00
Volume (000s)
$35.00
2,000
$10.00
1,000
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
26
Pric
Cbeyond, Inc.
127
Ticker:
CBEY
Jefferies Rating:
HOLD
Price:
$8.42
Exchange:
NasdaqGS
Jefferies Analyst:
Tom Seitz
Target Price:
$9.00
(as of Apr 26, 2013)
Founded:
Employees:
2000
Location:
1,667
Atlanta, GA (United States)
Cbeyond, Inc. provides managed information technology (IT) and communications services to small and mid-sized businesses in the
United States. The company’s services include cloud applications, such as Microsoft Exchange, data center infrastructure-as-a-service,
cloud private branch exchange phone systems, Microsoft SQL Server, Metro Ethernet, broadband Internet access, multi-protocol label
switching, virtual private networking, mobile voice and data, information security, local and long distance voice services, administration
management, and professional services to migrate and manage customer environments. It also offers email, voicemail, Web hosting,
secure backup and file sharing, fax-to-email, desktop security, mobile workforce management, virtual receptionist, and other IT and
communications services. The company sells its products and services through direct sales force; value-added resellers, local area
network consultants, and other IT and communications consultants; and managed services providers, systems integrators, and software
vendors. The company was formerly known as Cbeyond Communications, Inc. and changed its name to Cbeyond, Inc. in July 2006. Cbeyond, Inc.
was incorporated in 2000 and is headquartered in Atlanta, Georgia.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$8.42
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
82.7%
$10.19
5.61
171
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$260.4
Total Debt
8.3
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$488.0
99.5
($0.08)
(0.08)
$476.4
76.4
($0.29)
(0.30)
$485.1
83.5
($0.30)
(0.26)
Valuation Metrics
(USD millio ns)
LTM
–
–
30.6
$238.0
0.5x
0.5x
0.5x
2.4x
3.1x
2.9x
Total Debt / EBITDA
NM
NM
0.1x
NM
NM
0.1x
NM
NM
0.1x
$12.00
1,500
1,200
$8.00
900
$6.00
Volume (000s)
Price (USD)
$10.00
600
$4.00
300
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
27
Pric
Ceragon Networks Ltd.
13
Ticker:
CRNT
Jefferies Rating:
HOLD
Price:
$3.80
Exchange:
NasdaqGS
Jefferies Analyst:
Peter Misek
Target Price:
$3.50
(as of Apr 26, 2013)
Founded:
Employees:
1996
Location:
1,117
Tel Aviv, Israel
Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to
deliver voice and data services worldwide. Its wireless backhaul solutions use microwave technology to transfer telecommunication
traffic between base stations and the core of the service provider’s network. The company offers products that address the backhaul needs
of IP-based, hybrid, and circuit-switched networks, including FibeAir IP-20C for HetNet hauling applications; FibeAir IP-10C and
FibeAir IP-70 for wireless backhaul at tail-sites and small-cell sites; FibeAir IP-10E, an Ethernet for carriers, private networks, and
metro area networks; FibeAir IP-10Q for aggregation sites; FibeAir IP-10G, a multi-service for carriers and private networks; and
FibeAir 2000/4800 and FibeAir 2500 for private networks, business access, and wireless backhaul at small cells sites. It also offers
products for high capacity IP, TDM, or hybrid long-haul and backbone applications comprising Evolution Long-Haul IP for wireless backhaul,
wireless backbone, and migration from TDM to IP long-haul; FibeAir 3200, a circuit-switched TDM; Evolution IP-10 Compact Long-Haul
for long distance applications; and PointLink for offshore oil/gas rigs in vibration environment. In addition, the company provides
network management systems to manage wireless backhaul networks; and IP/Ethernet solutions to wireless broadband service providers, and
businesses and public institutions that operate their own private communications networks. Further, it offers network and radio
planning, site survey, solutions development, installation, maintenance, and training services. The company sells its products through
direct sales, original equipment manufacturers, resellers, distributors, and system integrators. It was formerly known as Giganet Ltd.
and changed its name to Ceragon Networks Ltd. in September 2000. The company was founded in 1996 and is based in Tel Aviv, Israel.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$3.80
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
39.1%
$9.71
3.46
81
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$139.9
Total Debt
FY 2014E
$380.6
16.5
($0.84)
(0.33)
$448.2
44.0
$0.32
0.49
43.8
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$446.7
6.5
($0.64)
(0.64)
Valuation Metrics
(USD millio ns)
LTM
–
–
51.2
$132.5
Total Debt / EBITDA
0.3x
0.3x
20.5x
8.1x
0.3x
3.0x
NM
NM
6.8x
NM
NM
2.7x
12.0x
7.8x
1.0x
$12.00
900
800
700
$8.00
600
500
$6.00
400
$4.00
Volume (000s)
Price (USD)
$10.00
300
200
$2.00
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
28
Pric
Check Point Software Technologies Ltd.
114
Ticker:
CHKP
Jefferies Rating:
BUY
Price:
$45.61
Exchange:
NasdaqGS
Jefferies Analyst:
Aaron Schwartz
Target Price:
$56.00
(as of Apr 26, 2013)
Founded:
Employees:
1993
Location:
2,706
Tel Aviv, Israel
Check Point Software Technologies Ltd. develops, markets, and supports a range of software, and combined hardware and software
products and services for information technology (IT) security worldwide. It offers network gateway security solutions that enable its
customers to implement their security policies on network traffic between internal networks and the Internet, as well as between internal
networks and private networks that are shared with partners; endpoint security solutions, which provide various software blades that
run on individual computers connected to the network, such as desktop computers, laptop computers, and other mobile devices; and
security management solutions to ensure consistent operations in accordance with an enterprise’s security policy. The company also
offers technical services, including technical customer support programs and plans, such as enterprise based support and collaborative
enterprise support; certification and educational training; and professional services in implementing, upgrading, and optimizing
products, such as design planning and security implementation services. In addition, it provides ZoneAlarm solutions that protect consumers
from hackers, spyware, and identity theft. The company sells its products and services through a network of channel partners,
including distributors, resellers, value-added resellers, system integrators, and managed services providers to enterprises, service
providers, small and medium sized businesses, and consumers. Check Point Software Technologies Ltd. was founded in 1993 and is headquartered
in Tel Aviv, Israel.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$45.61
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
76.6%
$59.55
40.60
2,154
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$8,976.2
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$1,352.3
809.2
$3.01
3.01
$1,400.2
818.3
$3.16
3.40
$1,492.0
870.8
$3.49
3.72
4.0x
3.9x
3.7x
6.7x
6.7x
6.3x
Total Debt / EBITDA
15.1x
15.1x
–
14.4x
13.4x
–
13.1x
12.3x
–
Valuation Metrics
(USD millio ns)
LTM
–
–
3,523.4
$5,452.8
$70.00
20,000
18,000
$60.00
Price (USD)
14,000
12,000
$40.00
10,000
$30.00
Volume (000s)
16,000
$50.00
8,000
6,000
$20.00
4,000
$10.00
2,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
29
Pric
ChinaCache International Holdings Ltd.
126
Ticker:
CCIH
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGM
Jefferies Analyst:
Not Covered
Target Price:
$3.79
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1998
Location:
900
Beijing, China
ChinaCache International Holdings Ltd. provides Internet content and application delivery services to businesses, government
agencies, and enterprises in China. It offers Web page content services to Website operators; file transfer services; media streaming
services that enable live streaming of media files; guaranteed application services for Websites that incorporate applications with
features, such as on-line booking and ordering, real-time stock quotes, and on-line surveys; managed Internet data services; ChinaCache cloud
services; content bridging services; mobile Internet solutions; and customer-tailored integrated solutions. The company also
provides various value-added services, such as geo-content acceleration services, performance evaluation module, scalable services routing
services, link anti-hijack services, data storage over the Internet, user behavior analysis services, Website performance evaluation
services, application acceleration solutions, and cloud extension solutions, as well as gathers and offers data on the Internet
landscape and usage patterns. The company was founded in 1998 and is headquartered in Beijing, the People’s Republic of China.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$3.79
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
64.2%
$5.90
3.50
40
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$95.1
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$130.5
12.2
($0.13)
(0.13)
$163.8
14.8
($0.03)
0.15
$197.4
21.2
$0.13
0.35
Valuation Metrics
(USD millio ns)
LTM
–
–
64.1
$31.0
0.2x
0.2x
2.5x
2.1x
0.2x
1.5x
Total Debt / EBITDA
NM
NM
–
NM
24.7x
–
30.3x
10.7x
–
$7.00
350
$6.00
300
$5.00
250
$4.00
200
$3.00
150
$2.00
100
$1.00
50
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
30
Pric
Cogent Communications Group Inc.
121
Ticker:
CCOI
Jefferies Rating:
BUY
Price:
$27.66
Exchange:
NasdaqGS
Jefferies Analyst:
Tom Seitz
Target Price:
$30.00
(as of Apr 26, 2013)
Founded:
Employees:
1999
Location:
605
Washington, DC (United States)
Cogent Communications Group, Inc. provides high-speed Internet access, Internet Protocol, and communications services primarily to
small and medium-sized businesses, communications service providers, and other bandwidth-intensive organizations in North America,
Europe, and Japan. It offers on-net services to bandwidth-intensive users, such as universities, other Internet service providers,
telephone companies, cable television companies, and commercial content providers; and multi-tenant office buildings, including law firms,
financial services firms, advertising and marketing firms, and other professional services businesses. The company also provides its
on-net services in carrier-neutral co-location facilities, company controlled data centers, and single-tenant office buildings. In
addition, it offers off-net services to businesses that are connected to its network primarily by means of last mile access service
lines obtained from other carriers primarily in the form of point-to-point carrier Ethernet, TDM, POS, and/or SDH circuits. Further, the
company provides voice services; and Internet connectivity to customers that are not located in buildings directly connected to the
company’s network. Additionally, it operates 43 data centers that allow customers to co-locate their equipment and access its
network. Cogent Communications Group, Inc. was founded in 1999 and is headquartered in Washington, D.C.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$27.66
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
96.4%
$28.68
16.67
284
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,353.2
Total Debt
FY 2014E
$354.4
122.8
$0.28
0.27
$397.7
143.2
$0.61
0.59
395.4
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$317.0
101.8
($0.09)
(0.09)
Valuation Metrics
(USD millio ns)
LTM
–
–
247.3
$1,501.4
Total Debt / EBITDA
4.7x
4.2x
3.8x
14.8x
12.2x
10.5x
NM
NM
3.9x
NM
NM
3.2x
45.2x
46.6x
2.8x
$30.00
1,200
$25.00
1,000
$20.00
800
$15.00
600
$10.00
400
$5.00
200
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
31
Pric
Cognizant Technology Solutions Corporation
83
Ticker:
CTSH
Jefferies Rating: BUY
Price:
$62.93
Exchange:
NasdaqGS
Jefferies Analyst:Jason Kupferberg
Target Price:
$80.00
Employees:
Location:
Price
(as of Apr 26, 2013)
Founded:
1998
156,700
Teaneck, NJ (United States)
Cognizant Technology Solutions Corporation provides information technology (IT), consulting, and business process outsourcing
services worldwide. The company operates through four segments: Financial Services; Healthcare; Manufacturing, Retail, and Logistics; and
Other. It offers consulting and technology services, such as IT strategy, program management, operations improvement, strategy, and
business consulting services; and application design and development, systems integration, and enterprise resource planning and customer
relationship management implementation services. It also provides enterprise information management services, such strategic,
advisory, and management consulting; enterprise data management; descriptive analytics/business intelligence; strategic corporate
performance management; and packaged analytics services, as well as big data services that assist clients in managing and deriving actionable
insights from the explosion in the volume, variety, velocity, and complexity of data. In addition, the company offers application
testing services, as well as helps its clients in adapting social, mobile, analytics, and cloud-based technologies to their businesses.
Further, it provides outsourcing services, such as application maintenance services; IT infrastructure services; and business and
knowledge process outsourcing services, such as clinical data management, pharmacovigilance, equity research support, commercial
operations, and order management. It serves financial institutions, including banks, investment firms, and insurance companies; healthcare
and life sciences companies; companies operating in industrial, automotive, process logistics, and retailing sub-sectors;
communications service providers; information, media, and entertainment companies; independent software vendors, technology equipment
manufacturers, and online service providers. Cognizant Technology Solutions was founded in 1998 and is headquartered in Teaneck, New Jersey.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$62.93
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
77.6%
$81.08
53.92
2,682
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$18,991.1
Total Debt
FY 2014E
$8,626.7
1,756.8
$3.98
4.04
$10,018.0
2,049.5
$4.64
4.71
1.6x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$7,346.5
1,518.1
$3.44
3.44
Valuation Metrics
(USD millio ns)
LTM
–
–
2,863.8
$16,127.4
2.2x
1.9x
10.6x
9.2x
7.9x
Total Debt / EBITDA
18.3x
18.3x
–
15.8x
15.6x
–
13.6x
13.4x
–
$90.00
20,000
$80.00
Price (USD)
$60.00
12,000
$50.00
$40.00
Volume (000s)
16,000
$70.00
8,000
$30.00
$20.00
4,000
$10.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
32
Cohu, Inc.
51
Ticker:
COHU
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$9.59
Pric
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1947
Location:
1,500
Poway, CA (United States)
Cohu is a supplier of test handling, burn-in, thermal subsystems and MEMS test solutions used by the global semiconductor industry,
as well as a supplier of microwave communications and video equipment. The Company operates in three segments: Semiconductor
Equipment, Microwave Communications and Video Cameras. The Semiconductor Equipment segment offers semiconductor test handling systems, such as
pick-and-place handlers, gravity-feed platforms, test-in-strip handlers, and turret handlers; micro-electro-mechanical systems test
modules; burn-in equipment; thermal sub-systems; consumable and non-consumable items; and device dedication kits to semiconductor
integrated device manufacturers and test subcontractors. The Microwave Communications segment provides microwave communications
equipment, antenna systems, and associated equipment used in the transmission of video, audio, and telemetry data. Its microwave data-links
are applied in unmanned aerial vehicles, law enforcement, security and surveillance, and electronic news-gathering areas. The Video
Cameras segment offers closed circuit video or CCTV cameras, equipment, and systems for security, surveillance, and traffic monitoring;
and products and accessories, such as cables, camera mounts and data storage devices.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$9.59
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
83.4%
$11.50
7.96
44
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$233.7
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$221.2
2.2
($0.50)
(0.50)
$279.2
NA
($0.64)
(0.51)
$336.4
NA
$0.19
0.50
Valuation Metrics
(USD millio ns)
LTM
–
–
110.2
$123.5
0.6x
0.4x
NM
NA
0.4x
NA
Total Debt / EBITDA
NM
NM
–
NM
NM
NA
NM
19.2x
NA
$12.00
400
350
$10.00
Price (USD)
250
$6.00
200
Volume (000s)
300
$8.00
150
$4.00
100
$2.00
50
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
33
Concur Technologies, Inc.
111
Ticker:
CNQR
Jefferies Rating:
HOLD
Price:
$70.84
Exchange:
NasdaqGS
Jefferies Analyst:
Ross MacMillan
Target Price:
$74.00
(as of Apr 26, 2013)
Founded:
Employees:
1993
Location:
2,400
Redmond, WA (United States)
Concur Technologies, Inc. provides integrated travel and expense management solutions for companies of various industries, sizes, and
geographies worldwide. The company’s cloud computing solutions help companies and their employees to streamline the expense
management, travel procurement, itinerary management, and invoice management processes. Its solutions include online travel procurement
solutions that automate corporate travel booking and processing; itinerary management solutions, which enable individual business
travelers and their organizations to manage and share travel itinerary information; and automated expense management solutions for the
expense reporting process. The company also offers other value-added and extended services that leverage its integrated cloud offerings,
including expense reimbursement; expense report auditing services to streamline the process of managing and substantiating expense
receipts; business intelligence that enables customers to use captured data to analyze trends, influence budget decisions, improve
forecasting, and monitor for fraudulent activity; and invoice management solutions to automate, simplify, and reduce the costs associated
with the process of entering, approving, and managing the payment of vendor invoices. In addition, it provides Concur T&E Cloud
solution to deliver added value to the company’s corporate customers by providing them access through Concur Connect platform. Further, it
provides consulting; and various extended services, such as site administration, audit and compliance services, advanced analytics,
and customized integration. The company markets and sells its solutions through direct sales organizations; and indirect distribution
channels, which include strategic resellers and referral partners, as well as through its Website. Concur Technologies, Inc. was
founded in 1993 and is headquartered in Redmond, Washington.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$70.84
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
93.0%
$76.15
55.75
568
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$3,894.8
Total Debt
FY 2013E
FY 2014E
$462.2
108.0
($0.33)
(0.33)
$543.4
116.8
($0.40)
0.90
$677.6
151.4
$0.04
1.24
254.8
Minority Interest
Preferred Equity
Enterprise Value
LTM
0.3
–
503.3
$3,646.5
Total Debt / EBITDA
7.9x
6.7x
5.4x
33.8x
31.2x
24.1x
NM
NM
2.4x
NM
NM
2.2x
NM
NM
1.7x
$80.00
6,000
$70.00
5,000
Price (USD)
4,000
$50.00
$40.00
3,000
$30.00
Volume (000s)
$60.00
2,000
$20.00
1,000
$10.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
34
Pric
CSG Systems International Inc.
9
Ticker:
CSGS
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$21.45
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1994
Location:
3,542
CSG Systems International, Inc. provides business support solutions primarily to the communications industry. The company’s products
and services help companies with transaction-centric business models manage the opportunities and challenges associated with
capturing, managing, generating, and optimizing the revenue associated with the volumes of customer interactions and then manage the
intricate nature of those customer relationships. Its suite of solutions comprises Advanced Convergent Platform, a billing and customer care,
and business optimization platform for cable and satellite providers; Singleview suite, an integrated customer care, billing, and
real-time rating and charging solution; Total Service Mediation (TSM) framework supports offline and real-time mediation requirements,
as well as service activation; and Wholesale Business Management Solution (WBMS), a wholesale settlement and routing solution that
handles various types of traffic consisting of voice, data, and content. The company’s solutions also include customer interaction
management solutions that deliver interactive voice, SMS/text, print, email, Web, and fax messages on behalf of clients; analytics and
intelligence service suites, which deliver an approach for enhancing the customer experience, increasing sales opportunities, and
optimizing business; and Content Direct solutions that enable content providers to manage subscriber preferences and offer digital
content. It also licenses software products, such as WBM solution, TSM, and Singleview products; and offers professional services to
implement these software products. The company also provides its services to financial services, utilities, entertainment, and content
distribution industries. It operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in
1994 and is headquartered in Englewood, Colorado.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$21.45
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.9%
$23.33
14.17
185
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$681.6
FY 2014E
$749.2
158.3
$1.38
2.11
$776.6
171.2
$1.60
2.29
1.0x
1.0x
1.1x
275.8
4.8x
5.0x
4.6x
–
–
169.3
$788.1
Total Debt / EBITDA
14.2x
14.2x
1.7x
15.6x
10.2x
1.7x
13.4x
9.4x
1.6x
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$756.9
165.4
$1.51
1.51
Valuation Metrics
(USD millio ns)
LTM
$25.00
1,000
900
Price (USD)
800
700
$15.00
600
500
$10.00
Volume (000s)
$20.00
400
300
$5.00
200
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
35
Pric
CSR plc
68
Ticker:
CSR
Jefferies Rating:
HOLD
Price:
$7.73
Exchange:
LSE
Jefferies Analyst:
Lee Simpson
Target Price:
$4.85
(as of Apr 26, 2013)
Founded:
Employees:
1999
Location:
2,117
Cambridge, United Kingdom
CSR plc, a fabless semiconductor company, designs and develops semiconductor integrated circuits and software solutions in the United
Kingdom, rest of Europe, the Americas, and Asia. It offers multifunction semiconductor platforms for the auto, camera, low energy
connectivity, document imaging, and wireless voice and music markets. The company’s technology portfolio comprises Bluetooth; global
positioning systems; frequency modulated radio; wireless fidelity; and audio codec technologies. Its global navigation satellite
systems location products are used in personal navigation devices, mobile phones, watches, global positioning system devices, and cars; and
its Bluetooth Smart platform creates personal area networks around a device, such as a Bluetooth Smart Ready smartphone, tablet,
ultrabook, car, or TV, which allows communicating with sensors for health and fitness, environmental, and entertainment devices, as well
as human interface devices. The company also offers technologies to help negotiate around a shopping complex or public buildings,
such as railway stations or airports, as well as to support a range of information and entertainment devices in cars, ranging from
navigation to DVD players. In addition, it is developing a range of solutions that use different technologies, including near field
communications, Bluetooth Smart, and indoors location, to enhance the security of information. The company markets its products to
original equipment manufacturers and original design manufacturers primarily through its direct sales force and sales representatives, as
well as through a network of distributors. CSR plc was founded in 1999 and is headquartered in Cambridge, the United Kingdom.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$7.73
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
97.2%
$7.95
3.05
575
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,276.1
Total Debt
FY 2014E
$942.4
127.3
$0.24
0.45
$884.9
131.6
$0.26
0.46
1.1x
1.6
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$1,025.4
92.5
$0.25
0.25
Valuation Metrics
(USD millio ns)
LTM
–
–
337.0
$940.6
0.9x
1.0x
10.2x
7.4x
7.1x
Total Debt / EBITDA
30.9x
30.9x
0.0x
31.9x
17.1x
0.0x
29.8x
16.7x
0.0x
$9.00
5,000
$8.00
Price (USD)
$6.00
3,000
$5.00
$4.00
Volume (000s)
4,000
$7.00
2,000
$3.00
$2.00
1,000
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
36
Pric
Daily Mail and General Trust plc
43
Ticker:
DMGT
Jefferies Rating:
BUY
Price:
$10.80
Exchange:
LSE
Jefferies Analyst:
David Reynolds
Target Price:
$12.40
(as of Apr 26, 2013)
Founded:
Employees:
1896
Location:
11,600
London, United Kingdom
Daily Mail and General Trust plc operates in digital, information, media, and events businesses. The company offers risk management
solutions for the property and casualty re-insurance industry, which includes modelling of natural hazards risks, such as earthquake,
hurricane, and flood, as well as terrorism risk and risk from pandemic disease. It also provides business-to-business (B2B)
information for the property, finance, energy, education, and environmental sectors under Landmark, EDR, Hobsons, Lewtan, Trepp, and Genscape
brands. In addition, the company organises B2B exhibitions and conferences for the energy, technology, construction, interior, and
digital marketing industries. Further, it engages in the B2B media activities that include publishing of financial magazines,
newsletters, journals, surveys and research, directories, and books covering international capital markets, as well as specialist financial
titles; and specialist magazines and other publications covering metals and mining, legal, telecom, and energy sectors. The company’s
B2B media activities also comprise conducting banking, finance, legal and audit, and information security market training courses, as
well as conferences and seminars for international financial, energy, telecom, and information security markets; and provision of
research and data services for financial markets. It publishes approximately 70 titles in print and online formats. Additionally, the
company operates a network of local Web portals, such as MailOnline, an online newspaper site; Evenbase, a digital recruitment
business; and Wowcher, a daily deals business, as well as publishes 70 local newspapers, including The Mail on Sunday, Daily Mail, and Metro.
It operates in the United Kingdom, Rest of Europe, North America, Australia, and internationally. Daily Mail and General Trust plc
is a subsidiary of Rothermere Continuation Limited.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$10.80
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
95.8%
$11.27
5.60
713
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$4,021.4
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
LTM
FY 2013E
FY 2014E
$2,816.3
534.6
$1.05
0.83
$2,813.3
562.1
$0.63
0.79
$2,835.5
582.3
$0.70
0.85
1.7x
1.8x
1.8x
1,173.7
9.2x
8.8x
8.5x
153.6
–
411.1
$4,937.7
Total Debt / EBITDA
10.3x
13.0x
2.2x
17.0x
13.6x
2.1x
15.4x
12.7x
2.0x
$12.00
5,000
4,000
$8.00
3,000
$6.00
Volume (000s)
Price (USD)
$10.00
2,000
$4.00
1,000
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
37
Pric
Dassault Systemes SA
102
Ticker:
DSY
Jefferies Rating:
N/A
Price:
Exchange:
ENXTPA
Jefferies Analyst:
Not Covered
Target Price:
$120.60
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1981
Location:
10,158
Ve´lizy-Villacoublay, France
Dassault Systemes SA provides three dimensions (3D) design software, and product lifecycle management solutions worldwide. The company
offers SolidWorks, a software solution for design, simulation, technical documentation, and data management; CATIA, an engineering and
design software for product 3D computer-aided designing; SIMULIA, which provides simulation applications for finite element analysis,
multiphysics solutions, optimization analysis, and simulation lifecycle management; DELMIA, a digital manufacturing and production software that
allows manufacturers to define, plan, create, monitor, and control production processes; ENOVIA, which delivers 3D digital collaboration
solutions; 3DSwYm, an online solution to create on-the-cloud social communities; Exalead for search and search-based applications; and
NETVIBES to create personalized dashboards. It also offers 3DVIA solutions, which include 3DVIA Composer that enables users to visually
communicate assembly procedures, technical illustrations, and marketing materials; 3DVIA Store that allows retailers to visually
communicate merchandising strategy and enables brand managers to test consumer response to packaging and promotions; 3DVIA Studio Pro, a social
development platform that leverages interactive gaming technology; and 3DVIA.com, a community Website for 3D enthusiasts and digital content
creators. In addition, the company provides consulting services in the areas of design, deployment, support, training, and engineering.
It serves aerospace and defense; transportation and mobility; marine and offshore; industrial equipment; high-tech; architecture,
engineering, and construction; consumer goods; consumer packaged goods and retail; life sciences; energy, process, and utilities; natural
resources; and financial and business services sectors through direct sales, value-added resellers, and distributors.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$120.60
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
100.8%
$119.65
89.53
209
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$14,770.1
Total Debt
76.9
Minority Interest
Preferred Equity
Enterprise Value
$2,628.3
866.0
$3.41
3.41
FY 2013E
$2,789.3
938.7
$4.18
4.81
FY 2014E
$3,032.9
1,040.1
$4.41
5.27
Valuation Metrics
(USD millio ns)
LTM
24.2
–
1,956.1
$12,915.1
4.9x
4.6x
4.3x
14.9x
13.8x
12.4x
Total Debt / EBITDA
35.4x
35.4x
0.1x
28.9x
25.1x
0.1x
27.3x
22.9x
0.1x
$140.00
1,200
1,000
$100.00
800
$80.00
600
Volume (000s)
Price (USD)
$120.00
$60.00
400
$40.00
200
$20.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
38
Pric
Demandware, Inc.
98
Ticker:
DWRE
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$27.11
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2004
Location:
298
Burlington, MA (United States)
Demandware, Inc. provides software-as-a-service e-commerce solutions that enable companies to design, implement, and manage their own
customized e-commerce sites, including Websites, mobile applications, and other digital storefronts. It offers a comprehensive on-demand
e-commerce platform that provides Web Storefront Applications to build a new e-commerce site from scratch or leverage best practices
pre-built storefront, called Site Genesis; Call Center Application that allows customers’ call center agents to access order, consumer, and
product information through a single Web-based interface; and Mobile Application, which offers a customizable mobile storefront with the
functionality to create a compelling shopping experience for consumers on their mobile devices. The company also provides Demandware Commerce
Center, a centralized and unified application for the control and management of consumer e-commerce experiences; and Merchandising Tools
that enable retailers to deliver tailored user experiences across various digital channels, launch and manage multiple sites, initiate
marketing campaigns, and enhance site traffic. In addition, it offers Demandware LINK, which allows merchants and developers to have
access to a library of integrations to third-party applications; Development Platform that includes access to a library of pre-built business
processes; and Commerce Cloud, which provides elasticity on demand, uptime and availability, built-in disaster recovery, and access to
network of datacenters. Further, the company provides e-commerce retail practice, implementation, and training services. Its customers
include multinational corporations, retailers, and branded consumer product manufacturers. The company markets its services directly and
through distributor relationships with e-commerce vendors in North America, Europe, and internationally.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$27.11
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
79.1%
$34.27
21.35
260
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$797.8
Total Debt
5.4
Minority Interest
Preferred Equity
Enterprise Value
$79.5
3.2
($0.39)
(0.39)
FY 2013E
FY 2014E
$97.6
(5.6)
($0.78)
(0.36)
$130.7
3.0
($0.64)
(0.12)
Valuation Metrics
(USD millio ns)
LTM
–
–
107.1
$696.0
8.8x
7.1x
5.3x
NM
NM
NM
Total Debt / EBITDA
NM
NM
1.7x
NM
NM
NM
NM
NM
1.8x
$40.00
1,800
$35.00
1,600
Price (USD)
1,200
$25.00
1,000
$20.00
800
$15.00
Volume (000s)
1,400
$30.00
600
$10.00
400
$5.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
39
Pric
Dialog Semiconductor Plc
47
Ticker:
DLG
Jefferies Rating:
BUY
Price:
$11.80
Exchange:
XTRA
Jefferies Analyst:
Lee Simpson
Target Price:
$24.70
(as of Apr 26, 2013)
Founded:
Employees:
1981
Location:
806
Stuttgart, Germany
Dialog Semiconductor Plc engages in the design, development, manufacture, and sale of mixed-signal integrated circuits (ICs) for
personal portable, low energy short-range wireless, lighting, display, and automotive applications. The company provides ICs for personal
portable applications, including smartphones, tablet PCs, digital cordless phones, and gaming applications. It offers integrated
single chip solutions for power management applications, programmable high-performance LDOs, high-efficiency DC-DC voltage converters,
intelligent battery charging circuits, software programmable LED drivers, sensor ADCs, USB interfaces, and integrated high
performance, low power audio. The company also provides dedicated audio amplifiers and ultra low power audio CODECs; and system power management
ICs, which feature fully integrated audio CODEC, HiFi stereo DAC, and drivers. In addition, it offers short range wireless ICs,
which include radio transceiver ICs, monolithic DECT/DCT/CAT-iq processor ICs, cordless voice modules, wireless sensors and base station
devices, wireless sensor modules, and wireless audio modules that are used in cordless telephony and game controllers, integrated
access devices, wireless sensor networks, wireless audio and headset, and cordless headsets, as well as in home automation, control, and
security. Further, the company provides driver technologies for low power display applications, including including OLEDs, e-ink,
MEMs, and 2D-3D video conversion; stack, driver, operating system, and applications software options that help clients in marketing
DECT or VoIP products; and custom SOCs/ASICs. It primarily serves portable device digital cordless, automotive, and industrial equipment
manufacturers. Dialog Semiconductor Plc was founded in 1981 and is headquartered in Stuttgart, Germany.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$11.80
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
51.2%
$23.04
10.99
787
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$760.8
$889.6
153.7
$1.22
1.28
$1,030.2
195.7
$1.63
1.62
FY 2014E
0.8x
0.7x
0.6x
180.3
5.1x
4.1x
3.2x
–
–
312.4
$628.6
Total Debt / EBITDA
12.7x
12.7x
1.5x
9.7x
9.2x
1.2x
7.2x
7.3x
0.9x
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$773.6
123.6
$0.93
0.93
Valuation Metrics
(USD millio ns)
LTM
$25.00
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
Volume (000s)
Price (USD)
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
40
Pric
Diodes Incorporated
57
Ticker:
DIOD
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$19.61
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1959
Location:
4,605
Plano, TX (United States)
Diodes Incorporated is a manufacturer and supplier of high-quality, application-specific standard products within the broad discrete
and analog semiconductor markets, serving the consumer electronics, computing, communications, industrial and automotive markets. The
Company's products include diodes, rectifiers, transistors, MOSFETs, protection devices, functional specific arrays, single gate
logic, amplifiers and comparators, Hall-effect and temperature sensors; power management devices, including LED drivers, DC-DC switching
and linear voltage regulators, and voltage references along with special function devices, such as USB power switches, load
switches, voltage supervisors, and motor controllers. The Company operates two manufacturing facilities located in Shanghai, China, one in
Neuhaus, Germany, one in Taipei, Taiwan and is developing a fifth facility in Chengdu, China.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$19.61
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
85.4%
$22.97
12.95
233
December
52.5
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$840.9
116.1
$0.82
0.97
$897.2
149.9
$1.46
1.62
1.3x
1.0x
0.9x
8.3x
7.1x
5.5x
38.5x
38.5x
0.5x
23.9x
20.3x
0.5x
13.4x
12.1x
0.4x
Valuation Metrics
$886.9
Total Debt
FY 2013E
$633.8
99.9
$0.51
0.51
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
43.3
–
157.1
$825.6
Total Debt / EBITDA
$25.00
2,000
1,600
$15.00
1,200
1,400
1,000
$10.00
Volume (000s)
Price (USD)
1,800
$20.00
800
600
$5.00
400
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
41
Pric
DuPont Fabros Technology, Inc.
125
Ticker:
DFT
Jefferies Rating:
HOLD
Price:
$25.03
Exchange:
NYSE
Jefferies Analyst:
Tayo Okusanya
Target Price:
$27.00
(as of Apr 26, 2013)
Founded:
Employees:
2007
Location:
93
DuPont Fabros Technology, Inc., a real estate investment trust (REIT), is an owner, developer, operator and manager of enterprise-class,
carrier neutral, multi-tenant wholesale data centers. The Company's facilities are designed to offer highly specialized, efficient and
safe computing environments in a low-cost operating model. Dupont's customers outsource their mission critical applications and include
national and international enterprises across numerous industries, such as technology, Internet content providers, media, communications,
cloud-based, healthcare and financial services. The Company's ten data centers are located in four major U.S. markets, which total 2.5
million gross square feet and 218 megawatts of available critical load to power the servers and computing equipment of its customers.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$25.03
% of 52-Week High
86.3%
52-Week High
52-Week Low
19.33
Fiscal Year End
947
December
$2,046.9
Total Debt
–
Preferred Equity
351.3
0.3
Enterprise Value
$403.6
EBITDA
199.9
232.8
255.7
EPS (GAAP)
$0.41
$0.57
$1.23
EPS (Adjusted)
0.41
0.67
1.16
FFO / Share
1.48
1.81
2.16
AFFO / Share
1.29
1.68
2.08
683.0
Minority Interest
FY 2014E
$370.8
Valuation Metrics
(USD millio ns)
FY 2013E
$327.9
Revenue
$29.00
LTM
9.4x
8.3x
7.6x
15.4x
13.2x
12.0x
61.2x
43.9x
20.3x
61.2x
37.6x
21.6x
3.4x
2.9x
2.7x
FFO / Price
16.9x
13.8x
11.6x
AFFO / Price
19.4x
14.9x
12.0x
Total Debt / EBITDA
$3,080.9
$35.00
4,000
$30.00
Price (USD)
2,400
$20.00
$15.00
Volume (000s)
3,200
$25.00
1,600
$10.00
800
$5.00
–
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
42
Price
EarthLink Inc.
124
Ticker:
ELNK
Jefferies Rating:
HOLD
Price:
$5.58
Exchange:
NasdaqGS
Jefferies Analyst:
Tom Seitz
Target Price:
$6.00
(as of Apr 26, 2013)
Founded:
Employees:
2000
Location:
3,034
EarthLink, Inc., together with its subsidiaries, provides network, communications, and IT services to business and residential customers
in the United States. The company operates in two segments, Business Services and Consumer Services. The Business Services segment offers
high-speed and dedicated Internet access, and multiprotocol label switching services; switched access, long distance services, hosted
voice solutions, and access trunks; and mobile data and voice services through the networks of wireless services providers. It also
provides cloud services, such as cloud hosting and dedicated server services; network and cloud security, endpoint and device security,
compliance and enhanced monitoring, and business continuity and disaster recovery services; and application and IT support services, as well as
offers voice and data services to other communications carriers. In addition, this segment provides broadband transport services that
comprise private line, Ethernet private line, and wavelength services; local communications services to Internet services providers; local
dial tone communications services to service providers; and live and automated operator, and directory assistance services. Further, it
sells, installs, and performs on-site maintenance of customer premise equipment; leases server space; and offers Web hosting services to
build and maintain an online presence. This segment markets its services through direct sales and independent sales channels. The Consumer
Services segment provides broadband access; narrowband access services; and value-added services, including security products, premium
email only, home networking, and email storage. This segment provides its products and services through its call centers, search engine
marketing, affinity marketing partners, resellers, and marketing alliances.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$5.58
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
65.0%
$8.59
5.23
806
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$591.0
Total Debt
616.3
Minority Interest
Preferred Equity
Enterprise Value
$1,349.0
280.0
$0.07
0.07
FY 2013E
FY 2014E
$1,241.6
218.0
($0.36)
(0.27)
$1,208.8
214.5
($0.32)
(0.30)
Valuation Metrics
(USD millio ns)
LTM
–
–
205.5
$1,001.8
0.7x
0.8x
0.8x
3.6x
4.6x
4.7x
Total Debt / EBITDA
NM
NM
2.2x
NM
NM
2.8x
NM
NM
2.9x
$9.00
4,500
$8.00
4,000
$7.00
3,500
$6.00
3,000
$5.00
2,500
$4.00
2,000
$3.00
1,500
$2.00
1,000
$1.00
500
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
43
Pric
Eros International Media Limited
137
Ticker:
EROS
Jefferies Rating:
N/A
Price:
Exchange:
NSEI
Jefferies Analyst:
Not Covered
Target Price:
Employees:
NM
Location:
$3.21
(as of Apr 26, 2013)
N/A
Founded:
1977
Mumbai, India
Eros International Media Limited operates in the media and entertainment sector in India and internationally. It engages in sourcing
Indian film content through acquisition, co-production, or production; the exploitation and distribution of films through music
release, theatrical distribution, DVD and VCD release, television licensing, and cable or DTH licensing; and the trading and exporting of
international rights. The company is also involved in the provision of production planning and visual effects services for films, as
well as the acquisition, production, and distribution of Tamil films worldwide. It owns rights to approximately 1,900 films; and
holds digital rights to approximately 700 films. Eros International Media Limited has a strategic alliance with Endemol India to
co-produce three feature films, as well as original programming for television. The company was founded in 1977 and is based in Mumbai,
India. Eros International Media Limited is a subsidiary of Eros Worldwide FZ LLC.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$3.21
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
75.8%
$4.23
2.81
226
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$294.3
Total Debt
FY 2014E
$200.7
41.4
$0.32
0.32
$250.6
56.1
$0.43
0.42
59.8
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$194.7
9.4
$0.30
0.30
Valuation Metrics
(USD millio ns)
LTM
–
–
25.3
$328.7
1.7x
1.6x
1.3x
34.9x
7.9x
5.9x
Total Debt / EBITDA
10.6x
10.6x
6.3x
10.0x
9.9x
1.4x
7.5x
7.7x
1.1x
$4.50
2,000
$4.00
Price (USD)
$3.00
1,200
$2.50
$2.00
Volume (000s)
1,600
$3.50
800
$1.50
$1.00
400
$0.50
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
44
Pric
Exar Corp.
48
Ticker:
EXAR
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$10.50
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1971
Location:
304
Exar Corporation designs, develops and markets high performance analog and mixed-signal integrated circuits (ICs) and advanced
sub-system solutions for data and telecommunications, networking and storage, industrial control and consumer applications. The Company
offers a portfolio of products including power management and connectivity components, communications products, storage optimization
solutions, network security and applied service processors. Its connectivity solutions comprise bridging products for bus interfaces,
such as universal serial bus, Ethernet and peripheral interconnect express, and UART and serial transceiver devices; and communications
products comprise plesiochronous digital hierarchy, synchronous optical network and synchronous digital hierarchy products. The
Company’s products have applications in portable electronic devices, set top boxes, digital video recorders, networking and
telecommunication systems, servers, enterprise storage systems, and industrial automation equipment.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$10.50
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
87.7%
$11.97
7.26
128
April
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$477.7
Total Debt
FY 2014E
$122.5
18.9
$0.07
0.27
$141.6
30.3
$0.26
0.48
2.0x
4.7
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$118.7
10.3
($0.44)
(0.44)
Valuation Metrics
(USD millio ns)
LTM
–
–
202.4
$280.0
2.4x
2.3x
27.1x
14.8x
9.2x
NM
NM
0.5x
NM
38.9x
0.3x
39.9x
22.0x
0.2x
Total Debt / EBITDA
$14.00
700
$12.00
600
$10.00
500
$8.00
400
$6.00
300
$4.00
200
$2.00
100
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
45
Pric
Fair Isaac Corporation
99
Ticker:
FICO
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$45.11
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1956
Location:
2,315
Fair Isaac Corporation, together with its subsidiaries, provides analytic, software, and data management products and services to
automate, improve, and connect decisions for businesses worldwide. It offers a range of analytical solutions, credit scoring and credit account
management products and services to banks, credit reporting agencies, credit card processing agencies, insurers, retailers, and
healthcare organizations. The company operates in three segments: Applications, Scores, and Tools. The Applications segment provides
pre-configured decision management applications and associated professional services, designed for a specific type of business problems or process,
such as marketing, account origination, customer management, fraud, and insurance claims management, as well as associated professional
services. The Scores segment offers business-to-business scoring solutions and services, which give its clients access to analytics and
integrate into their transaction streams and decision-making processes; and myFICO solutions for consumers, as well as associated
professional services. The Tools segment provides software tools for clients to create their own custom decision management applications. The
company markets its products and services primarily through its direct sales organization and independent distributors; and through indirect
channels, including alliance partners and other resellers, as well as online.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$45.11
FY 2013E
FY 2014E
$715.9
214.7
$2.34
2.34
$762.8
220.3
$2.84
3.31
$799.9
230.8
$3.23
3.56
2.8x
2.6x
2.5x
9.2x
9.0x
8.6x
19.3x
19.3x
2.3x
15.9x
13.6x
2.3x
14.0x
12.7x
2.2x
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
94.3%
$47.86
38.02
199
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$1,568.1
Total Debt
504.0
Minority Interest
Preferred Equity
Enterprise Value
–
–
98.3
$1,973.9
LTM
Total Debt / EBITDA
$60.00
900
800
700
$40.00
600
500
$30.00
400
$20.00
Volume (000s)
Price (USD)
$50.00
300
200
$10.00
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
46
Pric
Fidelity National Information Services, Inc.
90
Ticker:
FIS
Jefferies Rating:
HOLD
Price:
$40.67
Exchange:
NYSE
Jefferies Analyst:
Ramsey El-Assal
Target Price:
$40.00
(as of Apr 26, 2013)
Founded:
Employees:
1968
Location:
35,000
Jacksonville, FL (United States)
Fidelity National Information Services, Inc. provides banking and payments technology solutions worldwide. The company offers financial
institution core processing, card issuer, and transaction processing services, including the national electronic funds transfer network.
Its Financial Solutions Group offers core processing software applications to run banking processes; retail delivery applications that
enable financial institutions to integrate and streamline customer-facing operations and back-office processes; fraud, risk management, and
compliance solutions; applications for syndicated commercial loan origination, trade, and servicing; and technology solutions, such as
consulting engagements, application development projects, operations support, and infrastructure management, as well as integrated
consulting, technology and complex, and transformation services. The company’s Payment Solutions Group provides electronic funds transfer
services comprising settlement and card management solutions for financial institution card issuers; item processing and output services;
credit card solutions; government payments solutions; ePayment solutions consisting of bill publishing and bill consolidation technology; and
check risk management and related services to businesses accepting or cashing checks. Its International Solutions Group offers payment
solutions, such as outsourced card-issuer services and customer support, payment processing and switching services, prepaid and debit card
processing, item processing, software licensing and maintenance, outsourced ATM management, and retail point-of-sale check warranty
services; and financial solutions, including outsourced core bank processing arrangements, application management, software licensing and
maintenance, facilities management, and consulting services. Fidelity National Information Services, Inc. was founded in 1968 and is
headquartered in Jacksonville, Florida.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$40.67
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
98.6%
$41.25
30.46
2,227
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$11,932.9
Total Debt
4,385.5
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$5,807.6
1,712.0
$1.55
1.82
$6,091.1
1,858.0
$2.20
2.81
$6,408.6
1,973.1
$2.51
3.13
2.7x
2.6x
2.5x
9.3x
8.6x
8.1x
26.2x
22.3x
2.6x
18.5x
14.5x
2.4x
16.2x
13.0x
2.2x
Valuation Metrics
(USD millio ns)
LTM
152.7
–
517.6
$15,953.5
Total Debt / EBITDA
$45.00
12,000
$40.00
10,000
Price (USD)
$30.00
8,000
$25.00
6,000
$20.00
$15.00
Volume (000s)
$35.00
4,000
$10.00
2,000
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
47
Pric
Freescale Semiconductor, Ltd.
73
Ticker:
FSL
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$15.60
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2006
Location:
16,500
Austin, TX (United States)
Freescale Semiconductor, Ltd. provides embedded processing solutions for automotive, networking, industrial, and consumer markets
worldwide. The Company’s embedded processor products comprise microcontrollers, such as ultra low power, low end 8-bit products to
higher performance 16-bit, and 32-bit products with on-board flash memory, which provide the digital logic or intelligence for electronic
applications; single-and multi-core microprocessors; and applications processors with embedded memory, and special purpose hardware
and software for multimedia applications. Freescale also offers wireless connectivity products for low power wireless communications
functionality; communications processors that perform tasks related to control and management of digital data, and network interfaces;
and radio frequency devices, such as power transistors, amplifiers, receivers, and tuners. In addition, the Company provides analog
and mixed-signal products, such as power management devices, system-based chips, battery and motor control devices, CAN/LIN network
transceivers, and radar and signal conditioners and sensors comprising pressure, inertial, magnetic, proximity, and gyroscopic
sensors, which act as an interface between an embedded system and external environment. Further, the Company offers digital signal
processors to perform baseband modem processing; digital signal controllers, which offers solutions for digital power conversion, motor
control, and other applications in consumer, industrial, and healthcare markets.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$15.60
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
95.9%
$16.27
7.63
1,765
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,992.8
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$3,976.0
749.0
($0.57)
(0.57)
FY 2014E
$4,118.6
830.9
$0.20
0.42
$4,398.5
1,044.1
$1.21
1.36
2.2x
Valuation Metrics
(USD millio ns)
LTM
6,389.0
–
–
767.0
$9,614.8
Total Debt / EBITDA
2.4x
2.3x
12.8x
11.6x
9.2x
NM
NM
8.5x
NM
37.4x
7.7x
12.8x
11.5x
6.1x
$18.00
6,000
$16.00
5,000
Price (USD)
$12.00
4,000
$10.00
3,000
$8.00
$6.00
Volume (000s)
$14.00
2,000
$4.00
1,000
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
48
Pric
Global Payments Inc.
89
Ticker:
GPN
Jefferies Rating:
BUY
Price:
$46.11
Exchange:
NYSE
Jefferies Analyst:
Jason Kupferberg
Target Price:
$52.00
(as of Apr 26, 2013)
Founded:
Employees:
1967
Location:
3,796
Global Payments Inc. provides electronic payments transaction processing services for consumers, merchants, independent sales
organizations (ISOs), financial institutions, government agencies, and multi-national corporations in the United States, Canada, the UK,
Spain, the Asia-Pacific, the Czech Republic, and the Russian Federation. It serves as a processing intermediary between the merchant,
the credit and debit networks, and the financial institutions that issue cards to facilitate electronic payment transactions. The company
offers credit and debit card transaction processing services for various international card brands, including American Express, China
UnionPay, Discover, JCB, MasterCard, and Visa, as well as for certain domestic debit networks, such as Interac in Canada. Its services
include terminal sales and deployment, front-end authorization processing, settlement and funding processing, customer support and help-desk
functions, chargeback resolution, industry compliance, PCI security, consolidated billing and statements, and online reporting. The company
also offers VIP LightSpeed proprietary software and VIP Preferred Advantage product to the gaming industry that provide the tools
necessary to establish revolving check cashing limits for a casino's customers. It markets its products and services through a dedicated direct
sales force and an internal telesales group, as well as through ISOs, retail outlets, trade associations, alliance bank relationships,
and financial institutions. Global Payments Inc. was founded in 1967 and is headquartered in Atlanta, Georgia.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$46.11
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
90.0%
$51.24
39.37
794
May
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,500.5
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$2,354.6
499.0
$2.30
2.30
$2,396.0
510.0
$3.09
3.68
$2,583.3
549.6
$3.59
4.08
1.7x
Valuation Metrics
(USD millio ns)
LTM
1.9x
1.8x
1,122.9
8.8x
8.6x
8.0x
138.2
–
391.6
$4,370.1
Total Debt / EBITDA
20.1x
20.1x
2.3x
14.9x
12.5x
2.2x
12.8x
11.3x
2.0x
$60.00
6,000
$50.00
5,000
$40.00
4,000
$30.00
3,000
$20.00
2,000
$10.00
1,000
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
49
Pric
Harmonic Inc.
10
Ticker:
HLIT
Jefferies Rating:
HOLD
Price:
$5.69
Exchange:
NasdaqGS
Jefferies Analyst:
James Kisner
Target Price:
$5.50
(as of Apr 26, 2013)
Founded:
Employees:
1988
Location:
1,148
Harmonic Inc. designs, manufactures, and sells video infrastructure products and system solutions to create, prepare, and deliver
broadcast and on-demand video services for televisions, personal computers, tablets and mobile devices in the United States and
internationally. The company offers video production platforms and playout solutions, such as video servers used by broadcasters, content
owners, and multi-channel network operators to create and play-to-air television channels; video-optimized storage that provides storage
capacity and access bandwidth to support media production applications comprising video editing, content transformation, and media
library management; and media applications, which provide integrated media management and workflow control over content stored on its
systems. It also provides video processing solutions, including broadcast encoders; contribution and distribution encoders; stream
processing and statistical multiplexing solutions; content preparation and delivery for multi-screen applications; decoders and
descramblers; and management and control software. In addition, the company offers edge products that integrate routing, multiplexing,
scrambling, and modulation into a single package; optical transmitters and amplifiers, which operates at various optical wavelengths and
serves long-haul and local transport applications in the cable distribution network; optical nodes to support network architectures
for bandwidth delivered to a service area; and return path transmitters that support two-way transmission capabilities. Further, it
provides technical support and professional services, such as maintenance and support; and consulting, implementation, and integration
services. The company sells its products to cable, satellite and telco, and broadcast and media companies through direct sales force,
independent distributors, and integrators. Harmonic Inc. was founded in 1988 and is headquartered in San Jose, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$5.69
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
94.0%
$6.05
3.76
600
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$655.5
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$515.7
48.6
($0.10)
(0.10)
$454.2
53.5
($0.10)
0.16
$497.7
65.9
$0.03
0.35
Valuation Metrics
(USD millio ns)
LTM
–
–
228.3
$427.2
0.8x
0.9x
0.9x
8.8x
8.0x
6.5x
Total Debt / EBITDA
NM
NM
–
NM
36.0x
–
NM
16.1x
–
$7.00
2,500
$6.00
Price (USD)
1,500
$4.00
$3.00
Volume (000s)
2,000
$5.00
1,000
$2.00
500
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
50
Pric
Hemisphere Media Group, Inc.
138
Ticker:
HMTV
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGM
Jefferies Analyst:
Not Covered
Target Price:
$13.14
(as of Apr 26, 2013)
N/A
Founded:
2013
Employees:
Location:
250
Coral Gables, FL (United States)
Hemisphere Media Group is the only publicly-traded pure-play U.S. Spanish-language TV/cable network business serving the high-growth
U.S. Hispanic population. Headquartered in Miami, Florida, Hemisphere owns and operates Cinelatino, WAPA Television and WAPA America.
Cinelatino is the leading Spanish-language movie channel with more than 12 million subscribers in the U.S., Latin America and
Canada, featuring the largest selection of contemporary Spanish-language blockbusters and critically-acclaimed titles from Mexico, Latin
America, Spain and the Caribbean. WAPA Television is Puerto Rico’s leading broadcast station with the highest primetime and full day
ratings in Puerto Rico. Founded in 1954, WAPA Television produces more than 60 hours per week of top-rated news and entertainment
programming. WAPA America is the leading cable network targeting Puerto Ricans and other Caribbean Hispanics living in the U.S., featuring
the highly-rated news and entertainment programming produced by WAPA-TV. WAPA America has more than five million U.S. subscribers.
Hemisphere Media Group started listing its Class A common stock on the NASDAQ Global Market on April 23, 2013.
Trading Data
(as of Apr 26, 2013)
Share Price
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
(USD)
$13.14
97.4%
$13.49
10.20
–
December
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
51
(USD millio ns)
$142.9
–
–
–
–
$142.9
Pric
Hittite Microwave Corporation
53
Ticker:
HITT
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$55.84
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1985
Location:
486
Chelmsford, MA (United States)
Hittite Microwave Corporation designs and develops integrated circuits (ICs), modules and subsystems for radio frequency (RF),
microwave and millimeterwave applications. The Company’s products are used in a variety of applications and end markets, including
automotive, broadband, cellular infrastructure, fiber optic, microwave and millimeterwave communications, military, space, and test and
measurement. The Company has design centers in seven locations, including the primary design centers in Chelmsford, Massachusetts, and
additional facilities in Cairo, Egypt; Colorado Springs, Colorado; Istanbul, Turkey; Ottawa, Ontario, Canada; Roanoke, Virginia; and
Trondheim, Norway. At December 31, 2012, Hittite had more than 1,000 standard products spanning 36 functional product lines. Hittite
offers its products in a variety of packaging formats, modules and subsystems facilitating their use in a range of applications. The
Company sells its products worldwide through multiple channels, including worldwide direct sales force, applications engineering staff
and its network of domestic and international independent sales representatives.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$55.84
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
83.4%
$66.97
45.94
145
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,701.0
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$268.8
134.6
$2.27
2.27
$279.7
121.9
$2.30
2.37
$316.1
144.5
$2.75
2.82
4.1x
Valuation Metrics
(USD millio ns)
LTM
–
–
409.2
$1,291.7
4.8x
4.6x
9.6x
10.6x
8.9x
Total Debt / EBITDA
24.6x
24.6x
–
24.3x
23.6x
–
20.3x
19.8x
–
$70.00
700
$60.00
600
$50.00
500
$40.00
400
$30.00
300
$20.00
200
$10.00
100
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
52
Pric
Imagination Technologies Group Plc
54
Ticker:
IMG
Jefferies Rating:
BUY
Price:
$6.91
Exchange:
LSE
Jefferies Analyst:
Lee Simpson
Target Price:
$9.70
(as of Apr 26, 2013)
Founded:
Employees:
1985
Location:
1,275
Kings Langley, United Kingdom
Imagination Technologies creates and licenses market-leading processor solutions for graphics, video, and display, embedded
processing, multi-standard communications and connectivity, and cross-platform V.VoIP & VoLTE. These silicon and software intellectual
property (IP) solutions for systems-on-chip (SoC) are complemented by an extensive portfolio of software drivers, developer tools and
extensive market and technology-focused ecosystems. The Company's target markets include mobile phone and multimedia, connected home
consumer, mobile and tablet computing, in-car electronics, telecoms, health, smart energy and connected sensors and controllers.
Imagination’s licensees include many of the world’s leading semiconductor, network operator and electronics OEM/ODM companies. Imagination has
two divisions: the Technology division is a semiconductor, software and cloud IP licensing business which provides market-leading
multimedia and communications capabilities for complex SoC devices; the Pure division designs and manufactures innovative consumer
products, using Imagination's technologies as a key differentiator alongside high quality product design.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$6.91
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
63.4%
$10.90
5.86
823
April
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,808.4
Total Debt
FY 2014E
$246.7
65.4
$0.12
0.18
$332.6
103.1
$0.22
0.27
8.9
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$229.6
64.4
$0.12
0.12
Valuation Metrics
(USD millio ns)
LTM
–
–
113.4
$1,703.8
Total Debt / EBITDA
7.4x
6.9x
5.1x
26.5x
26.1x
16.5x
NM
NM
0.1x
NM
38.5x
0.1x
31.2x
25.8x
0.1x
$12.00
4,000
3,500
$10.00
Price (USD)
2,500
$6.00
2,000
Volume (000s)
3,000
$8.00
1,500
$4.00
1,000
$2.00
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
53
Pric
Immersion Corporation
66
Ticker:
IMMR
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$11.10
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1993
Location:
94
Immersion Corporation develops, manufactures, licenses and supports a range of hardware and software technologies and products
that enhance digital devices with touch interaction. It provides haptic technologies that allow people to use their sense of touch
when operating various digital devices. The Company licenses its technologies to the OEMs or their suppliers to include technologies
in products comprising mobile phones, video console gaming systems, consumer electronics, medical simulation and surgical robotic
systems, and automotive controls under their own brands. Immersion offers its technologies under the TouchSense brand. Its
product portfolio comprises TouchSense 1000 for the commercial and industrial, and automotive markets; TouchSense 2000 that targets mass
consumer electronic devices, such as such as microwaves, cameras, and tablet PCs; and TouchSense 3000, TouchSense 4000, and
TouchSense 5000 for mobile communications and consumer electronics markets. The Company also provides Integrator that consists of
modules comprising UI Module, which streamlines haptic integration; Reverb Module that uses the real-time audio track in digital
content; Themes Module, which allows OEMs to waterfall a signature haptic feel through the UI of the device; WebKit Module that extends
the theme controls to the device Internet browser experience; and Ringtones Module, which enables support of haptic vibrations to
be used during the device silent mode.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$11.10
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
92.6%
$11.99
4.15
287
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$289.7
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$32.2
0.3
($0.20)
(0.21)
FY 2014E
$45.3
14.8
$0.33
0.55
$55.8
24.9
$0.67
0.85
4.4x
Valuation Metrics
(USD millio ns)
LTM
–
–
43.5
$246.2
7.7x
5.4x
NM
16.6x
9.9x
Total Debt / EBITDA
NM
NM
–
34.2x
20.2x
–
16.6x
13.1x
–
$14.00
1,500
$12.00
Price (USD)
900
$8.00
$6.00
Volume (000s)
1,200
$10.00
600
$4.00
300
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
54
Pric
Infinera Corporation
16
Ticker:
INFN
Jefferies Rating:
BUY
Price:
$8.28
Exchange:
NasdaqGS
Jefferies Analyst:
George Notter
Target Price:
$9.00
(as of Apr 26, 2013)
Founded:
Employees:
2000
Location:
1,219
Infinera Corporation provides optical networking equipment, software, and services to communications service providers, Internet
content providers, cable operators, and subsea network operators worldwide. It offers digital transport node (DTN) platform that utilizes
photonic integrated circuit technology to enable digital processing and management of data to generate wavelength division
multiplexing (WDM) wavelengths and to add, drop, switch, manage, protect, and restore network traffic digitally; and for use as submarine line
terminating equipment node in submarine transport applications. The company also provides DTN-X platform that integrates
approximately 600 discrete optical functions and delivers a step function enhancement in network economics; line systems, which provide the
management communications channels between network nodes and allow customers to manage and utilize the capacity on network; and ATN
platform that extends the digital optical network architecture benefits of the DTN platform, and used as standalone WDM access systems. In
addition, it offers IQ Network Operating System, an embedded software operating system for the tasks customers perform to deliver,
differentiate, and manage services; and management suite, a set of standards-based network and element management tools and operations
support system integration interfaces to manage DTN, DTN-X, and ATN platforms. Further, the company provides technical support
services for hardware and software products, installation services, spares management, first line maintenance services, on-site technical
services, professional services, product technical training, and extended product warranties. It markets and sells products and
related support services primarily through its direct sales force; and through distribution or support partners. The company was formerly
known as Zepton Networks. Infinera Corporation was founded in 2000 and is headquartered in Sunnyvale, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$8.28
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
96.8%
$8.55
4.33
1,165
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$957.3
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$458.4
(13.6)
($0.71)
(0.71)
$528.5
19.6
($0.44)
(0.07)
$582.9
44.6
($0.17)
0.18
Valuation Metrics
(USD millio ns)
LTM
–
–
180.8
$776.5
1.7x
1.5x
1.3x
NM
39.6x
17.4x
Total Debt / EBITDA
NM
NM
–
NM
NM
–
NM
46.5x
–
$9.00
10,000
$8.00
9,000
$7.00
8,000
7,000
$6.00
6,000
$5.00
5,000
$4.00
Volume (000s)
Price (USD)
4,000
$3.00
3,000
$2.00
2,000
$1.00
1,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
55
Pric
Info Edge (India) Limited
24
Ticker:
532777
Jefferies Rating:
N/A
Price:
Exchange:
BSE
Jefferies Analyst:
Not Covered
Target Price:
$6.55
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1995
Location:
1,676
Noida, India
Info Edge (India) Limited operates as an online classifieds company in recruitment, matrimony, real estate, and education sectors in
India. It provides recruitment classifieds and related services to job seekers, and employers and recruitment consultants on its
Websites naukri.com in India, and naukrigulf.com in the Middle East; and property listing services for sale, purchase, and rent through
its Website, 99acres.com. The company also operates quadranglesearch.com, an offline executive search Website; brijj.com, a
professional networking site; and firstnaukri.com, a fresher hiring site; jeevansathi.com, an online matrimony classifieds Website; and
shiksha.com, an online education classifieds Website, as well as manages allcheckdeals.com, a real estate broking Website. Info Edge (India)
Limited was incorporated in 1995 and is based in Noida, India.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$6.55
LTM
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
87.9%
$7.45
5.10
24
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$77.0
23.5
$0.19
0.19
$715.4
Total Debt
0.1
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$83.4
23.9
$0.19
0.18
$101.9
31.1
$0.23
0.23
Valuation Metrics
(USD millio ns)
FY 2013E
(0.5)
–
118.0
$597.0
7.8x
7.2x
5.9x
25.4x
25.0x
19.2x
Total Debt / EBITDA
35.2x
35.2x
0.0x
34.8x
36.3x
0.0x
28.3x
28.4x
0.0x
$8.00
50
45
$7.00
Price (USD)
35
$5.00
30
$4.00
25
Volume (000s)
40
$6.00
20
$3.00
15
$2.00
10
$1.00
5
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
56
Pric
Informatica Corporation
113
Ticker:
INFA
Jefferies Rating:
HOLD
Price:
$34.00
Exchange:
NasdaqGS
Jefferies Analyst:
Aaron Schwartz
Target Price:
$36.00
(as of Apr 26, 2013)
Founded:
Employees:
1993
Location:
2,814
Redwood City, CA (United States)
Informatica Corporation provides enterprise data integration and data quality software and services worldwide. The company offers
PowerCenter, which integrates data virtually from business systems in various formats and delivers that data throughout the enterprise;
PowerExchange that enables information technology organizations to access the sources of enterprise data without having to develop
custom data access programs; and Data Services for finding, integrating, and managing data in the enterprise. It also provides Data
Quality, which delivers data quality to stakeholders, projects, and data domains; Master Data Management that offers consolidated
business-critical data; and B2B Data Exchange software for multi-enterprise data integration. In addition, the company offers Application
Information Lifecycle Management products to manage various phases of the data lifecycle; Data Replication, an enterprise software for
real-time database data movement and heterogeneous data integration; Complex Event Processing to detect, correlate, analyze, and
respond to data-driven events; Ultra Messaging products, which enables ultralow latency messaging, and systems that reduce hardware
infrastructure costs; and cloud data integration applications and integration platform as a service. Further, it provides product-related
customer support, consulting, and education services. Informatica Corporation serves corporations, and governmental and educational
institutions in various markets, such as automotive, energy and utilities, entertainment/media, financial services, healthcare, high
technology, insurance, manufacturing, public sector, retail, services, telecommunications, and travel/transportation. The company
sells its products through its direct sales force, as well as through systems integrators, resellers, distributors, and original
equipment manufacturer partners. Informatica Corporation was founded in 1993 and is headquartered in Redwood City, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$34.00
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
70.2%
$48.42
23.83
1,489
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,632.3
Total Debt
$907.9
244.3
$0.88
1.42
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$829.9
215.2
$0.75
0.75
FY 2014E
$1,008.7
281.8
$1.16
1.65
Valuation Metrics
(USD millio ns)
LTM
1.8
–
592.9
$3,041.3
3.7x
3.3x
3.0x
14.1x
12.5x
10.8x
Total Debt / EBITDA
45.3x
45.3x
–
38.8x
24.0x
–
29.4x
20.7x
–
$60.00
25,000
20,000
$40.00
15,000
$30.00
Volume (000s)
Price (USD)
$50.00
10,000
$20.00
5,000
$10.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
57
Pric
InnerWorkings Inc.
22
Ticker:
INWK
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$10.40
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2001
Location:
1,379
Chicago, IL (United States)
InnerWorkings, Inc. provides print management and promotional solutions to corporate clients in the United States and
internationally. The company procures, manages, and delivers printed materials and promotional products. Its proprietary software applications and
database create an integrated solution that stores, analyzes, and tracks the production capabilities of the supplier network, as well
as quotes and prices data for print jobs. The company’s principal products comprise direct mail pieces, brochures, catalogues,
point-of-purchase, displays, magazines, packaging, store fixtures, CDs/DVDs, promotional products annual reports, envelopes, labels,
calendars, folders, gift cards, signage, and posters. Its products also include newsletters, billboards, playing cards, binders, apparel,
games, stationery, business and automobile wraps, postcards, stickers, bags, magnets, warehousing, pick and pack, distribution, and
print on demand products. The company also offers a range of fulfillment and logistics services, such as kitting and assembly,
inventory management, and pre-sorting postage. In addition, it provides creative services, including copywriting, graphics and Website
design, identity work, and marketing collateral development services, as well as pre-media services comprising image and print ready page
processing, and proofing capabilities. InnerWorkings, Inc. was founded in 2001 and is headquartered in Chicago, Illinois.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$10.40
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
65.8%
$15.80
10.04
299
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$526.8
Total Debt
$908.0
50.4
$0.46
0.45
$1,055.2
66.2
$0.64
0.62
0.5x
65.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$797.7
43.6
$0.37
0.37
FY 2014E
Valuation Metrics
(USD millio ns)
LTM
–
–
17.2
$574.5
0.7x
0.6x
13.2x
11.4x
8.7x
Total Debt / EBITDA
28.1x
28.1x
1.5x
22.8x
22.9x
1.3x
16.3x
16.8x
1.0x
$18.00
3,000
$16.00
2,500
Price (USD)
$12.00
2,000
$10.00
1,500
$8.00
$6.00
Volume (000s)
$14.00
1,000
$4.00
500
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
58
Pric
Innovation Group plc
105
Ticker:
TIG
Jefferies Rating:
N/A
Price:
Exchange:
LSE
Jefferies Analyst:
Not Covered
Target Price:
$0.41
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1996
Location:
2,637
Whiteley, United Kingdom
The Innovation Group plc provides business process services, and software solutions to the insurance, fleet, automotive, and property
industries. The company provides business process outsourcing solutions in the areas of policy management, warranty management, fleet
management, risk and fraud management, property and subsidence management, first notice of loss, claims management, incident management, and
repair and supply chain network management, as well as subrogation, recovery, and salvage. Its software solutions comprise Insurer policy,
a policy management solution; Insurer Claims, a claims management solution; Insurer Analytics, a business intelligence platform; Insurer
Pyramid, a specialist workers’ compensation policy and claims solution; Innovation Symbility, a wireless property claims handling
solution; and Innovation Conversion, a data migration solution. The company has operations in the United Kingdom, Germany, and rest of Europe,
as well as South Africa, North America, and Asia Pacific.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$0.41
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
102.0%
$0.40
0.28
2,067
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$388.4
Total Debt
FY 2013E
FY 2014E
$312.3
33.6
$0.01
0.01
$322.4
44.9
$0.02
0.02
$347.8
50.7
$0.02
0.03
1.0x
30.0
Minority Interest
Preferred Equity
Enterprise Value
LTM
3.8
–
78.4
$343.8
1.1x
1.1x
10.2x
7.7x
6.8x
Total Debt / EBITDA
36.6x
36.6x
0.9x
23.3x
17.3x
0.7x
21.0x
15.0x
0.6x
$0.45
30,000
$0.40
Price (USD)
$0.30
18,000
$0.25
$0.20
Volume (000s)
24,000
$0.35
12,000
$0.15
$0.10
6,000
$0.05
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
59
Pric
Inphi Corporation
69
Ticker:
IPHI
Jefferies Rating:
BUY
Price:
Exchange:
NYSE
Jefferies Analyst:
Sundeep Bajikar
Target Price:
$9.10
(as of Apr 26, 2013)
$10.00
Founded:
Employees:
2000
Location:
192
Santa Clara, CA (United States)
Inphi Corporation provides high-speed analog and mixed signal semiconductor solutions for the communications, datacenter, and
computing markets worldwide. Its analog and mixed signal semiconductor solutions offer high signal integrity at data speeds while reducing
system power consumption. The Company’s semiconductor solutions are designed to address bandwidth bottlenecks in networks, maximize
throughput and minimize latency in computing environments, and enable the rollout of next generation communications, datacenter, and
computing infrastructures. Its solutions provide a high-speed interface between analog signals and digital information in
high-performance systems, such as telecommunications transport systems, enterprise networking equipment, datacenters and enterprise servers,
storage platforms, test and measurement equipment, and military systems. The Company also provides 40G and 100G high-speed analog
semiconductor solutions for the communications market and high-speed memory interface solutions for the computing market. Its products
include amplifiers and modulator drivers, clock and data recovery, isolation memory buffer, register, and SerDes products that perform a
range of functions, such as amplifying, encoding, multiplexing, demultiplexing, retiming, and buffering data and clock signals at
speeds up to 100 Gbps.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$9.10
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
74.3%
$12.25
7.45
208
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$266.0
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
$91.2
9.2
($0.73)
(0.73)
FY 2013E
FY 2014E
$97.5
6.6
($0.41)
0.09
$123.9
14.3
($0.17)
0.32
Valuation Metrics
(USD millio ns)
LTM
–
–
121.3
$144.7
Total Debt / EBITDA
1.6x
1.5x
1.2x
15.8x
22.0x
10.1x
NM
NM
–
NM
NM
–
NM
28.7x
–
$14.00
2,000
$12.00
Price (USD)
1,200
$8.00
$6.00
Volume (000s)
1,600
$10.00
800
$4.00
400
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
60
Pric
International Business Machines Corporation
108
Ticker:
IBM
Jefferies Rating:
HOLD
Price:
$199.15
Exchange:
NYSE
Jefferies Analyst:
Peter Misek
Target Price:
$225.00
Employees:
442,255
Location:
Price
(as of Apr 26, 2013)
Founded:
1910
Armonk, NY (United States)
International Business Machines Corporation provides information technology (IT) products and services worldwide. The company
operates in five segments: Global Technology Services, Global Business Services, Software, Systems and Technology, and Global Financing. The
Global Technology Services segment provides IT infrastructure and business process services, including strategic outsourcing,
process, integrated technology, and technology support services. The Global Business Services segment offers consulting solutions for
strategy and transformation, application innovation, enterprise applications, and smarter analytics; and application management,
maintenance, and support services. The Software segment offers middleware and operating systems software, such as WebSphere software to
integrate and manage business processes; information management software for database and enterprise content management, information
integration, data warehousing, performance management business analytics and intelligence, and data analytics; Tivoli software for cloud
and datacenter management, enterprise endpoint and mobile device management, asset and facilities management, storage management, and
security systems; Lotus Software to connect people and processes for communication; rational software to support software development
for IT and embedded systems; and operating systems software. The Systems and Technology segment provides computing power and storage
solutions; and semiconductor technology, products, and packaging solutions. The Global Financing segment provides lease and loan
financing to end users; commercial financing to dealers and remarketers of IT products; and remanufacturing and remarketing services for
equipment. The company was formerly known as Computing-Tabulating-Recording Co. and changed its name to International Business
Machines Corporation in 1924. The company was founded in 1910 and is headquartered in Armonk, New York.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$199.15
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
92.2%
$215.90
181.85
3,953
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$215,684.1
Total Debt
FY 2014E
$103,242.0
27,200.0
$14.50
14.50
$103,514.1
27,969.8
$15.74
16.72
$106,422.4
29,779.4
$17.45
18.37
2.2x
2.2x
2.2x
33,397.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
Valuation Metrics
(USD millio ns)
LTM
122.0
–
17,003.0
$232,200.1
Total Debt / EBITDA
8.5x
8.3x
7.8x
13.7x
13.7x
1.2x
12.6x
11.9x
1.2x
11.4x
10.8x
1.1x
$220.00
20,000
18,000
16,000
14,000
$200.00
12,000
$190.00
10,000
Volume (000s)
Price (USD)
$210.00
8,000
$180.00
6,000
4,000
$170.00
2,000
$160.00
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
12/12
2/13
3/13
4/13
Price
1/13
61
Ixia
11
Ticker:
XXIA
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$16.15
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1997
Location:
1,710
Calabasas, CA (United States)
Ixia provides converged Internet protocol (IP) network validation and network visibility solutions in the United States and
internationally. The company’s solutions are used to design, verify, and monitor a range of Ethernet, Wi-Fi, and 3G/long-term evolution
equipment and networks. It offers hardware platforms, such as chassis; interface cards, which generate, receive, and analyze various
traffic types at multiple network layers; and Net Tool Optimizer, a hardware appliance that provides network visibility into physical and
virtual networks, and optimizes monitoring tool performance. The company also provides a suite of software applications tools for
video testing, voice testing, intelligent network testing, conformance testing, security testing, application testing, router testing,
switch testing, wireless testing, Wi-Fi testing, broadband testing, and automated testing requirements. In addition, it offers
technical support, warranty, and software maintenance services, as well as training and professional services. Ixia provides its products and
services through direct sales force, as well as through distributors, partners, and other resellers. The company serves network
equipment manufacturers, service providers, enterprises, and government agencies. Ixia was founded in 1997 and is headquartered in
Calabasas, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$16.15
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
71.8%
$22.50
9.95
826
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,214.5
Total Debt
FY 2014E
$531.3
136.8
$0.38
1.00
$617.8
150.9
$0.64
1.23
2.0x
200.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$413.4
115.5
$0.59
0.59
Valuation Metrics
(USD millio ns)
LTM
–
–
177.5
$1,237.0
3.0x
2.3x
10.7x
9.0x
8.2x
Total Debt / EBITDA
27.4x
27.4x
1.7x
43.0x
16.2x
1.5x
25.4x
13.1x
1.3x
$25.00
4,000
$20.00
3,200
$15.00
2,400
$10.00
1,600
$5.00
Volume (000s)
Price (USD)
800
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
62
Pric
JDS Uniphase Corporation
12
Ticker:
JDSU
Jefferies Rating:
BUY
Price:
$13.59
Exchange:
NasdaqGS
Jefferies Analyst:
James Kisner
Target Price:
$19.00
(as of Apr 26, 2013)
Founded:
Employees:
1979
Location:
4,950
Milpitas, CA (United States)
JDS Uniphase Corporation provides communications test and measurement solutions, and optical products for telecommunications service
providers, wireless operators, cable operators, network-equipment manufacturers, and enterprises worldwide. Its Communications Test
and Measurement segment supplies instruments, software, and services to enable the design, deployment, and maintenance of
communication equipment and broadband networks. This segment’s product portfolio consists of test tools, platforms, software, and services for
wireless and fixed networks. The company’s Communications and Commercial Optical Products segment offers components, modules,
subsystems, and solutions to communications equipment providers for telecommunications and enterprise data communications. These products
comprise transmitters, receivers, amplifiers, ROADMs, optical transceivers, multiplexers and demultiplexers, switches,
optical-performance monitors and couplers, splitters, and circulators that enable the transmission of video, audio, and text data through fiber-optic
cables. This segment also provides laser products, including diode, direct-diode, diode-pumped solid-state, fiber, and gas lasers for
micromachining, materials processing, bioinstrumentation, consumer electronics, graphics, medical/dental, and optical pumping
applications; and photovoltaic products, such as concentrated photovoltaic cells and receivers for generating energy from sunlight, as well
as fiber optic-based systems for delivering and measuring electrical power. Its Advanced Optical Technologies segment offers optical
solutions for anti-counterfeiting, authentication, and thin film coatings for public and private sector markets. This segment also
provides multilayer product-security solutions that deliver overt, covert, forensic, and digital product and document verification for
protection against counterfeiting and tampering. The company was founded in 1979 and is headquartered in Milpitas, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$13.59
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
87.0%
$15.63
8.47
4,969
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,214.3
Total Debt
240.6
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$1,707.3
221.5
($0.20)
(0.22)
$1,714.3
238.9
($0.09)
0.62
FY 2014E
$1,877.1
314.3
$0.24
0.88
Valuation Metrics
(USD millio ns)
LTM
–
–
749.5
$2,705.4
Total Debt / EBITDA
1.6x
1.6x
1.4x
12.2x
11.3x
8.6x
NM
NM
1.1x
NM
21.8x
1.0x
NM
15.4x
0.8x
$18.00
30,000
$16.00
25,000
Price (USD)
$12.00
20,000
$10.00
15,000
$8.00
$6.00
Volume (000s)
$14.00
10,000
$4.00
5,000
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
63
Pric
Jive Software, Inc.
119
Ticker:
JIVE
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$13.65
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2001
Location:
527
Palo Alto, CA (United States)
Jive Software, Inc. provides a social business software platform to businesses, government agencies, and other enterprises. Its Jive
Engage Platform enables collaboration across two principal communities and employees within the enterprise, and customers and
partners outside the enterprise. The company’s Jive Engage Platform is used as a communications tool and collaborative workspace that
supports and enhances knowledge sharing, facilitates communication within and across organizational boundaries, and enables individuals to
work together to achieve common business goals. Its platform allows customers and partners of the enterprise to connect socially with
one another, as well as with the enterprise, in a structured online community that enables users to ask questions, post answers, and
communicate about a product or particular issue. The company’s solution also taps into the social Web by integrating relevant
content and connections across the social networking landscape, enabling enterprises to enhance their interactions with customers, leverage
feedback to deliver improved products and services, and respond quickly to market opportunities. In addition, it provides Jive What
Matters, a user interface to track, consume, manage, and filter critical business information, communications, and actions; Jive Apps
Market, a secure market of business applications that are integrated to and accessed from within the Jive Engage Platform; and
professional, support, and training services. The company sells its products and solutions through direct sales organization, resellers,
outsourcing vendors, and system integrators. It serves customers in various industries, including consulting services, education,
financial services, healthcare, life sciences, manufacturing, retail, telecommunications, and technology in the United States, South
America, and Europe. Jive Software, Inc. was founded in 2001 and is headquartered in Palo Alto, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$13.65
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
56.3%
$24.26
10.63
759
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$931.5
Total Debt
10.8
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$113.7
(18.4)
($0.76)
(0.76)
$151.9
(26.0)
($0.88)
(0.56)
$196.4
(17.6)
($0.68)
(0.39)
Valuation Metrics
(USD millio ns)
LTM
–
–
168.1
$774.2
6.8x
5.1x
3.9x
NM
NM
NM
Total Debt / EBITDA
NM
NM
NM
NM
NM
NM
NM
NM
NM
$30.00
5,000
4,500
4,000
3,500
$20.00
3,000
$15.00
2,500
Volume (000s)
Price (USD)
$25.00
2,000
$10.00
1,500
1,000
$5.00
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
64
Pric
Juniper Networks, Inc.
17
Ticker:
JNPR
Jefferies Rating:
BUY
Price:
$16.06
Exchange:
NYSE
Jefferies Analyst:
George Notter
Target Price:
$21.25
(as of Apr 26, 2013)
Founded:
Employees:
1996
Location:
9,234
Juniper Networks, Inc. designs, develops, and sells products and services that provide network infrastructure for networking
requirements of service providers, enterprises, governments, and research and public sector organizations worldwide. The company operates in
two segments, Platform Systems Division and Software Solutions Division. The Platform Systems Division segment primarily provides
scalable routing and switching products that are used to control and direct network traffic. It offers ACX, E, M, MX, PTX, and T series
routing products and services; switching products and services for EX series, wireless local area network solutions, and QFabric
systems; branch SRX, branch firewall, and J series security/other products and services; and Junos Space, a network application platform.
The Software Solutions Division segment offers software solutions focused on network security and network services applications. Its
products include SRX series services gateways for data centers; SSG, ISG, and NetScreen series firewall and VPN systems and
appliances; Junos Pulse, Junos Pulse mobile security suite, and SA series secure access appliances; routing services software and mobile
applications, such as MobileNext. The company sells its products and service through direct sales, as well as through distributors,
value-added resellers, and original equipment manufacturer partners. Juniper Networks, Inc. was founded in 1996 and is headquartered in
Sunnyvale, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$16.06
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
69.9%
$22.98
14.01
7,046
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$8,205.3
Total Debt
999.2
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$4,392.1
886.8
$0.50
0.50
$4,497.8
1,069.3
$0.75
1.14
$4,794.6
1,239.3
$0.92
1.29
1.4x
1.4x
1.3x
7.2x
5.9x
5.1x
32.1x
32.1x
1.1x
21.4x
14.1x
0.9x
17.5x
12.5x
0.8x
Valuation Metrics
(USD millio ns)
LTM
–
–
2,849.3
$6,355.2
Total Debt / EBITDA
$25.00
45,000
40,000
Price (USD)
35,000
30,000
$15.00
25,000
20,000
$10.00
Volume (000s)
$20.00
15,000
10,000
$5.00
5,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
65
Pric
Kulicke and Soffa Industries, Inc.
58
Ticker:
KLIC
Jefferies Rating:
BUY
Price:
$11.15
Exchange:
NasdaqGS
Jefferies Analyst:
Lee Simpson
Target Price:
$18.00
(as of Apr 26, 2013)
Founded:
Employees:
1956
Location:
2,270
Singapore, Singapore
Kulicke and Soffa Industries, Inc. designs, manufactures and sells capital equipment and expendable tools to assemble semiconductor
devices, including integrated circuits (ICs), discrete devices, light-emitting diodes, and power modules. The Company operates in two
segments: Equipment and Expendable Tools. The Equipment segment manufactures and sells a line of ball bonders to connect very fine
wires made of gold or copper between the bond pads of the semiconductor devices or dies, and the leads on its package; heavy wire wedge
bonders for the power semiconductor and automotive power module markets; wafer level bonders, which mechanically apply bumps to die,
while still in the wafer format, for some variants of the flip chip assembly process; and die bonders that are used to attach a die
to the substrate or lead frame, which will house the semiconductor device. The Expendable Tools segment provides various expendable
tools for a range of semiconductor packaging applications. Its products include capillaries, which are used in ball bonders; bonding
wedges for wedge bonders; and saw blades to cut silicon wafers into individual semiconductor die, as well as to cut semiconductor
devices that have been molded in a matrix configuration into individual units. The Company serves semiconductor device manufacturers,
outsourced semiconductor assembly and test providers, other electronics manufacturers, and automotive electronics suppliers.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$11.15
FY 2013E
FY 2014E
$785.0
201.1
$2.06
2.06
$594.1
107.4
$0.97
1.16
$701.4
140.0
$1.56
1.65
0.4x
0.6x
0.5x
1.7x
3.1x
2.4x
Total Debt / EBITDA
5.4x
5.4x
–
11.5x
9.6x
–
7.2x
6.8x
–
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
81.4%
$13.69
8.05
716
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$829.3
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
–
–
497.1
$332.2
LTM
$14.00
8,000
6,000
$10.00
$8.00
4,000
Volume (000s)
Price (USD)
$12.00
$6.00
$4.00
2,000
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
66
Pric
Lattice Semiconductor Corporation
60
Ticker:
LSCC
Jefferies Rating:
BUY
Price:
$4.72
Exchange:
NasdaqGS
Jefferies Analyst:
Sundeep Bajikar
Target Price:
$6.50
Pric
(as of Apr 26, 2013)
Founded:
Employees:
1983
Location:
739
Hillsboro, OR (United States)
Lattice Semiconductor Corporation (Lattice) designs, develops and markets programmable logic products and related software.
Programmable logic products are semiconductor components that can be configured by end customers as specific logic circuits. The Company
participates in both the field programmable gate arrays (FPGA) and programmable logic devices (PLD) markets. Its FPGA products include
LatticeECP2M and LatticeECP3 low-power high-value FPGAs and LatticeXP and LatticeXP2 non-volatile FPGAs. Its PLD products include
MachXO2, MachXO, ispMACH 4000ZE and ispMACH 4000Z. The Company’s end customers are primarily OEMs in the communications, computing,
consumer, industrial, military, automotive and medical end markets. It sells its products directly to end customers through a network of
independent manufacturers’ representatives, as well as indirectly through a network of independent sell-in and sell-through distributors
distributors.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$4.72
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
82.7%
$5.71
3.17
1,156
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$543.9
Total Debt
FY 2014E
$323.4
NA
$0.16
0.24
$356.0
NA
$0.32
0.48
1.0x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$278.7
32.8
($0.17)
(0.17)
Valuation Metrics
(USD millio ns)
LTM
–
–
183.8
$360.1
1.3x
1.1x
11.0x
NA
NA
NM
NM
–
30.5x
19.7x
NA
14.8x
9.9x
NA
Total Debt / EBITDA
$6.00
14,000
12,000
10,000
$4.00
8,000
$3.00
Volume (000s)
Price (USD)
$5.00
6,000
$2.00
4,000
$1.00
2,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
67
Lender Processing Services, Inc.
85
Ticker:
LPS
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$27.57
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2007
Location:
8,000
Jacksonville, FL (United States)
Lender Processing Services, Inc. provides integrated technology, data, and services to the mortgage lending industry in the United
States. The company operates in two segments, Technology, Data, and Analytics; and Transaction Services. Its Technology, Data, and Analytics
segment offers software systems and information solutions that facilitate and automate various business processes across the life cycle of
a mortgage. This segment’s primary applications and services include mortgage servicing platform, an application that automates loan
servicing, including loan setup and ongoing processing, customer service, accounting and reporting to the secondary mortgage market, and
federal regulatory reporting; Desktop, a Web-based workflow information system that can be used for managing and automating various
workflow processes; and other software applications and services that automate and facilitate the origination of mortgage loans. It also
provides data and analytics services, such as alternative valuation services. The company’s Transaction Services segment
offers customized outsourced business process and information solutions. Its origination services include settlement and title agency
services comprising centralized title agency and closing services; appraisal services; and other origination services, such as federal
flood zone certifications and monitoring services. This segment also provides default management services, consisting of foreclosure
administrative services, property inspection and preservation; default title and settlement services; and alternative property valuation
services. The company serves mortgage originators and servicers, other financial institutions, investors, attorneys, trustees, and real estate
professionals. Lender Processing Services, Inc. was incorporated in 2007 and is headquartered in Jacksonville, Florida.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$27.57
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
89.3%
$30.88
21.14
781
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,322.0
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$1,983.5
342.2
$0.90
0.99
$1,861.1
494.7
$2.55
2.62
$1,795.7
488.6
$2.58
2.63
1.8x
Valuation Metrics
(USD millio ns)
LTM
1.7x
1.8x
1,068.1
9.6x
6.7x
6.8x
–
–
88.4
$3,301.7
Total Debt / EBITDA
30.8x
27.8x
3.1x
10.8x
10.5x
2.2x
10.7x
10.5x
2.2x
$35.00
4,500
4,000
$30.00
Price (USD)
3,000
$20.00
2,500
$15.00
2,000
Volume (000s)
3,500
$25.00
1,500
$10.00
1,000
$5.00
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
68
Pric
LIN TV Corp.
40
Ticker:
TVL
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$12.04
(as of Apr 26, 2013)
N/A
Founded:
Employees:
NM
Location:
2,558
Providence, RI (United States)
LIN TV Corp., together with its subsidiaries, operates as a local multimedia company in the United States. It owns, operates, or
services television stations that deliver local news, community service, and popular sports and entertainment programming to viewers; and
digital channels, as well as a portfolio of Websites, apps, and mobile products. The company also provides online advertising and
media services. It owns, operates, or services 43 television stations and 7 digital channels in 23 U.S. markets. The company was
formerly known as Ranger Equity Holdings Corporation. LIN TV Corp. is headquartered in Providence, Rhode Island.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$12.04
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
89.9%
$13.40
2.64
514
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$651.7
Total Debt
890.2
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$553.5
217.5
($0.13)
(0.32)
$622.8
197.3
$0.74
0.71
$641.9
268.2
$1.12
1.52
2.3x
Valuation Metrics
(USD millio ns)
LTM
3.2
–
46.3
$1,498.8
2.7x
2.4x
6.9x
7.6x
5.6x
Total Debt / EBITDA
NM
NM
4.1x
16.3x
17.1x
4.5x
10.8x
7.9x
3.3x
$14.00
1,000
$12.00
Price (USD)
600
$8.00
$6.00
Volume (000s)
800
$10.00
400
$4.00
200
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
69
Pric
Lions Gate Entertainment Corp.
41
Ticker:
LGF
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$24.68
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1986
Location:
607
Santa Monica, CA (United States)
Lions Gate Entertainment Corp., an entertainment company, engages in motion picture production and distribution, television
programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms, and international
distribution and sales activities. The company operates through two segments, Motion Pictures and Television Production. The Motion Pictures
segment engages in the development and production of feature films; acquisition of North American and worldwide distribution rights;
North American theatrical, home entertainment, and television distribution of feature films produced and acquired; and worldwide
licensing of distribution rights to feature films produced and acquired. The Television Production segment is involved in the
development, production, and worldwide distribution of television productions, including television series, television movies and mini-series,
and non-fiction programming. The company distributes a library of approximately 13,000 motion picture titles, television episodes, and
programs directly to retailers, rental kiosks, and pay and free television channels through various digital media platforms in the
United States, Canada, the United Kingdom, and Ireland, as well as indirectly to other international markets through its subsidiaries
and various third parties. It also produces and syndicates 19 television shows, which air on 14 networks and distributes in
approximately 200 series worldwide. Lions Gate Entertainment Corp. was founded in 1986 and is headquartered in Santa Monica, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$24.68
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
97.4%
$25.35
11.26
1,378
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,336.4
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$1,587.6
71.6
($0.30)
(0.30)
$2,637.9
296.4
$1.00
0.99
FY 2014E
$2,595.3
348.1
$1.30
1.39
Valuation Metrics
(USD millio ns)
LTM
2.8x
1.7x
1.7x
1,367.9
NM
15.1x
12.8x
–
–
233.9
$4,470.5
Total Debt / EBITDA
NM
NM
NM
24.7x
25.0x
4.6x
19.0x
17.8x
3.9x
$30.00
9,000
8,000
7,000
$20.00
6,000
5,000
$15.00
4,000
$10.00
Volume (000s)
Price (USD)
$25.00
3,000
2,000
$5.00
1,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
70
Pric
Liquidity Services, Inc.
28
Ticker:
LQDT
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$32.98
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1999
Location:
1,183
Liquidity Services, Inc. operates various online auction marketplaces for surplus, salvage, and scrap assets in the United States.
The company’s auction marketplaces include liquidation.com that enables corporations to sell surplus and salvage consumer goods and
capital assets; govliquidation.com, which enables selected federal government agencies to sell surplus and scrap assets; and
govdeals.com that enables local and state government entities, including city, county, and state agencies, as well as school boards and public
utilities to sell surplus and salvage assets. It also operates networkintl.com that enables corporations to sell idle, surplus, and
scrap equipment in the oil and gas, petrochemical and power generation industries; go-dove.com for corporations located in the United
States, Europe, and Asia to sell manufacturing surplus and salvage capital assets; and secondipity.com, which provides consumers a
source of products and a socially conscious online experience through donating a portion of the proceeds of every sale to charity, as
well as truckcenter.com. The company’s marketplaces provide professional buyers access to supply of surplus and salvage assets
presented with customer focused information, including digital images and other relevant product information along with services to complete
the transaction; and enable corporate and government sellers to enhance their financial return on excess assets by providing liquid
marketplaces and value-added services that integrate sales and marketing, logistics, and transaction settlement. It offers
approximately 500 product categories organized into various industries, such as consumer electronics, general merchandise, apparel, scientific
equipment, aerospace parts and equipment, technology hardware, energy equipment, industrial capital assets, fleet and transportation
equipment, and specialty equipment.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$32.98
FY 2013E
FY 2014E
$491.5
111.6
$1.39
1.39
$544.0
117.4
$1.48
1.97
$614.6
143.6
$2.02
2.38
2.0x
1.8x
1.6x
8.9x
8.5x
6.9x
Total Debt / EBITDA
23.8x
23.8x
–
22.3x
16.8x
–
16.3x
13.9x
–
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
49.5%
$66.57
28.62
674
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$1,040.7
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
–
–
45.9
$994.8
LTM
$70.00
9,000
8,000
$60.00
Price (USD)
6,000
$40.00
5,000
$30.00
4,000
Volume (000s)
7,000
$50.00
3,000
$20.00
2,000
$10.00
1,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
71
Pric
Littelfuse Inc.
72
Ticker:
LFUS
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$67.00
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1927
Location:
6,000
Chicago, IL (United States)
Littelfuse, Inc. designs, manufactures, and sells circuit protection devices for use in the automotive, electronic, and electrical
markets worldwide. It operates in three segments: Electronics, Automotive, and Electrical. The Electronics segment provides fuses and
protectors, positive temperature coefficient resettable fuses, varistors, polymer electrostatic discharge suppressors, discrete
transient voltage suppression diodes, transient voltage suppression diode arrays and protection thyristors, gas discharge tubes, power
switching components and fuseholders, blocks, and related accessories. This segment markets its products to manufacturers of a range of
electronic products, including mobile phones, computers, LCD TVs, telecommunications equipment, medical devices, lighting products,
and white goods. The Automotive segment provides blade and high current fuses, battery cable protectors, and varistors. The Electrical
segment offers power fuses and other circuit protection devices for industrial and commercial customers that are used in commercial
and industrial buildings, and large equipment, such as HVAC systems, elevators, and machine tools. The Company also provides a line of
electromechanical and electronic switch and control devices for commercial and specialty vehicles; and sensors for automobile safety
systems, as well as protection relays and power distribution centers for the safe control and distribution of electricity.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$67.00
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
97.1%
$68.99
47.75
79
December
84.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$718.4
162.2
$4.01
4.10
$764.1
175.2
$4.61
4.60
1.9x
1.8x
1.7x
8.8x
8.0x
7.4x
19.7x
19.7x
0.6x
16.7x
16.3x
0.5x
14.5x
14.6x
0.5x
Valuation Metrics
$1,470.7
Total Debt
FY 2013E
$667.9
147.0
$3.40
3.40
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
0.1
–
254.4
$1,300.4
Total Debt / EBITDA
$80.00
400
$70.00
350
$60.00
300
$50.00
250
$40.00
200
$30.00
150
$20.00
100
$10.00
50
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
72
Pric
Lumos Networks Corp.
130
Ticker:
LMOS
Jefferies Rating:
BUY
Price:
$13.35
Exchange:
NasdaqGS
Jefferies Analyst:
Tom Seitz
Target Price:
$15.00
(as of Apr 26, 2013)
Founded:
Employees:
2011
Location:
593
Waynesboro, VA (United States)
Lumos Networks Corp. provides fiber-based network services in the Mid-Atlantic region. It operates in two segments, Competitive and
Rural Local Exchange Carrier (RLEC). The Competitive segment offers Metro Ethernet, Internet protocol services, high-capacity private
line and wavelength services, high-speed DSL access, high speed Internet access, and video services, as well as voice services. As of
December 31, 2012, this segment operated approximately 110,000 competitive local exchange carrier lines; 40,000 broadband network
connections; and 5,800 mile long haul fiber network. The RLEC segment provides wireline communications services to residential and
enterprise customers in the western Virginia cities of Waynesboro and Covington, as well as Alleghany, Augusta, and Botetourt counties.
As of the above date, this segment operated approximately 31,200 RLEC telephone access lines. In addition, the company offers voice
services and Primary Rate ISDN services. It serves carrier, business, and residential customers. Lumos Networks Corp. is headquartered
in Waynesboro, Virginia.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$13.35
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
97.5%
$13.69
7.50
106
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$294.1
FY 2014E
$211.3
94.0
$0.82
0.88
$222.1
99.9
$0.92
1.04
2.7x
2.9x
2.8x
312.2
6.8x
6.4x
6.0x
0.6
–
5.8
$601.1
Total Debt / EBITDA
17.6x
17.6x
3.5x
16.3x
15.2x
3.3x
14.6x
12.9x
3.1x
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$206.9
88.9
$0.76
0.76
Valuation Metrics
(USD millio ns)
LTM
$16.00
600
$14.00
500
Price (USD)
400
$10.00
$8.00
300
$6.00
Volume (000s)
$12.00
200
$4.00
100
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
73
Pric
M/A-Com Technology Solutions Holdings, Inc.
63
Ticker:
MTSI
Jefferies Rating:
BUY
Price:
$13.94
Exchange:
NasdaqGS
Jefferies Analyst:
Mark Lipacis
Target Price:
$21.00
(as of Apr 26, 2013)
Founded:
Employees:
2009
Location:
669
Lowell, MA (United States)
M/A-Com Technology Solutions Holdings, Inc. provides analog semiconductor solutions for use in wireless and wireline applications
across the radio frequency, microwave and millimeterwave spectrum. It offers 38 product lines with a portfolio of approximately 2,700
standard and custom devices, integrated circuits, multi-chip modules and complete subsystems. The Company’s product lines include
active splitter, amplifier, attenuator, automotive module, balun, bias networks, capacitor, component, coupler, diode, down converter IC,
filter, frequency multiplier, hybrid voltage controlled oscillator, integrated receiver IC, integrated transmitter IC, logic driver
circuit, mixer, modulator/demodulator, multi-function integrated circuit, multi-function module, optical limiting amplifier, optical
modulator driver, phase shifter, power combiner, power detector, power divider, power hybrid pallet, power hybrid transistor, switch,
switch limiter, synthesizer, transceiver, transformer, transimpedance amplifier, upconverter IC, variable gain amplifier, and voltage
controlled oscillator. It serves approximately 6,000 end customers, such as systems manufacturers, OEMs, contract manufacturers, and
distributors in 3 primary markets, including networks, which comprise cable television, cellular backhaul, cellular infrastructure
and fiber optic applications; aerospace and defense; and multi-markets consisting of automotive, industrial, medical, mobile and
scientific applications.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$13.94
FY 2013E
FY 2014E
$304.2
74.0
$0.05
0.05
$317.3
72.9
$0.75
0.93
$354.8
78.9
$1.09
1.25
1.8x
1.7x
1.5x
7.3x
7.5x
6.9x
Total Debt / EBITDA
NM
NM
–
18.5x
14.9x
–
12.8x
11.2x
–
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
66.9%
$20.84
10.01
48
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$636.1
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
LTM
–
–
92.6
$543.5
$25.00
800
Price (USD)
600
$15.00
400
Volume (000s)
$20.00
$10.00
200
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
74
Pric
Marchex, Inc.
33
Ticker:
MCHX
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$4.06
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2003
Location:
331
Seattle, WA (United States)
Marchex, Inc. operates as a mobile performance advertising company that delivers customer calls to businesses and analyzes those
calls. The company also offers performance-based online advertising that connects advertisers with consumers across its owned Web sites,
as well as third party Web sites. Its digital call advertising products and services include the provision of targeted pay-for-call
advertisements through the Marchex Digital Call Marketplace to national advertisers, advertising agencies, and small advertiser
reseller partners; and Marchex Call Analytics that offers ad campaign measurement and intelligence. The company also provides Call
Analytics, a technology platform that provides data and insights to measure the performance of mobile, online, and offline advertising for
advertisers and small business resellers, which includes phone numbers, call tracking, recording, call mining, real-time intelligence,
and other insights. In addition, it offers Local Leads platform, a service digital advertising solution for small business resellers,
such as Yellow Pages providers and vertical marketing service providers to sell digital call advertising and/or search marketing,
and other lead products through their existing sales channels to their small business advertisers. Further, it offers pay-per-click
advertisements services; account management services for advertisers to optimize their pay-per-click campaigns; and a private-label
platform for publishers, which enables them to monetize their Web sites with contextual advertising. Additionally, it operates a Web Site
Traffic, which includes approximately 200,000 of owned and operated Web sites focused on helping users make informed decisions about
where to get local products and services. The company provides its services through direct sales and reseller partnerships in North
America. The company was founded in 2003 and is headquartered in Seattle, Washington.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$4.06
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
90.4%
$4.49
2.99
59
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$152.4
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$138.3
17.2
($1.05)
(1.05)
$144.6
13.0
($0.17)
0.14
$164.1
20.2
($0.02)
0.28
Valuation Metrics
(USD millio ns)
LTM
–
–
15.9
$136.5
1.0x
0.9x
0.8x
8.0x
10.5x
6.8x
Total Debt / EBITDA
NM
NM
–
NM
29.0x
–
NM
14.5x
–
$5.00
600
$4.50
500
Price (USD)
$3.50
400
$3.00
$2.50
300
Volume (000s)
$4.00
$2.00
200
$1.50
$1.00
100
$0.50
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
75
Pric
Medidata Solutions, Inc.
103
Ticker:
MDSO
Jefferies Rating:
BUY
Price:
$65.29
Exchange:
NasdaqGS
Jefferies Analyst:
David Windley
Target Price:
$59.00
(as of Apr 26, 2013)
Founded:
Employees:
1999
Location:
796
Medidata Solutions, Inc. provides cloud-based clinical development solutions for life sciences organizations in the United States and
internationally. The company’s solutions comprise software and services that allow customers to increase the value of their clinical
development by designing, planning, and managing key aspects of the clinical trial process, including study and protocol design, trial planning
and budgeting, site negotiation, clinical portal, trial management, randomization and trial supply management, clinical data capture and
management, safety events capture, medical coding, clinical business analytics, and data flow and interoperability. It offers Medidata
Rave, a platform for capturing and managing clinical data; Medidata CTMS, a clinical trial management solution that streamlines operational
workflows; Medidata Designer, a study and protocol design tool that enhances the efficiency of clinical trial start-up; Medidata
Insights, a business analytics platform; and Medidata Balance, a randomization and trial supply management solution. The company also provides
Medidata Grants Manager, which enables to develop and manage trial budgets; Medidata contract research organization (CRO) Contractor, an
analytical tool for CRO outsourcing, budgeting, and negotiation; and iMedidata, a hosted portal application that allows investigative
sites and sponsor study teams to start trial activities. In addition, it offers hosting, support, and professional services. The company
serves pharmaceutical, biotechnology, medical device, and diagnostics companies, as well as institutions, clinical research organizations,
and other entities engaged in clinical trials. Medidata Solutions, Inc. markets and sells its application services through a direct sales
force, as well as through relationships with CROs and other strategic partners.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$65.29
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
112.5%
$58.02
24.91
177
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,434.9
Total Debt
FY 2014E
$267.2
59.2
$0.61
1.12
$319.4
75.8
$0.94
1.39
0.1
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$231.2
50.9
$0.78
0.78
Valuation Metrics
(USD millio ns)
LTM
–
–
124.0
$1,311.0
Total Debt / EBITDA
5.7x
4.9x
4.1x
25.7x
22.2x
17.3x
NM
NM
0.0x
NM
NM
0.0x
NM
47.1x
0.0x
$70.00
1,200
1,000
$50.00
800
$40.00
600
Volume (000s)
Price (USD)
$60.00
$30.00
400
$20.00
200
$10.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
76
Pric
Meredith Corporation
37
Ticker:
MDP
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$39.04
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1902
Location:
3,300
Des Moines, IA (United States)
Meredith Corporation, a media and marketing company, engages in magazine publishing and related brand licensing, television
broadcasting, digital and customer relationship marketing, digital and mobile media, and video creation operations in the United States. It
operates in two segments, National Media and Local Media. The National Media segment publishes magazines for women focusing on the home
and family market. It publishes approximately 20 subscription magazines that include Better Homes and Gardens, Parents, Family
Circle, Allrecipes.com, Ladies' Home Journal, Fitness, More, American Baby, EveryDay with Rachael Ray, and FamilyFun, as well as 120
special interest publications primarily under the Better Homes and Gardens brand. This segment also operates 30 Web sites and mobile Web
sites, and 20 mobile applications. The Local Media segment includes 12 network-affiliated television stations comprising 6 CBS
affiliates, 3 FOX affiliates, 2 MyNetworkTV affiliates, and 1 NBC affiliate. This segment also includes 20 Web sites and mobile Websites, as
well as 30 applications focusing on news, sports, and weather. The company was founded in 1902 and is headquartered in Des Moines,
Iowa.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$39.04
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
85.0%
$45.95
26.89
584
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,723.8
Total Debt
355.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$1,458.9
268.9
$2.66
2.66
$1,463.5
260.2
$2.78
2.88
$1,471.6
259.1
$2.83
2.76
1.4x
1.4x
1.4x
7.6x
7.9x
7.9x
14.7x
14.7x
1.3x
14.0x
13.5x
1.4x
13.8x
14.2x
1.4x
Valuation Metrics
(USD millio ns)
LTM
–
–
24.5
$2,054.3
Total Debt / EBITDA
$50.00
3,000
$45.00
Price (USD)
2,400
$35.00
$30.00
1,800
$25.00
$20.00
Volume (000s)
$40.00
1,200
$15.00
$10.00
600
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
77
Pric
Micron Technology Inc.
50
Ticker:
MU
Jefferies Rating:
BUY
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Sundeep Bajikar
Target Price:
$9.35
(as of Apr 26, 2013)
$15.00
Founded:
Employees:
1978
Location:
27,400
Boise, ID (United States)
Micron Technology, Inc. is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash
memory, as well as other innovative memory technologies, packaging solutions and semiconductor systems for use in leading-edge
computing, consumer, networking, automotive, industrial, embedded and mobile products. Micron markets its products through the internal sales
force, independent sales representatives and distributors primarily to original equipment manufacturers ("OEMs") and retailers
located around the world. Micron has four business segments: NAND Solutions Group, DRAM Solutions Group, Wireless Solutions Group, and
Embedded Solutions Group.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$9.35
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.0%
$10.27
5.16
31,843
August
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$9,713.9
Total Debt
3,651.0
Minority Interest
Preferred Equity
Enterprise Value
$8,047.0
1,585.0
($1.12)
(1.12)
FY 2013E
FY 2014E
$8,603.2
2,150.0
($0.46)
(0.41)
$10,525.4
3,192.0
$0.60
0.75
Valuation Metrics
(USD millio ns)
LTM
729.0
–
3,065.0
$11,028.9
1.4x
1.3x
1.0x
7.0x
5.1x
3.5x
Total Debt / EBITDA
NM
NM
2.3x
NM
NM
1.7x
15.5x
12.4x
1.1x
$12.00
120,000
$10.00
100,000
$8.00
80,000
$6.00
60,000
$4.00
40,000
$2.00
20,000
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
78
Price
MICROS Systems, Inc.
112
Ticker:
MCRS
Jefferies Rating:
HOLD
Price:
$42.50
Exchange:
NasdaqGS
Jefferies Analyst:
Ross MacMillan
Target Price:
$44.00
(as of Apr 26, 2013)
Founded:
Employees:
1977
Location:
6,383
Columbia, MD (United States)
MICROS Systems, Inc. designs, manufactures, markets, and services enterprise information solutions for the hospitality and specialty
retail industries. The company’s enterprise solutions comprise hotel information systems, restaurant information systems, and
specialty retail information systems. The hotel information systems consist primarily of software, encompassing property based management
systems; related property-specific modules and applications; and central systems, including central reservation systems. The restaurant
information systems include hardware and software for point-of-sale (POS) and operational applications; a suite of back office
applications, such as inventory, labor, and financial management; and centrally hosted enterprise applications. The retail information
systems comprise hardware and software encompassing POS, loss prevention, Web commerce applications, business analytics, customer gift
cards, electronic payments, and enterprise applications. The company also provides system installation, operator and manager training,
on-site hardware maintenance, customized software development, application software support, credit card software support, systems
configuration, network support, and professional consulting services, as well as software-hosting, Web site development, portal
management, and Web-based marketing services. In addition, it sells hardware devices, such as cash drawers, handheld order entry terminals,
and pole displays, as well as hardware products, including personal computers, servers, printers, network cards, and related
computer equipment. MICROS Systems, Inc. distributes its products through direct sales force, dealers, and distributors. It operates in the
United States, Canada, Europe, the Pacific Rim, and Latin America. The company was formerly known as Picos Manufacturing, Inc. and
changed its name to MICROS Systems, Inc. in 1978. MICROS Systems, Inc. was founded in 1977 and is headquartered in Columbia, Maryland.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$42.50
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
72.7%
$58.49
39.31
1,158
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,339.9
Total Debt
4.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$1,242.0
285.6
$2.17
2.17
$1,264.1
269.7
$2.17
2.38
$1,310.3
303.5
$2.41
2.59
2.2x
2.1x
2.0x
9.4x
9.9x
8.8x
19.6x
19.6x
0.0x
19.6x
17.8x
0.0x
17.6x
16.4x
0.0x
Valuation Metrics
(USD millio ns)
LTM
3.1
–
669.4
$2,677.6
Total Debt / EBITDA
$70.00
6,000
5,000
$50.00
4,000
$40.00
3,000
Volume (000s)
Price (USD)
$60.00
$30.00
2,000
$20.00
1,000
$10.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
79
Pric
Microsemi Corporation
49
Ticker:
MSCC
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$20.83
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1960
Location:
3,000
Aliso Viejo, CA (United States)
Microsemi Corporation offers a comprehensive portfolio of semiconductor solutions for aerospace, defense and security; enterprise and
communications; and industrial and alternative energy markets. Products include high-performance, high-reliability analog and RF
devices, mixed-signal and RF integrated circuits, customizable SoCs and FPGAs. The Company also offers subsystems and modules that
include application-specific power modules and Power-over-Ethernet midspans. Its individual component semiconductor products include
silicon rectifiers, zener diodes, low leakage and high voltage diodes, temperature compensated zener diodes, transistors and subminiature
high power transient suppressor diodes.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$20.83
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
89.5%
$23.28
16.57
491
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$1,912.9
Total Debt
FY 2014E
$977.1
253.7
$0.45
1.90
$1,076.7
311.3
$1.45
2.34
2.3x
–
–
206.9
$2,432.0
FY 2013E
$1,005.2
243.8
$0.34
0.34
726.0
Minority Interest
Preferred Equity
Enterprise Value
LTM
Total Debt / EBITDA
2.4x
2.5x
10.0x
9.6x
7.8x
NM
NM
3.0x
45.9x
10.9x
2.9x
14.4x
8.9x
2.3x
$25.00
1,600
1,400
Price (USD)
1,200
1,000
$15.00
800
$10.00
Volume (000s)
$20.00
600
400
$5.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
80
Pric
Molex Incorporated
18
Ticker:
MOLX
Jefferies Rating:
HOLD
Price:
$26.98
Exchange:
NasdaqGS
Jefferies Analyst:
James Kisner
Target Price:
$26.00
(as of Apr 26, 2013)
Founded:
Employees:
1938
Location:
34,226
Lisle, IL (United States)
Molex Incorporated, together with its subsidiaries, engages in the design, manufacture, and sale of electronic components worldwide.
It provides micro-miniature connectors, SIM and SD card sockets, keypads, electromechanical subassemblies, internal antennas,
mezzanine system, adapters, memory module sockets, and cable assemblies, as well as SC, SC/APC, and duplex connectors for the
telecommunications market; and power, optical, and signal connectors and cables for end-to-end data transfer, linking disk drives, controllers,
servers, switches, and storage enclosures for the info-tech market. The company also offers connectors for home and portable audio,
digital still and video cameras, DVD players, recorders, and gaming machines, as well as devices that combine multiple functions to
computer game makers. In addition, it provides network interface cards, software for industrial networks, cord sets, electrical solutions,
and input/output connectors for industrial production equipment for use in factory automation, commercial construction, utility,
petrochemical, and food and beverage industries; and unsealed connection systems, miniature waterproof connectors, sensor interconnects,
and bulb sockets for use in the infotainment and navigation, powertrain, safety and chassis, and body electronics in the automotive
market. Further, the company offers connectors and custom integrated systems for diagnostic and therapeutic equipment used in
hospitals, including X-ray, magnetic resonance imaging, and dialysis machines; and solid-state lighting products. Additionally, it provides
manufacturing services to integrate specific components into a customer’s product. The company sells its products directly to
original equipment manufacturers, contract manufacturers, and distributors. It markets its products through direct sales force and a network
of distributors. Molex Incorporated was founded in 1938 and is based in Lisle, Illinois.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$26.98
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.3%
$29.56
21.89
586
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$4,456.3
Total Debt
403.7
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$3,596.0
634.6
$1.45
1.45
$3,625.3
613.0
$1.39
1.46
$3,809.0
671.8
$1.64
1.65
1.2x
1.1x
1.1x
6.5x
6.8x
6.2x
18.6x
18.6x
0.6x
19.4x
18.5x
0.7x
16.5x
16.3x
0.6x
Valuation Metrics
(USD millio ns)
LTM
–
–
712.9
$4,147.1
Total Debt / EBITDA
$35.00
3,000
$30.00
2,500
$25.00
2,000
$20.00
1,500
Volume (000s)
Price (USD)
$15.00
1,000
$10.00
500
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
81
Pric
Monotype Imaging Holdings Inc.
96
Ticker:
TYPE
Jefferies Rating:
HOLD
Price:
$22.83
Exchange:
NasdaqGS
Jefferies Analyst:
Ross MacMillan
Target Price:
$22.00
(as of Apr 26, 2013)
Founded:
Employees:
1887
Location:
335
Woburn, MA (United States)
Monotype Imaging Holdings Inc., through its subsidiaries, provides end-user and embedded text imaging solutions and services for use in
print, Web, and mobile environments that enable people to create and consume content on various devices. It offers a collection of
approximately 150,000 font products consisting of its own and third-party owned fonts through its e-commerce Websites, including myfonts.com,
fonts.com, and linotype.com; a Web font service for Website design; monotype, linotype, ITC, ascender, and bitstream type collections; and
custom font design services, as well as SkyFonts cloud-based font rental service. The company also provides printer drivers, page
description language interpreters, printer user interface technologies, and color imaging solutions to printer manufacturers and original
equipment manufacturers; and scaling, compression, text layout, printer driver, and color technologies to solve critical text imaging issues
for consumer electronics (CE) device manufacturers by rendering text on low resolution and memory constrained CE devices. In addition, it
offers FontExplorer X Pro and FontExplorer X Server font management solutions for managing and accessing fonts; and Fontwise, a font
license management solution. The company’s software technologies are embedded in various CE devices, including laser printers, digital
copiers, mobile phones, e-book readers, tablets, automotive displays, digital cameras, navigation devices, digital televisions, set-top boxes,
and consumer appliances, as well as in various software applications and operating systems. Its customers include CE device manufacturers,
creative professionals, independent software vendors, and content creators.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$22.83
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
95.4%
$23.93
12.15
150
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$861.2
Total Debt
FY 2014E
$167.7
71.6
$0.88
1.17
$184.8
80.5
$1.01
1.32
22.3
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$149.9
64.2
$0.76
0.76
Valuation Metrics
(USD millio ns)
LTM
–
–
39.3
$844.2
5.6x
5.0x
4.6x
13.1x
11.8x
10.5x
Total Debt / EBITDA
30.1x
30.1x
0.3x
25.9x
19.6x
0.3x
22.5x
17.3x
0.3x
$25.00
600
500
Price (USD)
400
$15.00
300
Volume (000s)
$20.00
$10.00
200
$5.00
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
82
Pric
Multi-Fineline Electronix, Inc.
74
Ticker:
MFLX
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$14.58
Pric
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1984
Location:
10,960
Irvine, CA (United States)
Multi-Fineline Electronix, Inc. engages in the engineering, design, and manufacture of flexible printed circuit boards and related
component assemblies for the electronics industry. The Company offers integrated flexible printed circuits and component assembly
solutions, such as design and application engineering, prototyping, high-volume fabrication, component assembly, and testing. It serves
original equipment manufacturer and electronic manufacturing service providers in the electronics industry for applications, such as
mobile phones and smart phones, tablets, consumer products, portable bar code scanners, computer/data storage, and medical devices. The
Company operates in the United States, China, Singapore, Malaysia, Korea, and the United Kingdom.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$14.58
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
49.1%
$29.70
13.89
78
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$340.3
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
–
–
92.7
$247.6
LTM
FY 2013E
$869.2
85.8
$1.01
1.01
$907.4
NA
$0.03
(0.10)
FY 2014E
$1,042.1
NA
$1.55
1.38
0.3x
0.3x
2.9x
NA
0.2x
NA
Total Debt / EBITDA
14.5x
14.5x
–
NM
NM
NA
9.4x
10.5x
NA
$35.00
500
450
$30.00
Price (USD)
350
300
$20.00
250
$15.00
Volume (000s)
400
$25.00
200
150
$10.00
100
$5.00
50
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
83
National Instruments Corporation
64
Ticker:
NATI
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Scott Graham
Target Price:
$27.10
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1976
Location:
6,869
Austin, TX (United States)
National Instruments Corporation designs, manufactures and sells tools to engineers and scientists that accelerate productivity,
innovation and discovery. It offers LabVIEW, a system design software product for measurement and control; and LabVIEW Real-Time and
LabVIEW FPGA that are strategic modular software add-ons. The Company also provides LabWindows/CVI for creating test and control
applications; and Measurement Studio for measurement and automation add-on libraries, and additional tools for programmers as alternative
programming environments. In addition, it offers a suite of application software products, including NI TestStand for T&M applications
in a manufacturing environment; NI VeriStand software for configuring real-time testing applications, including hardware-in-the-loop
test systems and NI DIAdem, which provides users configuration-based technical data management, analysis, and report generation tools
to interactively mine and analyze data. Further, the Company offers hardware products and related driver software, such as data
acquisition, PXI chassis and controllers, image acquisition, motion control, distributed I/O, modular instruments and embedded control
hardware/software, industrial communications interfaces, general purpose interface bus interfaces, and VME extension for instrumentation
controllers. The Company sells its software and hardware products primarily through a direct sales organization, independent
distributors, OEMs, VARs, system integrators and consultants.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$27.10
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
82.6%
$32.83
22.89
347
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,335.8
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$1,169.0
194.7
$0.73
0.73
$1,240.6
252.2
$0.78
0.92
FY 2014E
$1,380.6
273.7
$1.11
1.26
Valuation Metrics
(USD millio ns)
LTM
–
–
327.3
$3,008.5
2.6x
2.4x
2.2x
15.5x
11.9x
11.0x
Total Debt / EBITDA
37.2x
37.2x
–
35.0x
29.6x
–
24.4x
21.5x
–
$35.00
1,400
$30.00
1,200
$25.00
1,000
$20.00
800
$15.00
600
$10.00
400
$5.00
200
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
84
Pric
NetScout Systems, Inc.
100
Ticker:
NTCT
Jefferies Rating:
HOLD
Price:
$22.74
Exchange:
NasdaqGS
Jefferies Analyst:
Aaron Schwartz
Target Price:
$27.00
Pric
(as of Apr 26, 2013)
Founded:
Employees:
1984
Location:
991
Westford, MA (United States)
NetScout Systems, Inc. designs, develops, manufactures, markets, licenses, sells, and supports unified service delivery management,
service assurance, and application and network performance management solutions worldwide. The company offers nGenius Service Assurance
Solution, which delivers a range of intelligent data sources to provide visibility in various places in the network, including the datacenter
infrastructure and virtualized servers, as well as the network core, edge, and branch offices. It also provides Replay NetAnalyst product
that supports lawful interception activity and interprets intercepted Internet data and reconstructs communications. The company markets
and distributes its products through direct sales personnel, as well as through strategic channel partners, including distributors, value
added resellers, and systems integrators to financial, healthcare, manufacturing, retail, technology, utilities, education, and public
sectors; and mobile operators, wireline operators, and cable multi-service operators.
Trading Data
(as of Apr 26, 2013)
(USD)
FY 2013E
FY 2014E
$350.6
97.9
$0.96
0.96
$390.9
106.1
$1.15
1.44
$430.3
NA
$1.30
1.62
2.3x
2.1x
1.9x
8.2x
7.6x
NA
Total Debt / EBITDA
23.7x
23.7x
–
19.8x
15.8x
–
17.5x
14.0x
NA
$22.74
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
80.4%
$28.28
18.87
245
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
Valuation Metrics
(USD millio ns)
$956.3
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
LTM
Share Price
–
–
154.1
$802.2
$30.00
1,400
1,200
1,000
$20.00
800
$15.00
Volume (000s)
Price (USD)
$25.00
600
$10.00
400
$5.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
85
NICE Systems Ltd.
135
Ticker:
NICE
Jefferies Rating:
N/A
Price:
Exchange:
TASE
Jefferies Analyst:
Not Covered
Target Price:
$34.34
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1986
Location:
3,400
Ra'anana, Israel
NICE Systems Ltd., a software company, provides intent-based solutions that capture and analyze interactions and transactions,
realize intent, and extract and leverage insights to deliver impact in real time. It offers a suite of enterprise customer interaction
solutions comprising NICE SmartCenter to capture and analyze customer interactions across various communication channels, including
phone, surveys, email, and Web; NICE Trading Suite that enables organizations to capture, monitor, and analyze interactions and
transactions between traders, firms, and their counterparties; NICE Back Office Suite, which extends front office operational efficiency into
back office processing environments; and NICE solutions for small and mid-sized contact centers and branch offices. The company also
provides financial crime and compliance solutions through NICE Actimize, which offers real-time financial crime, fraud prevention,
anti-money laundering, enterprise investigations, risk management, compliance, and trading surveillance capabilities to financial
institutions, government agencies, and related organizations. In addition, it offers a range of security solutions for situation
management, video surveillance and analytics solutions, public safety, and intelligence and law enforcement, which enable capture, analysis,
and correlation of data from multiple sensors and systems, including audio, video, radio, geo-location, and Web. Further, the company
provides business consulting, customization solutions, solution delivery, customer education services, and support and maintenance
services. It sells its solutions and products directly, as well as through service providers, system integrators, distributors, value
added resellers, and complimentary technology vendors to approximately 25,000 organizations in approximately 150 countries. NICE
Systems Ltd. was founded in 1986 and is based in Ra'anana, Israel.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$34.34
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
82.4%
$41.70
32.74
96
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,100.5
Total Debt
$957.2
253.2
$1.28
2.61
$1,041.1
274.4
$1.65
2.91
1.6x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$879.0
165.4
$1.09
1.09
FY 2014E
Valuation Metrics
(USD millio ns)
LTM
–
–
444.7
$1,655.8
1.9x
1.7x
10.0x
6.5x
6.0x
Total Debt / EBITDA
31.5x
31.5x
–
26.9x
13.1x
–
20.8x
11.8x
–
$45.00
700
$40.00
600
Price (USD)
500
$30.00
$25.00
400
$20.00
300
$15.00
Volume (000s)
$35.00
200
$10.00
100
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
86
Pric
NXP Semiconductors NV
75
Ticker:
NXPI
Jefferies Rating:
BUY
Price:
$27.60
Exchange:
NasdaqGS
Jefferies Analyst:
Mark Lipacis
Target Price:
$36.00
(as of Apr 26, 2013)
Founded:
Employees:
2006
Location:
25,358
Eindhoven, Netherlands
NXP Semiconductors N.V. provides mixed signal and standard product solutions for radio frequency (RF), analog, power management,
interface, security, and digital processing products worldwide. It provides integrated circuits (ICs) and discrete semiconductors. The
company offers semiconductor components, such as small signal discretes, power discretes, protection and signal conditioning devices,
and linear devices; and RF solutions, including silicon tuners, lighting drivers, AC-DC power conversion ICs, and microcontrollers.
The company also develops audio and video multimedia software solutions that enable mobile device manufacturers to produce hand held
products. Its products are used in automotive, identification, wireless infrastructure, lighting, industrial, mobile, consumer, and
computing applications. The company markets its products to various OEMs, ODMs, contract manufacturers, and distributors. The company
was formerly known as KASLION Acquisition B.V and changed its name to NXP Semiconductors N.V. in May 2010. NXP Semiconductors N.V. was
founded in 2006 and is headquartered in Eindhoven, the Netherlands.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$27.60
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
83.7%
$32.99
18.57
3,403
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$6,805.9
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$4,465.0
1,138.0
($0.42)
(0.42)
FY 2014E
$4,748.4
1,337.4
$1.63
2.74
$5,082.6
1,514.1
$3.02
3.50
Valuation Metrics
(USD millio ns)
LTM
2.2x
2.1x
1.9x
3,440.0
8.7x
7.4x
6.5x
248.0
–
641.0
$9,852.9
Total Debt / EBITDA
NM
NM
3.0x
16.9x
10.1x
2.6x
9.1x
7.9x
2.3x
$35.00
14,000
$30.00
12,000
$25.00
10,000
$20.00
8,000
$15.00
6,000
$10.00
4,000
$5.00
2,000
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
87
Pric
Opera Software ASA
115
Ticker:
OPERA
Jefferies Rating:
N/A
Price:
Exchange:
OB
Jefferies Analyst:
Not Covered
Target Price:
$6.65
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1994
Location:
931
Oslo, Norway
Opera Software ASA engages in the development and sale of Web browsers. It provides its Web browsers for a range of platforms,
operating systems, and embedded Internet products, including Mac, PC and Linux computers, tablets, mobile phones, and PDAs, as well as for
various game consoles and other devices. The company’s products include Opera Mini, a hosted solution for mass-market phones; Opera
Mobile, an Opera browser solution for smartphones; Opera Turbo, a cloud-based content compression technology to operators and original
equipment manufacturers (OEMs); Opera Devices SDK, which enables device manufacturers to offer Web-browsing capabilities and full
Internet access, and customized Web applications or widgets accessible from the home screen of the device; and Open Mobile Ad Exchange,
an open platform that brings mobile publishers, carriers, and advertisers together in a marketplace. It also offers AdMarvel, a
third-party mediation hub that connects mobile publishers with multiple ad sources; Opera Audience Network, a business-intelligence tool
that provides intelligence and market analytics about mobile consumer trends and behavior; and Opera TV Store, a Web application that
works on television screens of various sizes or resolutions. The company operates primarily in Europe, the Middle East, Africa, the
Americas, and the Asia Pacific. Opera Software ASA was founded in 1994 and is headquartered in Oslo, Norway.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$6.65
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
84.5%
$7.87
4.74
366
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$791.1
Total Debt
FY 2014E
$285.5
76.3
$0.33
0.34
$363.6
106.4
$0.50
0.51
2.0x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$216.0
63.6
$0.14
0.14
Valuation Metrics
(USD millio ns)
LTM
–
–
62.9
$728.2
3.4x
2.6x
11.4x
9.5x
6.8x
Total Debt / EBITDA
47.5x
47.5x
–
20.2x
19.8x
–
13.3x
13.1x
–
$9.00
3,000
$8.00
2,500
Price (USD)
$6.00
2,000
$5.00
1,500
$4.00
$3.00
Volume (000s)
$7.00
1,000
$2.00
500
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
88
Pric
Pegasystems Inc.
95
Ticker:
PEGA
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$25.40
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1983
Location:
2,160
Cambridge, MA (United States)
Pegasystems Inc. develops, markets, licenses, and supports software to automate business processes primarily in the United States, the
United Kingdom, and rest of Europe. It offers PegaRULES Process Commander, which provides a platform to build, deploy, and change
enterprise applications; purpose or industry-specific solution frameworks to implement new customer-facing practices and processes, and provide
customized or specialized processing for various customers, departments, geographies, or regulatory requirements; and Pega customer
relationship management software to automate sales processes, customer service interactions, and marketing, as well as apply analytics to
predict and adapt customer behaviour. The company also offers Pega decision management products, such as Pega Next-Best-Action Marketing to
support cross-channel decision-making for offer management, risk, and other marketing and customer management requirements; Pega frameworks
for cross-sell/up-sell, retention, and collections help businesses build and deploy decision making solutions; and predictive and
adaptive analytics to support creation and enhancement of decision models. In addition, it provides Pega Cloud to create and/or deploy Pega
applications using an Internet-based infrastructure; and implementation, consulting, training, and technical support services. The company
markets its software and services primarily through its direct sales force to financial services organizations, healthcare organizations,
insurance companies, communications and media organizations, and government agencies; and to organizations in other industries, such as
energy, life sciences, manufacturing, and travel services.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$25.40
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
65.1%
$39.04
19.00
163
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$964.1
Total Debt
FY 2014E
$509.0
86.5
$0.81
1.18
$560.3
94.8
$1.05
1.42
1.5x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$461.7
61.5
$0.56
0.56
Valuation Metrics
(USD millio ns)
LTM
–
–
123.0
$841.2
1.8x
1.7x
13.7x
9.7x
8.9x
Total Debt / EBITDA
45.4x
45.4x
–
31.2x
21.6x
–
24.3x
17.9x
–
$45.00
1,500
$40.00
Price (USD)
$30.00
900
$25.00
$20.00
Volume (000s)
1,200
$35.00
600
$15.00
$10.00
300
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
89
Pric
Power Integrations Inc.
55
Ticker:
POWI
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Scott Reynolds
Target Price:
$40.93
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1988
Location:
526
Power Integrations, Inc. is a supplier of analog and mixed-signal integrated circuits (ICs) and other electronic components and
circuitry used in high-voltage power conversion. The Company's integrated circuits (ICs) and diodes enable compact, energy-efficient AC-DC
power supplies for a vast range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED
lights. The Company offers AC-DC conversion products, including TOPSwitch, TinySwitch, and LinkSwitch that address power supplies
ranging from less than 1 watt of output up to approximately 50 watts of output for mobile-device chargers, consumer appliances, utility
meters, liquid crystal display monitors, standby power supplies for desktop computers and televisions, and other consumer and
industrial applications. It also provides various products for use in applications up to approximately 500 watts of output, such as Hiper
family power-conversion and power-factor-correction products for high-power applications, which include main power supplies for desktop
computers, televisions, and game consoles, as well as light emitting diode street lights and other applications; CapZero and SenZero
products that reduce standby consumption in high-power applications by eliminating power waste; and high-voltage diodes. Also the
Company's CONCEPT IGBT drivers enhance the efficiency, reliability and cost of high-power applications such as industrial motor drives,
solar and wind energy systems, electric vehicles and high-voltage DC transmission. Since its introduction in 1998, Power
Integrations' EcoSmart energy-efficiency technology has prevented billions of dollars' worth of energy waste and millions of tons of carbon
emissions.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$40.93
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
88.7%
$46.12
27.20
199
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,142.5
Total Debt
FY 2014E
$337.3
80.3
$1.56
2.15
$368.3
92.3
$1.91
2.44
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$305.4
46.0
($1.20)
(1.20)
Valuation Metrics
(USD millio ns)
LTM
–
–
95.2
$1,047.4
3.4x
3.1x
2.8x
22.8x
13.0x
11.3x
NM
NM
–
26.3x
19.1x
–
21.5x
16.8x
–
Total Debt / EBITDA
$50.00
2,000
$45.00
1,800
$40.00
1,600
$35.00
1,400
$30.00
1,200
$25.00
1,000
$20.00
800
$15.00
600
$10.00
400
$5.00
200
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
90
Pric
Progress Software Corp.
93
Ticker:
PRGS
Jefferies Rating:
HOLD
Price:
$22.02
Exchange:
NasdaqGS
Jefferies Analyst:
Aaron Schwartz
Target Price:
$21.00
(as of Apr 26, 2013)
Founded:
Employees:
1981
Location:
1,395
Bedford, MA (United States)
Progress Software Corporation provides software solutions to customers worldwide. The company offers Progress OpenEdge, a solution for
the development and deployment of business applications; Progress DataDirect, a solution, which provides data connectivity components to
connect applications running on various platforms; and Progress Decision Analytics comprising Progress Apama, Corticon, and Control Tower
that are used as individually or as an integrated platform to automate business decision-making. It also offers maintenance, consulting,
training, and customer support services. The company sells its products directly and through independent distributors to end-users,
independent software vendors, original equipment manufacturers, and system integrators.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$22.02
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
89.9%
$24.50
17.30
374
November
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$340.0
103.7
$0.80
1.15
$355.1
126.2
$1.16
1.58
2.6x
2.5x
2.4x
8.8x
8.3x
6.8x
Total Debt / EBITDA
19.4x
46.1x
–
27.5x
19.2x
–
18.9x
13.9x
–
Valuation Metrics
$1,208.0
Total Debt
FY 2013E
$337.3
98.2
$1.14
0.48
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
–
–
347.8
$860.2
$30.00
3,500
3,000
2,500
$20.00
2,000
$15.00
Volume (000s)
Price (USD)
$25.00
1,500
$10.00
1,000
$5.00
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
91
Pric
PROS Holdings, Inc.
106
Ticker:
PRO
Jefferies Rating:
BUY
Price:
$25.72
Exchange:
NYSE
Jefferies Analyst:
Ross MacMillan
Target Price:
$32.00
(as of Apr 26, 2013)
Founded:
Employees:
1985
Location:
537
Houston, TX (United States)
PROS Holdings, Inc. provides software applications and solutions for manufacturing, distribution, services, and travel industries
worldwide. It offers data solutions for pricing and sales effectiveness enabling companies to analyze, optimize, and execute sales,
pricing, quoting, and rebate strategies. These solutions include Scientific Analytics, which enables companies gain insight into their
sales and pricing performance; Price Optimizer that streamlines pricing processes and creates pricing policy controls to support
corporate business goals; Deal Optimizer providing insight into customer buying behavior; and Rebate Optimizer that streamlines the rebate
agreement creation, analysis, and approval processes to accelerate sales growth. The company also provides revenue management
solutions, including PROS Analytics for Airlines to indentify hidden revenue leaks and opportunities; PROS Revenue Management to manage
passenger demand with revenue management; PROS O&D to manage passenger demand with passenger name record, based revenue management; and
PROS Real-Time Dynamic Pricing to determine optimal prices based on real-time evaluations. The revenue management solutions also
comprise PROS Group Revenue Management to manage revenues related to group requests and bookings; PROS Network Revenue Planning to deliver
network-oriented fare class segmentation; PROS Cruise Pricing and Revenue Management that allows customers to understand their
consumers price sensitivities, track competitor behavior, and set prices and availability; and PROS Hotel Revenue Management, which
enables customers’ pricing decision making. In addition, PROS Holdings offers professional services consisting of implementation,
consultation, training services, and maintenance and customer support. It sells and markets its software solutions through its direct sales
force, as well as indirectly through resellers. The company was incorporated in 1985 and is headquartered in Houston, Texas.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$25.72
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
90.7%
$28.37
12.73
126
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$695.1
Total Debt
FY 2014E
$144.2
22.1
$0.23
0.51
$174.2
26.5
$0.28
0.58
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$117.8
20.0
$0.17
0.17
Valuation Metrics
(USD millio ns)
LTM
–
–
83.9
$611.2
Total Debt / EBITDA
5.2x
4.2x
3.5x
30.5x
27.6x
23.1x
NM
NM
–
NM
NM
–
NM
44.6x
–
$30.00
800
700
$25.00
Price (USD)
500
$15.00
400
Volume (000s)
600
$20.00
300
$10.00
200
$5.00
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
92
Pric
Proto Labs, Inc.
23
Ticker:
PRLB
Jefferies Rating:
HOLD
Price:
$50.49
Exchange:
NYSE
Jefferies Analyst:
Peter Misek
Target Price:
$50.00
(as of Apr 26, 2013)
Founded:
Employees:
1999
Location:
622
Maple Plain, MN (United States)
Proto Labs, Inc. produces CNC machined and injection molded plastic parts. It offers products that are made of various
engineering-grade resins, such as ABS, polycarbonate, nylon, acetal, polypropylene, acrylic, PBT, HDPE, LDPE, TPE, and TPU, as well as LCP,
including glass or fiber filled grades. The company was founded in 1999 and is headquartered in Maple Plain, Minnesota. It has locations in
the United States, the United Kingdom, Germany, Japan, Italy, France, and Spain.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$50.49
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.4%
$55.23
24.90
560
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,270.9
Total Debt
FY 2014E
$161.2
59.4
$1.32
1.38
$196.1
72.8
$1.62
1.67
0.5
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$133.3
48.2
$1.08
1.08
Valuation Metrics
(USD millio ns)
LTM
–
–
112.5
$1,158.9
8.7x
7.2x
5.9x
24.0x
19.5x
15.9x
Total Debt / EBITDA
46.8x
46.8x
0.0x
38.2x
36.6x
0.0x
31.3x
30.3x
0.0x
$60.00
3,500
$50.00
3,000
2,500
$40.00
2,000
$30.00
Volume (000s)
Price (USD)
1,500
$20.00
1,000
$10.00
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
93
Pric
PTC Inc.
104
Ticker:
PMTC
Jefferies Rating:
HOLD
Price:
$23.76
Exchange:
NasdaqGS
Jefferies Analyst:
Ross MacMillan
Target Price:
$25.00
(as of Apr 26, 2013)
Founded:
Employees:
1985
Location:
5,897
Needham, MA (United States)
PTC Inc. develops, markets, and supports software solutions that facilitate companies to design products, manage product information, and
enhance their product development processes worldwide. Its enterprise solutions include PTC Windchill, an Internet-based content and
process management solutions for managing data and relationships, processes, and publications; PTC Arbortext enterprise solutions to manage
information assets that enhance customer support and service center information delivery processes; PTC Creo View, which enables
enterprise-wide visualization, verification, annotation, and automated comparison of various product development data formats; and PTC Integrity
that coordinates and manages various activities and artifacts associated with developing software-intensive products. The company’s
desktop solutions comprise PTC Creo Parametric, a suite of three-dimensional product design solutions that enables changes made during the
design process to be associatively updated throughout the design; PTC Creo Elements/Direct, a suite of computer aided design and
collaboration software used for customers to meet short design cycles; PTC Mathcad, an engineering calculation software solution, which combines a
computational engine, accessed through conventional math notation and with word processor and graphing tools; and PTC Arbortext to
facilitate customers improve documentation accuracy, speed time to market, reduce translation requirements, and lower publishing costs. It also
offers consultation, implementation, training, and maintenance services. PTC Inc. sells its products and services through direct sales
force, as well as through third-party resellers and other strategic partners.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$23.76
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
90.7%
$26.19
17.62
783
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$2,767.2
Total Debt
308.1
Minority Interest
Preferred Equity
Enterprise Value
–
–
240.8
$2,834.5
LTM
$1,270.0
288.1
($0.07)
(0.07)
FY 2013E
FY 2014E
$1,319.8
316.9
$1.04
1.75
$1,390.8
352.9
$1.33
1.96
2.0x
2.2x
2.1x
9.8x
8.9x
8.0x
Total Debt / EBITDA
NM
NM
1.1x
22.8x
13.5x
1.0x
17.9x
12.1x
0.9x
$30.00
5,000
4,000
$20.00
3,000
$15.00
Volume (000s)
Price (USD)
$25.00
2,000
$10.00
1,000
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
94
Pric
Qlik Technologies, Inc.
101
Ticker:
QLIK
Jefferies Rating:
HOLD
Price:
$26.88
Exchange:
NasdaqGS
Jefferies Analyst:
Ross MacMillan
Target Price:
$28.00
(as of Apr 26, 2013)
Founded:
Employees:
1993
Location:
1,425
Radnor, PA (United States)
Qlik Technologies Inc. engages in the development, commercialization, and implementation of software products and related services for
user-driven business intelligence that enables customers to make business decisions primarily in the Americas, Europe, the Asia-Pacific
region, and Africa. It provides QlikView Business Discovery platform, which helps people create and share insights and analysis in groups
and across organizations. Business users can explore data, ask and answer their own stream of questions, and follow their own path to
insight on their own and in teams and groups. The company also offers maintenance and professional services. It sells its products to a range
of industry verticals, including consumer packaged goods, financial services, pharmaceuticals, retail, manufacturing, technology, and
healthcare through its direct sales force, as well as through an indirect channel partners comprising distribution partners, value-added
resellers, system integrators, and original equipment manufacturers to license and support its software platform.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$26.88
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
86.9%
$30.92
16.71
1,708
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,272.1
Total Debt
0.2
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$405.9
32.8
($0.03)
(0.03)
$477.5
58.9
$0.20
0.42
$572.5
84.9
$0.34
0.60
Valuation Metrics
(USD millio ns)
LTM
–
–
214.8
$2,057.4
5.1x
4.3x
3.6x
NM
34.9x
24.2x
Total Debt / EBITDA
NM
NM
0.0x
NM
NM
0.0x
NM
44.7x
0.0x
$35.00
10,000
9,000
$30.00
Price (USD)
7,000
6,000
$20.00
5,000
$15.00
Volume (000s)
8,000
$25.00
4,000
3,000
$10.00
2,000
$5.00
1,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
95
Pric
RadiSys Corporation
19
Ticker:
RSYS
Jefferies Rating:
BUY
Price:
$4.96
Exchange:
NasdaqGS
Jefferies Analyst:
James Kisner
Target Price:
$7.00
(as of Apr 26, 2013)
Founded:
Employees:
1987
Location:
954
Hillsboro, OR (United States)
Radisys Corporation provides wireless infrastructure solutions for the telecom, aerospace, and defense markets. The company offers
advanced telecommunications computing architecture product family that includes a suite of integrated, application ready, and
software-rich hardware products, such as carrier blades, chassis, disk modules, line cards, and processing and switch modules for
computing/switching, deep packet inspection, digital signal processing, and platform software applications. It also provides media resource
function products comprising multimedia processing platforms for audio and video conferencing, voice over long-term evolution, voice over
IP, video over IP, OEM, and enterprise customers, as well as IP multimedia subsystem telecommunication service providers and solution
developers. In addition, the company offers Computer-on-Module Express products, which are designed for applications that require a
standard processor and memory subsystem, and modular flexibility to retain key design-level IP on a separate carrier board; and rack
mount servers primarily for medical imaging and diagnostic, test and measurement, and aerospace and defense submarkets. Further, it
provides Trillium software that enables the communication for telecommunications networks, including mobile and fixed line networks.
Additionally, the company offers end-to-end infrastructure solutions to manage and control the data flow within existing and
next-generation wireless communications networks, as well as to provide voice, video, and image manipulation capabilities for network
providers. Radisys Corporation sells its products through direct sales, distributors, sales representatives, and system integrators in North
America, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in 1987 and is headquartered in Hillsboro,
Oregon.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$4.96
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
73.5%
$6.75
2.02
115
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$141.3
Total Debt
FY 2014E
$285.5
NA
($0.51)
0.30
$304.6
10.9
($0.27)
0.52
33.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$278.8
11.9
($1.64)
(1.64)
Valuation Metrics
(USD millio ns)
LTM
–
–
31.7
$142.6
Total Debt / EBITDA
0.5x
0.5x
0.5x
11.9x
NA
13.1x
NM
NM
2.8x
NM
16.5x
NA
NM
9.5x
3.0x
$7.00
1,600
$6.00
1,400
1,200
$5.00
1,000
$4.00
800
$3.00
Volume (000s)
Price (USD)
600
$2.00
400
$1.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
96
Pric
Radware Ltd.
3
Ticker:
RDWR
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$14.76
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1996
Location:
723
Tel Aviv, Israel
Radware Ltd. develops, manufactures, and markets integrated application delivery and network security solutions worldwide. The
company offers Alteon Application Switch application delivery controller that supports load-balance, application acceleration, multi-homing
network load-balance, and bandwidth management capabilities; and AppDirector Intelligent Application Delivery Controller for data
center optimization and granular packet classification to eliminate traffic surges, server bottlenecks, connectivity disconnects, and
downtime for business continuity. Its products also include AppXML, which offers XML and Web services communications for service
oriented architecture based mission-critical applications; LinkProof that manages wide area networks and Internet traffic for networks;
Content Inspection Director, a policy enforcement device to meet contemporary carrier needs; and Session Initiation Protocol Director,
an application delivery controller for application vendors, telecom equipment manufacturers, and system integrators. In addition, the
company offers DefensePro, a real-time network attack prevention device; AppWall, a Web application firewall appliance that secures
Web applications; Inflight, a hardware device that provides online and network-based monitoring solutions; and APSolute Vision, a
management and monitoring solution that provides visibility to health, real-time status, performance, and security of enterprise-wide
application delivery, and network and application security infrastructures. Further, it provides security update and emergency response
team services, as well as DefensePipe, an integrated solution for attack mitigation. The company sells its products primarily to
independent distributors, including value added resellers, original equipment manufacturers, and system integrators. Radware Ltd. was
founded in 1996 and is headquartered in Tel Aviv, Israel.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$14.76
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
72.3%
$20.42
13.38
491
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$661.7
Total Debt
FY 2014E
$189.3
43.5
$0.63
0.63
$193.6
43.1
$0.61
0.70
$214.0
55.3
$0.84
0.94
2.1x
2.0x
1.8x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
Valuation Metrics
(USD millio ns)
LTM
–
–
273.6
$388.0
8.9x
9.0x
7.0x
Total Debt / EBITDA
23.4x
23.4x
–
24.1x
21.0x
–
17.5x
15.8x
–
$25.00
1,500
$20.00
1,200
$15.00
900
$10.00
600
$5.00
300
–
Volume (000s)
Price (USD)
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
97
Price
Red Hat, Inc.
107
Ticker:
RHT
Jefferies Rating:
BUY
Price:
$48.81
Exchange:
NYSE
Jefferies Analyst:
Ross MacMillan
Target Price:
$65.00
(as of Apr 26, 2013)
Founded:
Employees:
1993
Location:
4,500
Raleigh, North Carolina
Red Hat, Inc. provides open source software solutions to enterprise customers worldwide. The company also offers enterprise-ready
open source operating system platforms. Its products include Red Hat Enterprise Linux, an operating system designed for enterprise
computing; Red Hat JBoss Middleware, which offers a range of middleware offerings for developing, deploying, and managing applications,
such as hotel and airline reservation systems, online banking, credit card processing, securities trading, healthcare systems, customer
and partner portals, retail and point-of-sale systems, and telecommunications network infrastructure that are accessible through the
Internet, corporate intranets, extranets, clouds, and virtual private networks; and Red Hat Virtualization, a virtualization
solution for server and desktop computers that combines the kernel-based virtual machine hypervisor with the oVirt open source
virtualization management system. In addition, the company offers other Red Hat enterprise technologies, including Red Hat Messaging, Real-time,
and Grid that integrates open and scalable messaging; and Red Hat Directory Server that centralizes application settings, user
profiles, group data, policies, and access control information into a network-based registry. Further, it provides various cloud, storage,
and systems management offerings, as well as offers training, consulting, and support services. The company sells its enterprise
technologies through annual or multi-year subscriptions. Red Hat, Inc. has strategic alliances with Advanced Micro Devices, Inc.; Intel
Corporation; Amazon.com, Inc.; Fujitsu Limited; and International Business Machines Corporation. The company was formerly known as Red
Hat Software, Inc. and changed its name to Red Hat, Inc. in June 1999. Red Hat, Inc. was founded in 1993 and is headquartered in
Raleigh, North Carolina.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$48.81
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
78.2%
$62.41
46.34
2,565
February
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$9,201.2
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
$1,328.8
369.6
$0.77
0.77
FY 2013E
$1,528.2
433.2
$0.83
1.34
FY 2014E
$1,748.4
501.9
$1.05
1.58
Valuation Metrics
(USD millio ns)
LTM
–
–
1,339.3
$7,862.0
Total Debt / EBITDA
5.9x
5.1x
4.5x
21.3x
18.1x
15.7x
NM
NM
–
NM
36.4x
–
46.4x
31.0x
–
$70.00
12,000
10,000
$50.00
8,000
$40.00
6,000
Volume (000s)
Price (USD)
$60.00
$30.00
4,000
$20.00
2,000
$10.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
98
Pric
Redknee Solutions Inc.
20
Ticker:
RKN
Jefferies Rating:
N/A
Price:
Exchange:
TSX
Jefferies Analyst:
Not Covered
Target Price:
$3.05
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1999
Location:
393
Mississauga, Canada
Redknee Solutions Inc. provides communication software products, solutions, and services to wireless, wireline, broadband, and
satellite network operators. It offers Real-time Converged Billing, a cloud-enabled converged billing and customer care platform, which
provides real-time unified billing, rating, and charging for the operator’s data, voice, and messaging services; customer care
capabilities; subscriber promotions and loyalty programs; and self-care options for prepaid, postpaid, and hybrid subscribers. The company
also provides Brand Challenger, a cloud-based end-to-end converged billing solution for mobile network operators, mobile virtual network
enablers, and mobile virtual network operators. In addition, it offers Wholesale Settlement, an interconnect, wholesale, roaming,
MVNO, franchise management, and content settlement software solution that provides operators with visibility into network transactions
for achieving converged settlement and interconnect billing. Further, the company provides related hardware and services, including
maintenance, support, and professional services, as well as learning, managed, and advisory services. It operates in North America,
South America, the Caribbean, Europe, the Middle East, Africa, and the Asia Pacific. The company distributes its products and services
through direct sales force and resellers. Redknee Solutions Inc. was founded in 1999 and is headquartered in Mississauga, Canada.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$3.05
LTM
$57.7
6.8
$0.05
0.05
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
85.8%
$3.55
1.06
331
September
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Valuation Metrics
$242.7
Total Debt
5.5
Minority Interest
Preferred Equity
Enterprise Value
–
–
31.4
$216.8
FY 2013E
FY 2014E
$164.1
11.0
$0.02
0.07
$261.3
28.4
$0.17
0.21
0.8x
3.8x
1.3x
31.9x
19.8x
7.6x
NM
NM
0.8x
NM
45.2x
0.5x
18.3x
14.5x
0.2x
Total Debt / EBITDA
$4.00
2,000
1,800
$3.50
Price (USD)
1,400
$2.50
1,200
$2.00
1,000
Volume (000s)
1,600
$3.00
800
$1.50
600
$1.00
400
$0.50
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
99
Pric
RigNet, Inc.
123
Ticker:
RNET
Jefferies Rating:
BUY
Price:
$23.75
Exchange:
NasdaqGS
Jefferies Analyst:
Tom Seitz
Target Price:
$25.00
(as of Apr 26, 2013)
Founded:
Employees:
2000
Location:
375
Houston, TX (United States)
RigNet, Inc. provides network infrastructure services for the remote communications needs of the oil and gas industry. It offers
remote communications services through a controlled and managed Internet protocol/multiprotocol label switching (IP/MPLS) global network,
enabling drilling contractors, oil companies, and oilfield service companies to communicate. The company offers a communications
package of voice, data, video, networking, and real-time data management to offshore and land-based remote locations. It primarily
provides voice-over-Internet-protocol, data, and high-speed Internet access, as well as other value-added services, such as video
conferencing solutions, TurboNet wide area network acceleration solutions, real-time data management solutions, Wi-Fi hotspots and Internet
kiosks, wireless intercoms, and handheld radios. The company also offers Secure Oil Information Link, a managed members-only
communications network hub that enables collaborative partners, suppliers, and customers to transfer and share data. It serves the owners and
operators of offshore drilling rigs and production facilities, land rigs, remote offices, and supply bases in approximately 30
countries, including the United States, Brazil, Norway, the United Kingdom, Nigeria, Qatar, Saudi Arabia, Singapore, and Australia. The
company was founded in 2000 and is headquartered in Houston, Texas.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$23.75
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.6%
$25.94
14.91
29
December
61.3
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$215.7
56.3
$1.02
1.06
$242.9
67.0
$1.26
1.38
2.3x
1.7x
1.5x
8.4x
6.6x
5.6x
33.9x
33.9x
1.4x
23.3x
22.3x
1.1x
18.9x
17.2x
0.9x
Valuation Metrics
$371.5
Total Debt
FY 2013E
$161.7
44.2
$0.70
0.70
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
0.1
–
60.7
$372.2
Total Debt / EBITDA
$30.00
500
400
$20.00
300
$15.00
Volume (000s)
Price (USD)
$25.00
200
$10.00
100
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
100
Pric
Rogers Corporation
15
Ticker:
ROG
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$42.16
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1832
Location:
2,400
Rogers, CT (United States)
Rogers Corporation, together with its subsidiaries, engages in the development, manufacture, and distribution of specialty
materials and components worldwide. The company operates through various segments, including High Performance Foams, Printed Circuit
Materials, Curamik Electronics Solutions, Power Distribution Systems, and Other. It provides polyurethane and silicone foam products;
and fabricates, coats, and customizes printed circuit board laminate products for high frequency and performance applications. The
company also offers power electronic substrate products; and power distribution system components primarily to manufacturers of
high power electrical inverter and converter systems for use in mass transit and clean technology applications. In addition, it
provides elastomer components, such as floats for level sensing in fuel tanks, motors, and storage tanks; elastomer rollers and belts
for document handling in copiers, printers, mail sorting machines, and automated teller machines, as well as distributes
inverters. The company markets its products for original equipment manufacturers and contract manufacturers in portable communications,
communications infrastructure, consumer electronics, mass transit, automotive, defense, and clean technology markets. Rogers
Corporation Was founded in 1832 and is headquartered in Rogers, Connecticut.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$42.16
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
81.1%
$51.96
34.61
81
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$719.6
FY 2014E
$538.8
96.2
$2.57
2.62
$580.3
106.9
$3.08
3.08
1.2x
1.4x
1.3x
106.4
8.6x
7.1x
6.4x
–
–
142.0
$684.0
Total Debt / EBITDA
10.4x
10.4x
1.3x
16.4x
16.1x
1.1x
13.7x
13.7x
1.0x
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$498.8
79.8
$4.04
4.07
Valuation Metrics
(USD millio ns)
LTM
$60.00
700
$50.00
600
500
$40.00
400
$30.00
Volume (000s)
Price (USD)
300
$20.00
200
$10.00
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
101
Pric
Rubicon Technology, Inc.
71
Ticker:
RBCN
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Scott Reynolds
Target Price:
$7.45
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2001
Location:
322
Bensenville, IL (United States)
Rubicon Technology, Inc., an electronic materials provider, develops, manufactures, and sells monocrystalline sapphire and other
crystalline products for light-emitting diodes (LEDs), radio frequency integrated circuits (RFICs), blue laser diodes, optoelectronics,
and other optical applications. The Company fabricates sapphire substrates and optical windows from the boules and sells them in core,
as-cut, as-ground, and polished categories in two, three, four, six, and eight-inch diameter wafers in C, R, A, and M planar
orientations. Its products include six-inch polished sapphire wafers for use in LED applications and in silicon-on-sapphire RFICs; two
through four-inch diameter sapphire cores for making wafers for use in LEDs and blue laser diodes; and sapphire products that are used for
windows and lenses in military, aerospace, sensor, and other applications. The Company also sells optically-polished windows and
ground window blanks of sapphire and various fluoride compounds, such as calcium, barium, and magnesium fluoride. Rubicon Technology
sells its products directly to customers in Asia, North America, and Europe.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$7.45
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
64.4%
$11.57
4.83
410
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$164.8
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$67.2
1.0
($0.25)
(0.25)
$60.0
0.0
($0.26)
(0.26)
FY 2014E
$85.6
15.1
$0.12
0.15
Valuation Metrics
(USD millio ns)
LTM
–
–
44.1
$120.7
1.8x
2.0x
1.4x
NM
NM
8.0x
Total Debt / EBITDA
NM
NM
–
NM
NM
–
NM
NM
–
$12.00
1,800
1,600
1,400
$8.00
1,200
1,000
$6.00
800
$4.00
Volume (000s)
Price (USD)
$10.00
600
400
$2.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
102
Pric
Shutterstock, Inc.
45
Ticker:
SSTK
Jefferies Rating:
BUY
Price:
$45.38
Exchange:
NYSE
Jefferies Analyst:
Brian Fitzgerald
Target Price:
$46.00
(as of Apr 26, 2013)
Founded:
Employees:
2003
Location:
237
Shutterstock, Inc. operates an online marketplace for commercial digital imagery. Its commercial digital imagery marketplace consists
of licensed photographs, illustrations, and videos that companies use in their visual communications, such as Websites, digital and
print marketing materials, corporate communications, books, publications, and video content. The company also provides licensed
content that its users purchase to enhance their visual communications; various content types, including photography, illustrations,
vector art, and video footage; and Shutterstock Instant, an image discovery tool. In addition, it offers digital imagery for various
communication materials, such as Websites, print and digital advertisements, annual reports, brochures, employee communications,
newsletters, email marketing campaigns, and presentations for business customers; for marketing agencies, such as independent freelancers and
agencies to incorporate in the work they produce for their clients' business communications; and for media professionals to
incorporate in the content they produce, including newspapers, books, magazines, digital publications, television, and film. The company
serves customers worldwide. Shutterstock, Inc. was founded in 2003 and is headquartered in New York, New York.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$45.38
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
96.3%
$47.10
21.00
74
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,521.0
Total Debt
6.0
Minority Interest
Preferred Equity
Enterprise Value
LTM
FY 2013E
FY 2014E
$169.6
42.5
$1.79
1.79
$218.0
44.0
$0.60
0.75
$267.2
60.4
$0.82
0.98
Valuation Metrics
(USD millio ns)
–
–
102.1
$1,424.9
8.4x
6.5x
5.3x
33.5x
32.4x
23.6x
Total Debt / EBITDA
25.4x
25.4x
0.1x
NM
NM
0.1x
NM
NM
0.1x
$50.00
500
$45.00
Price (USD)
400
$35.00
$30.00
300
$25.00
$20.00
Volume (000s)
$40.00
200
$15.00
$10.00
100
$5.00
–
10/12
-
10/12
11/12
11/12
12/12
12/12
1/13
1/13
1/13
Volu me
2/13
3/13
3/13
4/13
4/13
Price
2/13
103
Pric
Sierra Wireless Inc.
136
Ticker:
SW
Jefferies Rating:
N/A
Price:
Exchange:
TSX
Jefferies Analyst:
Peter Misek
Target Price:
$11.15
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1993
Location:
1,013
Richmond, Canada
Sierra Wireless, Inc., together with its subsidiaries, provides cellular wireless solutions to the machine-to-machine (M2M) and
connected device markets in North America, Europe, and the Asia Pacific. The company operates through two segments, Mobile Computing and
Machine-to-Machine. It offers AirPrime embedded wireless modules, which are used to wirelessly enable various products and solutions
by original equipment manufacturers (OEMs); and AirLink intelligent gateways that are rugged and industrial-grade wireless terminals
for M2M and mobile applications to public safety, transportation, field service, energy, industrial, and financial organizations. The
company’s AirVantage M2M cloud platform provides secure, scalable, and device-to-cloud infrastructure for M2M applications. It also
provides professional services to OEM customers during their product development and launch process. The company offers its products
to consumer electronics, networking equipment, automotive, energy, security, sales and payment, industrial control and monitoring,
fleet management, field service, and healthcare industries. It sells its products and solutions through various indirect channels, such
as OEMs, wireless operators, distributors, and value-added resellers. Sierra Wireless, Inc. was founded in 1993 and is headquartered
in Richmond, Canada.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$11.15
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
92.8%
$12.01
6.47
140
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$348.3
Total Debt
FY 2014E
$438.8
33.2
($0.30)
0.25
$489.9
39.0
$0.19
0.68
0.7
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$397.3
17.6
$0.88
(0.14)
Valuation Metrics
(USD millio ns)
LTM
–
–
63.6
$285.4
0.7x
0.7x
0.6x
16.2x
8.6x
7.3x
Total Debt / EBITDA
12.7x
NM
0.0x
NM
44.2x
0.0x
NM
16.5x
0.0x
$14.00
600
500
$10.00
400
$8.00
300
Volume (000s)
Price (USD)
$12.00
$6.00
200
$4.00
100
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
104
Pric
Silicon Motion Technology Corp.
133
Ticker:
SIMO
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$10.88
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1995
Location:
642
Zhubei City, Taiwan
Silicon Motion Technology Corporation, a fabless semiconductor company, designs, develops, and supplies a portfolio of multimedia
data processing, storage, and transfer solutions primarily for consumer electronics applications. The company offers a range of
microcontrollers for use in NAND flash memory storage products, including flash memory cards, USB flash drives, and embedded flash and solid
state drives. It also offers a range of multimedia SoCs comprising embedded graphics processors for embedded graphics applications in
desktop and notebook personal computers, game consoles, work stations, and multimedia mobile phones. In addition, the company
provides semiconductor solutions consisting of mobile television tuners and integrated tuner plus demodulator SoCs for mobile phones and
other portable devices; and CDMA transceivers for CDMA 1x and EVDO modem solutions, as well as transceivers for LTE modem solutions. It
sells its products to module makers, original equipment manufacturers, and original design manufacturers through its direct sales
force and distributors in Canada, China, Europe, Japan, Korea, Taiwan, and the United States. The company is headquartered in Zhubei
City, Taiwan.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$10.88
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
56.2%
$19.35
9.90
534
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$353.4
Total Debt
FY 2014E
$267.2
51.9
$1.31
1.33
$302.6
59.1
$1.49
1.84
0.7x
0.7x
0.6x
NA
3.6x
3.2x
37.5x
37.5x
NA
8.3x
8.2x
–
7.3x
5.9x
–
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$274.7
NA
$0.29
0.29
Valuation Metrics
(USD millio ns)
LTM
–
–
166.2
$187.2
Total Debt / EBITDA
$25.00
6,000
5,000
Price (USD)
4,000
$15.00
3,000
Volume (000s)
$20.00
$10.00
2,000
$5.00
1,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
105
Pric
Solera Holdings Inc.
84
Ticker:
SLH
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$56.53
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1966
Location:
2,600
Westlake, TX (United States)
Solera Holdings, Inc., together with its subsidiaries, provides software and services to the automobile insurance claims processing
industry. The company offers estimating and workflow software to manage the overall claims process, estimate the cost to repair a
damaged vehicle, and calculate the pre-collision fair market value of a vehicle; and salvage, salvage disposition, and recycling software
that manages inventories in order to facilitate the location, sale, and exchange of vehicle parts for use in the repair of a damaged
vehicle. It also provides business intelligence and consulting services that enable insurance companies to monitor and assess their
performance through customized data, reports, and analyses; offers driver violation reporting services to property and casualty
insurers; and leases hardware products for use with its software, training, and call center technical support services. In addition, the
company offers various services that allow its customers to access operational and technical support in times of high demand following
natural disasters; and used vehicle validation, fraud detection software and services, and disposition of salvage vehicles. Further,
it provides products and services for accessing information on the United Kingdom registered vehicles to private car buyers, car
dealers, finance houses, and the insurance industry; data analytics to insurance companies and brokers in the Netherlands; and an
electronic exchange for the purchase and sale of vehicle replacement parts in Brazil and Mexico. The company primarily serves insurance
companies, collision repair facilities, independent assessors, and automotive recyclers in North America, Central and South America,
Europe, the Middle East, Africa, Asia, Australia, and the Netherlands. Solera Holdings, Inc. was founded in 1966 and is headquartered in
Westlake, Texas.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$56.53
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
96.2%
$58.75
36.81
215
June
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$3,879.0
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$801.3
338.8
$1.44
1.44
$834.1
358.2
$1.44
2.66
$891.4
382.0
$1.90
2.93
Valuation Metrics
(USD millio ns)
LTM
5.8x
5.6x
5.3x
1,152.6
13.8x
13.1x
12.3x
98.2
–
448.2
$4,681.7
Total Debt / EBITDA
39.2x
39.2x
3.4x
39.2x
21.3x
3.2x
29.7x
19.3x
3.0x
$70.00
1,400
$60.00
1,200
$50.00
1,000
$40.00
800
$30.00
600
$20.00
400
$10.00
200
–
Volume (000s)
Price (USD)
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
106
Pric
Sonus Networks, Inc.
14
Ticker:
SONS
Jefferies Rating:
HOLD
Price:
$2.03
Exchange:
NasdaqGS
Jefferies Analyst:
James Kisner
Target Price:
$2.50
Pric
(as of Apr 26, 2013)
Founded:
Employees:
1997
Location:
1,093
Westford, MA (United States)
Sonus Networks, Inc. provides networked solutions for communications service providers and enterprises in the United States, Europe,
the Middle East, Africa, and the Asia Pacific. Its solutions address the need to link and leverage multivendor, multiprotocol
communications systems and applications across customers networks. The company offers a portfolio of session border controllers (SBC) that
address the network requirements; and voice over Internet protocol (VoIP) switches for converting any type of voice signal into
Internet protocol (IP) packets and transmitting those IP packets over a data network. Its products also include policy and routing server,
a central routing and policy engine that provides call routing intelligence and policy intelligence for session initiation protocol
sessions across the network, as well as act as a central control and provisioning point for various switches or SBCs. In addition, the
company provides Sonus ASX Call Feature Server that offers residential VoIP call features to time division multiplexing and IP
devices in a geo-redundant architecture; and network management solutions to help manage and integrate its networked solutions with
internal provisioning and billing systems. Further, it offers consulting, end-to-end design, integration, deployment, migration, and
operation support services; and customized engagements, training workshops, and interoperability/verification testing services. The company
serves long distance carriers, local exchange carriers, Internet service providers, wireless operators, cable operators, telephone
companies, carriers that provide services to other carriers, financial institutions, retailers, state and local governments, and other
multinational corporations. Sonus Networks, Inc. was founded in 1997 and is headquartered in Westford, Massachusetts.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$2.03
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
70.5%
$2.88
1.36
1,890
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$580.0
Total Debt
2.6
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$254.1
(11.5)
($0.18)
(0.18)
$268.8
NA
($0.03)
0.01
$290.5
NA
$0.04
0.05
Valuation Metrics
(USD millio ns)
LTM
–
–
279.6
$303.0
1.2x
1.1x
NM
NA
1.0x
NA
Total Debt / EBITDA
NM
NM
NM
NM
NM
NA
NM
38.7x
NA
$3.00
14,000
$2.50
12,000
10,000
$2.00
8,000
$1.50
Volume (000s)
Price (USD)
6,000
$1.00
4,000
$0.50
2,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
107
Sourcefire, Inc.
97
Ticker:
FIRE
Jefferies Rating:
HOLD
Price:
$50.97
Exchange:
NasdaqGS
Jefferies Analyst:
Aaron Schwartz
Target Price:
$52.00
(as of Apr 26, 2013)
Founded:
Employees:
2001
Location:
599
Columbia, MD (United States)
Sourcefire, Inc. provides intelligent cybersecurity technologies worldwide. The company’s network security products include Sourcefire
Next Generation Intrusion Prevention System to notify users of network traffic and block threats; Sourcefire Next Generation Firewall with
application control and firewall capabilities; and optional security licenses, including Application Control for the control of client
and Web based applications, as well as URL Filtering for filtering URL's. Its network security products also comprise Sourcefire SSL
Appliance that decrypts SSL traffic for inspection by network security appliances; and Sourcefire Virtual Appliance that inspects
communications between various virtual machines. The company’s Advanced Malware Protection products consist of FireAMP, an advanced malware protection
solution; and Advanced Malware Protection for FirePOWER to protect against network malware, advanced persistent threats, and targeted
attacks. In addition, it offers Sourcefire Defense Center, which provides application programming interfaces to interoperate with
third-party systems, such as firewalls, routers, log management, security information event management, trouble ticketing, patch management
systems, and other technologies. Further, the company manages open source projects, such as Snort, a traffic inspection engine; ClamAV, an
anti-malware product; and Razorback for complex threat detection and protection. Additionally, it provides customer support, professional,
and education and certification services. The company serves financial institutions, defense contractors, health care providers, IT
companies, telecommunication companies, and retailers, as well as national, state, and local government agencies. Sourcefire, Inc. markets and
sells its appliances, software, and services primarily through resellers, distributors, MSSPs, government integrators, and other partners.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$50.97
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
85.5%
$59.64
39.50
938
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,547.9
Total Debt
FY 2014E
$279.2
55.0
$0.45
0.98
$336.4
68.2
$0.65
1.20
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$223.1
44.2
$0.16
0.16
Valuation Metrics
(USD millio ns)
LTM
–
–
204.0
$1,344.0
Total Debt / EBITDA
6.0x
4.8x
4.0x
30.4x
24.4x
19.7x
NM
NM
–
NM
NM
–
NM
42.4x
–
$70.00
5,000
4,500
$60.00
Price (USD)
3,500
3,000
$40.00
2,500
$30.00
Volume (000s)
4,000
$50.00
2,000
1,500
$20.00
1,000
$10.00
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
108
Pric
Spansion Inc.
140
Ticker:
CODE
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$11.92
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2005
Location:
2,838
Spansion Inc. designs, develops, manufactures, and sells flash memory semiconductors worldwide. The company’s product designs are
primarily based on its proprietary two-bit-per-cell MirrorBit technology. It offers NOR and NAND flash memory solutions for
microprocessors, controllers, and other programmable semiconductors that run applications in a range of electronic systems, including automotive,
industrial, networking and telecommunications infrastructure, consumer and gaming, and transportation. It also provides software and
hardware development tools, drivers, and simulation models for system-level integration to develop and prototype customer designs.
The company markets and sells its products directly or through third-party distributors to original equipment manufacturers, original
design manufacturers, and contract manufacturers under the Spansion trademark. Spansion Inc. is headquartered in Sunnyvale,
California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$11.92
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
82.0%
$14.54
9.42
392
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$681.5
$943.2
152.4
$0.13
1.13
$1,052.6
211.9
$0.79
1.68
FY 2014E
0.7x
0.9x
0.8x
416.8
4.6x
5.1x
3.7x
–
–
313.9
$784.4
Total Debt / EBITDA
29.1x
29.1x
2.5x
NM
10.5x
2.7x
15.0x
7.1x
2.0x
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$915.9
169.9
$0.41
0.41
Valuation Metrics
(USD millio ns)
LTM
$16.00
2,000
$14.00
Price (USD)
$10.00
1,200
$8.00
Volume (000s)
1,600
$12.00
800
$6.00
$4.00
400
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
109
Pric
Spreadtrum Communications Inc.
61
Ticker:
SPRD
Jefferies Rating:
BUY
Price:
$21.61
Exchange:
NasdaqGS
Jefferies Analyst:
Ken Hui
Target Price:
$24.00
(as of Apr 26, 2013)
Founded:
Employees:
2001
Location:
1,377
Shanghai, China
Spreadtrum Communications, Inc. (Spreadtrum) develops mobile chipset platforms for smartphones, feature phones and other consumer
electronics products, supporting 2G, 3G and 4G wireless communications standards. The Company offers a portfolio of integrated baseband
processor solutions that support various wireless communications standards, including global system for mobile communication (GSM),
general packet radio service (GPRS), enhanced data rates for GSM evolution (EDGE), time division synchronous code division multiple
access (TD-SCDMA), high speed packet access (HSPA), and long term evolution (LTE), and various multimedia capabilities. Its integrated
baseband processor solutions include 2G, 2.5G, 2.75G, 3G, and 4G baseband semiconductors, which are chipsets with customizable
software and reference designs. Spreadtrum's customers include global and China-based manufacturers developing mobile products for
consumers in China and emerging markets around the world. The Company is based in Shanghai, China.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$21.61
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
93.1%
$23.20
13.03
866
December
84.1
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$873.7
151.2
$2.17
2.42
$960.7
166.0
$2.45
2.65
1.2x
1.0x
0.9x
6.9x
5.9x
5.3x
36.0x
36.0x
0.7x
9.9x
8.9x
0.6x
8.8x
8.1x
0.5x
Valuation Metrics
$1,036.9
Total Debt
FY 2013E
$725.2
128.9
$0.60
0.60
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
0.4
–
235.9
$885.4
Total Debt / EBITDA
$25.00
5,000
4,000
$15.00
3,000
3,500
2,500
$10.00
Volume (000s)
Price (USD)
4,500
$20.00
2,000
1,500
$5.00
1,000
500
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
110
Pric
SS&C Technologies Holdings, Inc.
110
Ticker:
SSNC
Jefferies Rating:
HOLD
Price:
$29.80
Exchange:
NasdaqGS
Jefferies Analyst:
Ross MacMillan
Target Price:
$27.00
(as of Apr 26, 2013)
Founded:
Employees:
1986
Location:
4,086
Windsor, CT (United States)
SS&C Technologies Holdings, Inc. provides software products and software-enabled services to financial services providers worldwide.
Its software products and software-enabled services allows its clients to automate and integrate front-office functions, such as
trading and modeling; middle-office functions, which include portfolio management and reporting; and back-office functions, including
accounting, performance measurement, reconciliation, reporting, processing, and clearing. The company’s products and services comprise
portfolio management/accounting, real-time trading systems, treasury operations, financial modeling, loan management/accounting,
property management, money market processing, and training products. Its software-enabled services consist of financial data acquisition,
transformation, and delivery; investor transaction processing platform; trade capture automation application; risk analytics
monitoring application; and business process outsourcing investment accounting and investment operations, application software hosting,
automated workflow integration, automated quality control mechanisms, and interface and connectivity services. The company’s
software-enabled services also include on-and offshore fund administration; real-time trade matching utility and delivery instruction database;
securities data; and broker-neutral and platform-neutral FIX connectivity. SS&C also offers product support and professional services.
Its clients include multinational banks, retail banks and credit unions, hedge funds, funds of funds and family offices,
institutional asset managers, insurance companies and pension funds, brokers/dealers, financial exchanges, commercial lenders, real estate
lenders, and property managers. The company was formerly known as Sunshine Acquisition Corporation and changed its name to SS&C
Technologies Holdings, Inc. in June 2007. SS&C Technologies Holdings, Inc. was founded in 1986 and is headquartered in Windsor, Connecticut.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$29.80
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
98.5%
$30.24
20.50
249
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,379.1
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$551.8
218.4
$0.55
0.55
$716.0
289.0
$1.08
1.82
$773.3
317.3
$1.28
2.05
Valuation Metrics
(USD millio ns)
LTM
1,012.1
–
–
88.6
$3,302.6
Total Debt / EBITDA
6.0x
4.6x
4.3x
15.1x
11.4x
10.4x
NM
NM
4.6x
27.7x
16.4x
3.5x
23.3x
14.5x
3.2x
$35.00
3,000
2,500
$25.00
2,000
$20.00
1,500
Volume (000s)
Price (USD)
$30.00
$15.00
1,000
$10.00
500
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
111
Pric
Stamps.com Inc.
30
Ticker:
STMP
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$33.02
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1996
Location:
233
El Segundo, CA (United States)
Stamps.com Inc. provides Internet-based postage solutions. The company offers solutions to mail and ship various mail pieces,
including postcards, envelopes, flats, and packages. Its products and services include the United States Postal Service (USPS)-approved PC
Postage service that enables users to print electronic stamps directly onto envelopes, plain paper, or labels using personal computer,
printer, and Internet connection; PC postage integration services, including electronic postage for transactions to partners who
manage the front-end process; and PhotoStamps, a patented form of postage, which allows consumers to turn digital photos, designs, or
images into valid United States postage. The company also sells NetStamps labels, shipping labels, other mailing labels, postage
printers, scales, and other mailing and shipping-focused office supplies through its mailing and shipping supplies store. In addition, it
offers Stamps.com branded insurance enabling users to insure their mail or packages. Stamps.com Inc. serves individuals, small
businesses, home offices, medium-size businesses, and large enterprises. The company was formerly known as StampMaster, Inc. and changed its
name to Stamps.com Inc. in December 1998. Stamps.com Inc. was founded in 1996 and is headquartered in El Segundo, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$33.02
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
98.2%
$33.62
18.62
174
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$505.8
Total Debt
FY 2014E
$126.3
32.7
$1.63
1.84
$139.4
37.9
$1.80
2.08
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$119.5
34.5
$1.83
1.83
Valuation Metrics
(USD millio ns)
LTM
–
–
57.2
$448.6
3.8x
3.6x
3.2x
13.0x
13.7x
11.9x
Total Debt / EBITDA
18.1x
18.1x
–
20.3x
18.0x
–
18.3x
15.9x
–
$35.00
2,500
$30.00
Price (USD)
1,500
$20.00
$15.00
Volume (000s)
2,000
$25.00
1,000
$10.00
500
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
112
Pric
Syntel, Inc.
82
Ticker:
SYNT
Jefferies Rating:
HOLD
Price:
$63.35
Exchange:
NasdaqGS
Jefferies Analyst:
Jason Kupferberg
Target Price:
$66.00
(as of Apr 26, 2013)
Founded:
Employees:
1980
Location:
22,179
Troy, MI (United States)
Syntel, Inc. provides information technology (IT) and knowledge process outsourcing (KPO) services worldwide. It operates in four
segments: Applications Outsourcing, KPO, e-Business, and TeamSourcing. The Applications Outsourcing segment provides software
applications development, maintenance, testing, migration, and infrastructure and cloud computing services. The KPO segment offers
outsourced solutions for knowledge and business processes. It focuses on middle and back-office business processes of the transaction
cycle in the capital markets, banking, healthcare, and insurance industries. The e-Business segment provides technology services in the
areas of architecting, implementing and maintaining, Web solutions, data warehousing, business intelligence, enterprise application
integration, business process management, and enterprise resource planning solutions. The TeamSourcing segment offers professional
IT consulting services directly to customers on a staff augmentation basis. Its services include systems specification, design, development,
implementation, and maintenance of complex IT applications involving computer hardware, software, data, and networking technologies
and practices. Syntel, Inc. provides services to a range of companies primarily in the financial services, healthcare and life sciences,
insurance, manufacturing, automotive, retail, logistics, and telecom industries. The company was founded in 1980 and is headquartered in
Troy, Michigan.
Trading Data
(as of Apr 26, 2013)
Share Price
(USD)
$63.35
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.9%
$68.91
51.78
99
December
FY 2014E
$803.4
231.5
$4.41
4.43
$891.0
259.5
$4.72
4.79
3.0x
2.8x
2.5x
9.6x
9.6x
8.6x
13.9x
13.9x
0.2x
14.4x
14.3x
0.2x
13.4x
13.2x
0.2x
Valuation Metrics
$2,615.2
50.0
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$742.3
233.2
$4.57
4.57
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
Total Debt
LTM
–
–
438.0
$2,227.2
Total Debt / EBITDA
Price / Volume — Since Inception
$80.00
450
$70.00
400
Price (USD)
300
$50.00
250
$40.00
200
$30.00
150
$20.00
100
$10.00
–
04/26/12
Volume (000s)
350
$60.00
50
06/26/12
08/26/12
10/26/12
12/26/12
Volu me
04/26/13
Price
02/26/13
113
Pric
Telecity Group plc
122
Ticker:
TCY
Jefferies Rating:
BUY
Price:
$14.22
Exchange:
LSE
Jefferies Analyst:
Milan Radia
Target Price:
$15.80
(as of Apr 26, 2013)
Founded:
Employees:
1998
Location:
612
London, United Kingdom
Telecity is the largest carrier-neutral retail data center provider in Europe following its merger with Redbus in 2005 and the
subsequent acquisition of Globix Europe in 2007. The combined company floated on the main list of the London Stock Exchange in October
2007, raising £96m. Telecity currently operates 32 data centers located in eight countries and is headquartered in London, UK.
Benefitting from particularly busy Internet Exchange POPs in many of its key sites, the company has created a particularly strong presence in
segments such as content delivery and enterprise Cloud services, where higher levels of performance are required. Telecity is
undergoing a major expansion initiative, which will see group power capacity almost doubling between end-2011 and 2015. Telecity derives over
60% of its revenue from London and Amsterdam, two hotspots in terms of European data center demand. Over the past few years, the
company has been relatively acquisitive, adding businesses in the UK, Ireland and Finland. Although many of these acquisitions have been
of existing providers running full data centers, the key rationale has ostensibly been to acquire expansion opportunities, reducing
Telecity’s time-to-market in locations where new capacity is required, e.g. Manchester and Dublin. The acquisitions in Finland, for
example, have been strategic in providing a strong presence in new markets for the company.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$14.22
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
95.3%
$14.92
11.58
665
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,847.8
Total Debt
FY 2014E
$512.5
242.8
$0.55
0.57
$585.7
285.2
$0.68
0.69
453.5
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$459.9
216.4
$0.46
0.46
Valuation Metrics
(USD millio ns)
LTM
–
–
34.1
$3,267.2
7.1x
6.4x
5.6x
15.1x
13.5x
11.5x
Total Debt / EBITDA
30.7x
30.7x
2.1x
25.7x
24.8x
1.9x
21.0x
20.6x
1.6x
$18.00
4,000
$16.00
3,500
Price (USD)
3,000
$12.00
2,500
$10.00
2,000
$8.00
Volume (000s)
$14.00
1,500
$6.00
1,000
$4.00
500
$2.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
114
Pric
Travelzoo Inc.
32
Ticker:
TZOO
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$25.60
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1998
Location:
417
Travelzoo Inc., an Internet media company, together with its subsidiaries, publishes travel and entertainment deals from travel and
entertainment companies, and local businesses in North America, Europe, and the Asia Pacific. The company’s publications and products
include the Travelzoo Websites, such as travelzoo.com, travelzoo.ca, travelzoo.co.uk, travelzoo.de, travelzoo.es, and travelzoo.fr;
the Travelzoo iPhone and Android applications; the Travelzoo Top 20 e-mail newsletter; and the Newsflash e-mail alert service. It also
operates SuperSearch, a pay-per-click travel search tool; and the Travelzoo Network, a network of third-party Websites that list
deals published by the company. In addition, the company has Fly.com, a travel search engine that allows users to find the best prices
on flights from various airlines and online travel agencies; and operates Local Deals and Getaway services, which allow its
subscribers to purchase vouchers for deals from local businesses, such as spas, hotels, and restaurants through the Travelzoo Website and
mobile applications. It serves airlines, hotels, cruise lines, vacations packagers, tour operators, destinations, car rental companies,
travel agents, theater and performing arts groups, restaurants, spas, and activity companies. Travelzoo Inc. was founded in 1998 and is
headquartered in New York, New York.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$25.60
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
96.1%
$26.64
16.56
105
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$393.3
Total Debt
FY 2014E
$160.7
30.4
$1.18
1.17
$172.6
34.5
$1.35
1.35
1.9x
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$154.0
30.8
$1.27
1.27
Valuation Metrics
(USD millio ns)
LTM
–
–
65.5
$327.8
2.1x
2.0x
10.6x
10.8x
9.5x
Total Debt / EBITDA
20.2x
20.2x
–
21.7x
21.9x
–
19.0x
19.0x
–
Price / Volume — Since Inception
$30.00
1,000
800
$20.00
600
$15.00
Volume (000s)
Price (USD)
$25.00
400
$10.00
200
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
115
Pric
TV Azteca SAB de CV
44
Ticker:
AZTECA CPO
Jefferies Rating:
N/A
Price:
Exchange:
BMV
Jefferies Analyst:
Not Covered
Target Price:
$0.75
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1993
Location:
3,454
Mexico, Mexico
TV Azteca, S.A.B. de C.V. produces Spanish-language television programming. The company owns and operates two national television
networks, Azteca 13 and Azteca 7, through approximately 321 owned-and-operated stations in Mexico; and Project 40-channel broadcasts
newscasts, opinion, research, and debate. It also owns Azteca America, a Hispanic television network in the United States; Monarcas
Morelia, a first division team of the Mexican Soccer Federation; Azteca Music, an events promotion company; and operates Azteca Internet,
an Internet portal, and virtual marketplace for North American Spanish-speakers. The company broadcasts local programming and
advertisements, including news, contests, sporting events, and entertainment. The company was founded in 1993 and is based in Mexico City,
Mexico. TV Azteca, S.A.B. De C.V. is a subsidiary of Azteca Holdings, S.A. de C.V.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$0.75
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
91.7%
$0.81
0.65
2,895
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,223.5
Total Debt
823.3
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$993.7
317.0
$0.06
0.06
$1,021.6
350.6
$0.06
0.06
$1,128.8
409.9
$0.07
0.07
2.5x
2.4x
2.2x
7.8x
7.0x
6.0x
13.4x
13.4x
2.6x
12.2x
12.9x
2.3x
10.4x
10.5x
2.0x
Valuation Metrics
(USD millio ns)
LTM
–
–
589.9
$2,456.9
Total Debt / EBITDA
$0.90
20,000
$0.80
Price (USD)
$0.60
12,000
$0.50
$0.40
Volume (000s)
16,000
$0.70
8,000
$0.30
$0.20
4,000
$0.10
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
116
Pric
TW Telecom Inc.
134
Ticker:
TWTC
Jefferies Rating:
BUY
Price:
$26.93
Exchange:
NasdaqGS
Jefferies Analyst:
Tom Seitz
Target Price:
$30.00
(as of Apr 26, 2013)
Founded:
Employees:
1993
Location:
3,147
Littleton, CO (United States)
tw telecom inc. engages in the provision of managed network services in the United States. The company offers data networking,
converged, Internet protocol based virtual private network (IP VPN), and Internet access services. The company’s data services include
switched native local area network (NLAN), point-to-point elite NLAN, E-Line, extended NLAN, regional ethernet, and IP VPN and managed IP
VPN services; and converged and integrated services. It also provides high capacity Internet service with bandwidth speeds ranging
from 1.5 Mbps to 10 Gbps to access the Internet and other external networks; and managed services comprising enhanced management
services, managed security services, collocation services, and distributed denial of service mitigation. In addition, the company offers
network access services for voice, data, image, and video transmission, such as private line, special access, transport arrangements,
and metropolitan and regional connectivity; and voice services that provide customers with local and long distance calling
capabilities consisting of access trunk, long distance, local toll, local telephone, business access line, and IP trunk services. Further, it
offers intercarrier services, such as switched access and local traffic termination services. As of December 31, 2011, the company’s
fiber network spanned approximately 27,000 route miles connecting to 15,438 buildings. Its customers include enterprise organizations
in the distribution, health care, finance, service, and manufacturing industries; state, local, and federal government entities;
system integrators; and communication service providers, such as incumbent local exchange carriers, competitive local exchange carriers,
wireless communications, and cable companies. The company was formerly known as Time Warner Telecom Inc. and changed its name to tw
telecom inc. in March 2008. tw telecom inc. was founded in 1993 and is headquartered in Littleton, Colorado.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$26.93
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
96.1%
$28.02
21.49
1,562
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$4,026.8
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$1,470.3
539.5
$0.50
0.50
$1,572.2
574.3
$0.56
0.58
$1,697.0
631.4
$0.76
0.78
2.8x
Valuation Metrics
(USD millio ns)
LTM
3.3x
3.1x
1,759.2
8.9x
8.4x
7.6x
–
–
975.6
$4,810.4
Total Debt / EBITDA
NM
NM
3.3x
48.0x
46.5x
3.1x
35.4x
34.5x
2.8x
$30.00
7,000
6,000
5,000
$20.00
4,000
$15.00
Volume (000s)
Price (USD)
$25.00
3,000
$10.00
2,000
$5.00
1,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
117
Pric
Tyler Technologies, Inc.
92
Ticker:
TYL
Jefferies Rating:
N/A
Price:
Exchange:
NYSE
Jefferies Analyst:
Not Covered
Target Price:
$63.79
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1966
Location:
2,406
Dallas, TX (United States)
Tyler Technologies, Inc. provides integrated information management solutions and services for the public sector with a focus on local
governments in the United States and internationally. It operates through Enterprise Software Solutions, and Appraisal and Tax Software
Solutions and Services segments. The company’s financial management solutions include modular fund accounting systems for government
agencies and not-for-profit entities; and utility billing systems to support the billing and collection of metered and non-metered services. It
also offers products to automate various city functions, such as municipal courts, parking tickets, equipment and project costing, animal
and business licenses, permits and inspections, code enforcement, citizen complaint tracking, ambulance billing, fleet maintenance, and
cemetery records management; financial management, student information, and transportation solutions to K-12 schools; and software
applications to manage public sector pension funds. In addition, the company provides integrated suite of judicial solutions comprising court
case management, court and law enforcement, prosecutor, and supervision systems to handle complex, multi-jurisdictional county, statewide
implementations, and single county systems; systems and software to automate the appraisal and assessment of real and personal
properties; tax applications for agencies that bill and collect taxes; and software applications that enable county governments to enhance and
automate courthouse operations. Further, it offers subscription-based services, such as software as a service arrangements and electronic
document filing solutions for courts and law offices; professional IT services, including software and hardware installation, data
conversion, training, and product modifications; and outsourced property appraisal services for taxing jurisdictions, as well as customer support
services.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$63.79
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
100.9%
$63.25
36.00
156
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,954.8
Total Debt
FY 2014E
$413.8
79.1
$1.10
1.47
$469.2
94.0
$1.43
1.76
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$376.4
82.2
$1.08
1.08
Valuation Metrics
(USD millio ns)
LTM
–
–
6.5
$1,948.3
Total Debt / EBITDA
5.2x
4.7x
4.2x
23.7x
24.6x
20.7x
NM
NM
–
NM
43.4x
–
44.6x
36.2x
–
$70.00
800
$60.00
700
600
$50.00
500
$40.00
400
$30.00
Volume (000s)
Price (USD)
300
$20.00
200
$10.00
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
118
Pric
The Ultimate Software Group, Inc.
118
Ticker:
ULTI
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$96.08
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1990
Location:
1,614
Weston, FL (United States)
The Ultimate Software Group, Inc. designs, develops, and markets cloud-based human capital management software-as-a-service solutions
to businesses across various industries in the United States and Canada. The company offers UltiPro as two solution suits, including
UltiPro Enterprise for companies with more than 1,000 employees, and UltiPro Workplace for companies with 1,000 or fewer employees.
Its UltiPro software solution offers cloud-based functionality to manage the employment life cycle from recruitment to retirement.
The UltiPro solution includes Web features for talent acquisition and onboarding, HR management and compliance, benefits management and
online enrollment, payroll, performance management, salary planning and budgeting, succession management, reporting and analytical
decision-making tools, and time and attendance, as well as 24-7 direct access for executives, managers, administrators, and employees.
The company offers its products and services for various industries, including manufacturing, food services, sports, technology,
finance, insurance, retail, real estate, transportation, communications, healthcare, and other services. It also provides customer
support and maintenance, and technical support services. The company markets its products under the UltiPro Enterprise and UltiPro
Workplace brand names through its direct sales teams. It serves approximately 2,500 customers. The company was founded in 1990 and is
headquartered in Weston, Florida.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$96.08
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
90.3%
$106.40
73.58
193
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$2,605.2
Total Debt
10.3
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$332.3
61.8
$0.52
0.52
$409.3
85.3
$0.72
1.37
$502.3
110.1
$1.03
1.82
Valuation Metrics
(USD millio ns)
LTM
–
–
69.4
$2,546.2
7.7x
6.2x
5.1x
NM
29.8x
23.1x
Total Debt / EBITDA
NM
NM
0.2x
NM
NM
0.1x
NM
NM
0.1x
$120.00
900
800
700
$80.00
600
500
$60.00
400
$40.00
Volume (000s)
Price (USD)
$100.00
300
200
$20.00
100
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
119
Pric
Ultra Clean Holdings Inc.
52
Ticker:
UCTT
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$6.18
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2002
Location:
1,506
Hayward, CA (United States)
Ultra Clean Holdings is a developer and supplier of critical subsystems, primarily for the semiconductor capital equipment industry.
The Company also leverages the specialized skill sets required to support semiconductor capital equipment to serve the
technologically similar markets in the flat panel, medical, energy and research industries, collectively referred to as "Other Addressed
Industries". Ultra Clean develops, designs, prototypes, engineers, manufactures and tests subsystems which are highly specialized and tailored
to specific steps in the semiconductor manufacturing process as well as the manufacturing processes in Other Addressed Industries.
The Company's revenue is derived from the sale of gas delivery systems and other critical subsystems including chemical mechanical
planarization (CMP) subsystems, chemical delivery modules, top- plate assemblies, frame assemblies, process modules and other high level
assemblies. Ultra Clean customers are primarily original equipment manufacturers (OEMs) in the industries the Company supports. Ultra
Clean provides customers complete subsystem solutions that combine the Company's expertise in design, test, component
characterization and highly flexible manufacturing operations with quality control and financial stability.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$6.18
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
86.4%
$7.15
4.33
100
December
73.7
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$435.4
25.4
$0.15
0.33
$468.5
31.9
$0.37
0.50
0.5x
0.4x
0.4x
9.9x
7.1x
5.6x
Total Debt / EBITDA
NM
NM
4.0x
41.2x
18.7x
2.9x
16.9x
12.5x
2.3x
Valuation Metrics
$171.5
Total Debt
FY 2013E
$393.3
18.2
$0.01
0.01
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
–
–
64.9
$180.2
$8.00
800
$7.00
Price (USD)
600
$5.00
$4.00
400
Volume (000s)
$6.00
$3.00
$2.00
200
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
120
Pric
Vantiv, Inc.
87
Ticker:
VNTV
Jefferies Rating:
BUY
Price:
$22.12
Exchange:
NYSE
Jefferies Analyst:
Jason Kupferberg
Target Price:
$27.00
(as of Apr 26, 2013)
Founded:
Employees:
1971
Location:
2,671
Cincinnati, OH (United States)
Vantiv, Inc. provides electronic integrated payment processing services in the United States. It operates in two segments, Merchant
Services and Financial Institution Services. The Merchant Services segment offers integrated acquiring and processing transactions,
value-added services, and merchant services for banks and credit unions. This segment also authorizes, clears, settles, and provides reporting
for electronic payment transactions for its merchant services clients. It serves national retailers, regional merchants, and small to
mid-sized business clients in industries, such as grocery, pharmacy, retail, petroleum, and restaurants/quick service restaurants. The Financial
Institution Services segment provides integrated card issuer processing, payment network processing, fraud protection, card production,
prepaid program management, automated teller machine driving, and network gateway and switching services. This segment’s integrated card
issuer and processing services include statement production, collections, and inbound/outbound call centers for credit transactions; and
other services, such as credit card portfolio analytics, program strategy and support, fraud and security management, and chargeback and
dispute services. It also offers prepaid card solutions, such as incentive, rebate and reward programs, general purpose reloadable cards,
and gift cards, as well as merchant services. This segment serves financial institutions, including regional banks, community banks,
credit unions, and regional personal identification number networks. Vantiv, Inc. sells its services through a national sales force,
regional and mid-market sales teams, and a telesales operation. Vantiv, Inc. was founded in 1971 and is headquartered in Cincinnati, Ohio.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$22.12
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
90.5%
$24.43
18.85
761
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$4,699.7
Total Debt
Minority Interest
Preferred Equity
Enterprise Value
$1,863.2
468.9
$0.47
0.47
FY 2013E
FY 2014E
$1,207.0
600.7
$0.80
1.50
$1,356.3
683.3
$1.03
1.72
4.8x
Valuation Metrics
(USD millio ns)
LTM
3.5x
5.4x
1,269.9
13.9x
10.9x
9.6x
626.3
–
67.1
$6,528.8
Total Debt / EBITDA
47.1x
47.1x
2.7x
27.6x
14.7x
2.1x
21.6x
12.9x
1.9x
$30.00
5,000
4,000
$20.00
3,000
$15.00
Volume (000s)
Price (USD)
$25.00
2,000
$10.00
1,000
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
121
Pric
Verint Systems Inc.
6
Ticker:
VRNT
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$32.86
Price
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1994
Location:
3,200
Melville, NY (United States)
Verint Systems Inc. provides Actionable Intelligence solutions and value-added services worldwide. Its solutions are used to capture,
distill, and analyze underused information sources, such as voice, video, and unstructured text. The company’s Enterprise
Intelligence Solutions segment offers a suite of enterprise workforce optimization and voice of the customer solutions and services, including
Internet protocol (IP) and time division multiplexing voice recording, quality monitoring, voice of the customer analytics, workforce
management, eLearning and coaching, performance management, and desktop and process analytics. Its Video and Situation Intelligence
Solutions segment offers networked IP video and situation intelligence solutions, such as IP video management software and services;
edge devices for capturing, digitizing, and transmitting video over various types of wired and wireless networks; video analytics;
network video recorders; and physical security information management. The company’s Communications and Cyber Intelligence Solutions
segment offers solutions for communications interception, service provider compliance, mobile location tracking, open source Web and
cyber intelligence, cyber security, and tactical communications intelligence. This segment offers its products to law enforcement,
national security, intelligence, and civilian government agencies to detect, investigate, and neutralize criminal and terrorist threats;
and detect and thwart cyber-attacks. The company offers implementation, consulting, and maintenance and support services. Verint
Systems Inc. sells its products through its direct sales team; and through distributors, systems integrators, value-added resellers, and
OEM partners under the Impact 360, Nextiva, RELIANT, VANTAGE, STAR-GATE, ENGAGE, FOCALINFO, VIGIA, and CYBERVISION brand names. The
company was founded in 1994 and is headquartered in Melville, New York. Verint Systems Inc. is a subsidiary of Comverse Technology,
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$32.86
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
88.8%
$37.00
24.60
382
January
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,724.2
Total Debt
576.7
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$839.5
187.4
$0.96
0.96
$901.7
212.6
$1.50
2.76
$965.1
241.2
$2.05
3.03
2.4x
Valuation Metrics
(USD millio ns)
LTM
4.9
285.5
234.7
$2,356.6
2.8x
2.6x
12.6x
11.1x
9.8x
Total Debt / EBITDA
34.2x
34.2x
3.1x
21.9x
11.9x
2.7x
16.0x
10.9x
2.4x
$40.00
2,000
1,800
$35.00
Price (USD)
1,400
$25.00
1,200
$20.00
1,000
Volume (000s)
1,600
$30.00
800
$15.00
600
$10.00
400
$5.00
200
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
122
Volterra Semiconductor Corporation
56
Ticker:
VLTR
Jefferies Rating:
N/A
Price:
Exchange:
NasdaqGS
Jefferies Analyst:
Not Covered
Target Price:
$13.00
(as of Apr 26, 2013)
N/A
Founded:
Employees:
1996
Location:
264
Volterra Semiconductor Corporation designs, develops and markets proprietary, high-performance analog and mixed-signal power
management semiconductors for the computing, storage, networking and consumer markets. The Company's core products are integrated voltage
regulator semiconductors and scalable voltage regulator semiconductor chipsets that transform, regulate, deliver and monitor the power
consumed by digital semiconductors. Through their proprietary power system architecture and mixed-signal design techniques, they have
integrated power, analog and digital circuits onto a single complementary metal oxide silicon, or CMOS, semiconductor, eliminating
the need for a large number of discrete components required by conventional power management solutions. The Company sells its products
primarily to OEMs, ODMs, contract equipment manufacturers and merchant power supply manufacturers directly through its internal sales
force, as well as through distributors and outsourced suppliers.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$13.00
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
38.9%
$33.39
12.28
286
December
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2014E
$152.6
23.8
$0.46
0.86
$167.8
30.8
$0.85
1.14
1.0x
1.1x
1.0x
4.5x
7.2x
5.6x
Total Debt / EBITDA
17.3x
17.3x
–
28.4x
15.0x
–
15.3x
11.4x
–
Valuation Metrics
$323.7
Total Debt
FY 2013E
$165.9
37.8
$0.75
0.75
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
(USD millio ns)
LTM
–
–
152.4
$171.3
$35.00
1,500
$30.00
Price (USD)
900
$20.00
$15.00
Volume (000s)
1,200
$25.00
600
$10.00
300
$5.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
Price
12/12
123
Pric
WANdisco plc
116
Ticker:
WAND
Jefferies Rating:
N/A
Price:
Exchange:
AIM
Jefferies Analyst:
Not Covered
Target Price:
$12.44
(as of Apr 26, 2013)
N/A
Founded:
Employees:
2005
Location:
49
Sheffield, United Kingdom
WANdisco plc provides collaboration software to the software development industry. Its patent-pending technology, the Distributed
Coordinated Engine, enables geographically distributed servers to stay continuously synchronized by changing the way servers interact
over a wide area network. The company provides paid-for enterprise software and services for Subversion, an open source version control
system; Subversion MultiSite that enables globally distributed software engineering teams using Subversion, to have local access to
the same data at all times, regardless of where the data originated, as well as continuous operation with no downtime or data loss in
the event of planned or unplanned network or server outages; Subversion Access Control, which offers an point-and-click interface
that enables the implementation and maintenance of security policies; free downloads of certified Subversion binaries; and training,
consulting, documentation, upgradation, and technical support services for Subversion. It also offers uberSVN, a free Application
Lifecycle Management (ALM) platform for the SME market that provides an accessible platform onto which software development project
management tools can be installed and used; uberAPPS, an online store offering applications and services for enterprise ALM; and CVS
MultiSite and CVS Access Control and services. WANdisco plc sells its products to companies in various industry sectors in the United
States, Europe, and internationally. The company was founded in 2005 and is headquartered in Sheffield, the United Kingdom.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$12.44
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
96.2%
$12.93
3.01
92
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$266.3
Total Debt
0.3
Minority Interest
Preferred Equity
Enterprise Value
$4.9
(0.6)
($0.51)
(0.51)
FY 2013E
FY 2014E
$8.1
(3.2)
($0.24)
(0.21)
$13.8
(0.1)
($0.17)
(0.08)
Valuation Metrics
(USD millio ns)
LTM
–
–
22.0
$244.6
NM
NM
NM
NM
NM
NM
Total Debt / EBITDA
NM
NM
NM
NM
NM
NM
NM
NM
NM
$14.00
600
500
$10.00
400
$8.00
300
Volume (000s)
Price (USD)
$12.00
$6.00
200
$4.00
100
$2.00
–
-
6/12
7/12
8/12
9/12
10/12
11/12
12/12
Volu me
2/13
3/13
4/13
Price
1/13
124
Pric
The Western Union Company
91
Ticker:
WU
Jefferies Rating:
HOLD
Price:
$14.64
Exchange:
NYSE
Jefferies Analyst:
Jason Kupferberg
Target Price:
$15.00
(as of Apr 26, 2013)
Founded:
Employees:
2006
Location:
9,000
The Western Union Company provides money movement and payment services worldwide. The company operates in three segments:
Consumer-to-Consumer, Consumer-to-Business, and Business Solutions. The Consumer-to-Consumer segment offers cash money transfer
services involving walk-in agent locations. This segment provides various options for sending and receiving funds, including walk-in and
telephone money transfer, online money transfer, account based money transfer, direct to bank, and mobile money transfer services through
a network of third-party agents using multi-currency and real-time money transfer processing systems. The Consumer-to-Business segment
provides options to make one-time or recurring payments from consumers to businesses and other organizations, including utilities, auto
finance companies, mortgage servicers, financial service providers, government agencies, and other businesses. It also offers various products,
which give consumers choices as to the payment channel and method of payment, including Western Union Payments, Speedpay, Equity
Accelerator, and Pago Fácil. This segment offers its services primarily through the phone and the Internet, as well as through its agent
networks and select company-owned locations. The Business Solutions segment facilitates payment and foreign exchange solutions, primarily
cross-border and cross-currency transactions for small and medium size enterprises and other organizations, as well as for individuals. This
segment offers its services through the phone, partner channels, and via the Internet. As of December 31, 2012, the company had a network
of 510,000 agent locations. The Western Union Company was incorporated in 2006 and is headquartered in Englewood, Colorado.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$14.64
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
76.5%
$19.14
11.93
9,475
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$8,155.3
Total Debt
4,029.2
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$5,664.8
1,649.8
$1.69
1.69
$5,559.7
1,387.7
$1.38
1.42
$5,698.9
1,475.2
$1.57
1.58
1.8x
1.9x
1.8x
6.3x
7.5x
7.1x
Total Debt / EBITDA
8.7x
8.7x
2.4x
10.6x
10.3x
2.9x
9.3x
9.3x
2.7x
Valuation Metrics
(USD millio ns)
LTM
–
–
1,776.5
$10,408.0
$25.00
70,000
60,000
Price (USD)
50,000
$15.00
40,000
Volume (000s)
$20.00
30,000
$10.00
20,000
$5.00
10,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
125
Pric
Wipro Ltd.
86
Ticker:
507685
Jefferies Rating:
N/A
Price:
Exchange:
BSE
Jefferies Analyst:
Vishal Agarwal
Target Price:
Employees:
130,000
Location:
$6.30
(as of Apr 26, 2013)
N/A
Founded:
1945
Bangalore, India
Wipro Limited provides information technology (IT) products and services, and consumer care and lighting products primarily in India, the
United States, and Europe. The company operates in four segments: IT Services, IT Products, Consumer Care and Lighting, and Other. The
IT Services segment provides IT and IT enabled services, including software application development, application maintenance, research and
development services for hardware and software design, data center outsourcing services, and business process outsourcing services. Its
services include IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package
implementation, and technology infrastructure outsourcing. The IT Products segment offers computing, storage, networking, security, and
software products. It provides personal desktop computers, servers, and notebooks. This segment also operates as a value added reseller of
desktops, servers, notebooks, storage products, networking solutions, and packaged software for various brands. The Consumer Care and
Lighting segment manufactures, distributes, and sells deodorants and fragrances, hair care, bath and shower, skin care, and other personal
care products; soaps and toiletries; baby care products; lighting products comprise modular switches, incandescent light bulbs, compact
fluorescent lamps, and luminaries; hydrogenated cooking oils; and modular furniture office use, such as workstations, storage, and chairs.
The Other segment manufactures and sells cylinders and truck hydraulics; distributes hydraulic pumps, motors, and valves; offers water
solutions, including treatment solutions and systems for water and waste water; and provides alternatives for energy generation,
distribution, and consumption. The company was founded in 1945 and is headquartered in Bangalore, India.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$6.30
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
74.0%
$8.51
5.99
209
March
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$14,859.6
Total Debt
1,175.4
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
FY 2014E
$6,867.6
1,439.9
$0.50
0.46
$7,551.0
1,568.0
$0.49
0.50
$8,766.4
1,771.8
$0.56
0.57
1.9x
1.7x
1.5x
9.1x
8.3x
7.4x
12.7x
13.7x
0.8x
12.9x
12.6x
0.7x
11.2x
11.2x
0.7x
Valuation Metrics
(USD millio ns)
LTM
21.6
–
3,018.0
$13,038.6
Total Debt / EBITDA
$9.00
1,000
$8.00
Price (USD)
$6.00
600
$5.00
$4.00
Volume (000s)
800
$7.00
400
$3.00
$2.00
200
$1.00
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
126
Price
Yandex N.V.
34
Ticker:
YNDX
Jefferies Rating:
BUY
Price:
$25.76
Exchange:
NasdaqGS
Jefferies Analyst:
David Reynolds
Target Price:
$35.00
(as of Apr 26, 2013)
Founded:
Employees:
2004
Location:
3,972
The Hague, Netherlands
Yandex N.V., an Internet and technology company, operates an Internet search engine in Russia and internationally. The company offers
a range of search, location-based, personalized, and mobile services that enable users to find information, and communicate and
connect over the Internet from desktops and mobile devices; and localized homepages for specific geographic markets. It provides
Yandex.News, a news aggregation and information service; Yandex.Market, a price comparison service that provides product information, price
comparisons, and consumer-generated reviews of products and online retailers; and other search services comprising search services for
images, videos, music, theatres, televisions, weather, jobs, transportation, cars, and real estate. The company also offers
Yandex.Mail, an email service, which provides users access to their email accounts; Yandex.Maps and Yandex.Navigator maps and location-based
services; downloadable applications for mobile and digital platforms and devices; Yandex.Browser, a cloud-based browser; and
Yandex.Disk, a cloud-based storage service that facilitates users to upload, store, and share files. In addition, the company provides
text-based advertising and display advertising services, including Yandex.Direct, an auction-based advertising placement service;
Yandex.Market, an e-commerce gateway service; and Yandex ad network service. Further, the company offers services and tools comprising
Yandex.Webmaster that enables Webmasters to tag information on their Websites; Yandex.Metrica, a Web statistics analysis tool; Yandex Site
Search, a search tool for Webmasters and Website owners; Yandex.Mail for Domain Owners that allows users to create email accounts with
their own domain names; Yandex APIs that enables developers to use company’s technologies in their own businesses; and Yandex.Money,
an online payment system. Yandex N.V. was incorporated in 2004 and is based in The Hague, the Netherlands.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$25.76
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
61.3%
$42.01
16.60
2,763
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$8,465.0
Total Debt
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$995.0
449.7
$0.88
0.88
$1,216.8
563.0
$1.04
1.12
FY 2014E
$1,501.0
674.1
$1.31
1.36
Valuation Metrics
(USD millio ns)
LTM
–
–
348.4
$8,116.6
8.2x
6.7x
5.4x
18.0x
14.4x
12.0x
Total Debt / EBITDA
29.2x
29.2x
–
24.8x
23.0x
–
19.6x
18.9x
–
$30.00
16,000
14,000
$25.00
Price (USD)
10,000
$15.00
8,000
Volume (000s)
12,000
$20.00
6,000
$10.00
4,000
$5.00
2,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
127
Pric
Yelp, Inc.
35
Ticker:
YELP
Jefferies Rating:
BUY
Price:
$26.62
Exchange:
NYSE
Jefferies Analyst:
Brian Fitzgerald
Target Price:
$32.00
(as of Apr 26, 2013)
Founded:
Employees:
2004
Location:
1,387
Yelp, Inc. operates Yelp.com, an online urban city guide that helps people find places to eat, shop, drink, relax, and play based on
the informed opinions of a community of locals in the know. It offers information relating to restaurants, shopping, food, nightlife,
arts and entertainment, local flavor, public services and government, active life, event planning and services, hotels and travel,
beauty and spas, education, health and medical, local services, home services, religious organizations, professional services, mass
media, automotive, pets, financial services, and real estate. The company serves customers in the United States, Canada, the United
Kingdom, Ireland, France, Germany, Austria, the Netherlands, Spain, Italy, Switzerland, Finland, and Belgium. Yelp, Inc. was founded in
2004 and is headquartered in San Francisco, California.
Trading Data
(as of Apr 26, 2013)
(USD)
Share Price
$26.62
% of 52-Week High
52-Week High
52-Week Low
Fiscal Year End
90.3%
$29.48
14.10
1,045
December
Revenue
EBITDA
EPS (GAAP)
EPS (Adjusted)
$1,711.9
Total Debt
FY 2014E
$211.8
21.2
($0.05)
0.13
$295.3
45.7
$0.20
0.40
–
Minority Interest
Preferred Equity
Enterprise Value
FY 2013E
$137.6
3.4
($0.35)
(0.35)
Valuation Metrics
(USD millio ns)
LTM
–
–
95.1
$1,616.8
11.8x
7.6x
5.5x
NM
NM
35.4x
Total Debt / EBITDA
NM
NM
–
NM
NM
–
NM
NM
–
$35.00
10,000
9,000
$30.00
Price (USD)
7,000
6,000
$20.00
5,000
$15.00
Volume (000s)
8,000
$25.00
4,000
3,000
$10.00
2,000
$5.00
1,000
–
-
4/12
5/12
6/12
7/12
8/12
9/12
10/12
11/12
Volu me
1/13
2/13
3/13
4/13
Price
12/12
128
Pric
Conference Notes
129
130
Acquia
www.acquia.com
Founded:
2007
Location:
Burlington, MA (United States)
Acquia, Inc., an open source software company, provides products, services, and technical support for the Drupal
social publishing system. Drupal is extremely popular among website developers, creating substantial demand for
the Company’s products. The company offers social business software, enterprise cloud hosting, developer cloud
hosting, remote administration, Drupal training, publishing solutions, government solutions, education solutions,
search software, and support and cloud services, as well as professional services. It also provides commercial
grade support for the open source Drupal social publishing system, including modules, themes, and custom code.
Analogix Semiconductor, Inc.
www.analogix.com
Founded:
2002
Location:
Santa Clara, CA (United States)
Analogix Semiconductor, Inc. is a leader in the design of high-performance mixed-signal semiconductors that
enable HD Everywhere, the go-anywhere "any mobile to any screen" high-definition experience. Analogix makes it
practical for mobile devices to optimize battery life while presenting applications, movies and images on any HD
display including internal system screens, computer monitors, projectors and TVs. Analogix IP cores, full custom
ASICs and off-the-shelf digital media ICs provide end-to-end connectivity through industry-standard interfaces like
DisplayPort and HDMI and can be found in millions of today's most popular consumer electronics devices from the
world's leading brands.
131
Answers.com
www.answers.com
Founded:
1999
Location:
St. Louis, MO (United States)
Answers provides answer-based search services to users primarily through its Web site, Answers.com. The
Answers.com web site is a questions and answers (Q&A) site, which comprises WikiAnswers and
ReferenceAnswers platforms to cater online consumers to locate answers to their questions. WikiAnswers is a
community-generated social knowledge Q&A platform that is available in various languages, such as English,
French, Italian, German, and Spanish, where people ask questions and the community answers them.
ReferenceAnswers offers editorial content on various topics licensed from the reference publishers. Answers.com
is one of the top 20 websites in the US. As of April 14, 2011, Answers Corporation operates as a subsidiary of
AFCV Holdings, LLC.
Apigee Corp.
www.apigee.com
Founded:
2004
Location:
Palo Alto, CA (United States)
Apigee is the leading provider of API technology and services for enterprises and developers. Hundreds of
companies including Walgreens, Bechtel, eBay, Pearson, and Gilt Groupe as well as tens of thousands of
developers use Apigee to simplify the delivery, management and analysis of APIs and apps. As web-based
businesses look to expand their customer bases through third-party apps and partnerships, demand for Apigee’s
platform is expected to continue to grow.
132
Aquantia Corp.
www.aquantia.com
Founded:
2004
Location:
Milpitas, CA (United States)
Aquantia is the industry leader in 10 Gigabit Ethernet connectivity over copper (10GBASE-T). 10GBASE-T in data
centers, is projected to grow from 1M ports in 2012 to 30M in 2015, making it the most ubiquitous and fastest
growing connectivity solution in Data Centers. Beyond Data Centers, Aquantia is targeting the 1B ports of Gigabit
Ethernet shipping every year, from Enterprise and consumer to the cellular infrastructure, and its upcoming need
for connectivity upgrade. Based on a highly disruptive Mixed-Mode Signal Processing architecture, with 50+
issued patents, Aquantia's 10GBASE-T solution has consistently delivered the best performance and lowest power
in the industry. Aquantia’s engineering team is a combination of the best talent in the industry in analog, DSP,
communication theory, and SoC integration. Aquantia's best-in-class engineers are complemented by an
experienced executive team that has turned technology innovation into business success. As reported by industry
analysts and evidenced by the company’s broad product adoption, Aquantia has established itself as the market
leader in 10GBASE-T semiconductors. Aquantia is located in Milpitas, CA, and has over 100 employees. The
company has raised $140M to date from tier-1 VCs and strategic investors.
Bering Media
www.beringmedia.com
Founded:
2008
Location:
Toronto, ON (Canada)
Bering Media, Inc. provides location-based advertising solutions. Its geo-targeting technology allows media
companies and advertising agencies to reach the relevant and responsive demographics online. The company was
founded in 2008 and is based in Toronto, Canada.
133
Box, Inc.
www.box.com
Founded:
2005
Location:
Los Altos, CA (United States)
Founded in 2005, Box provides a secure content sharing platform that both users and IT love and adopt. Content
on Box can be shared internally and externally, accessed through iPad, iPhone, Android and Windows Phone
applications, among others, and extended to partner applications such as Google Apps, NetSuite and Salesforce.
Today, more than 15 million people and 150,000 businesses worldwide use Box. Headquartered in Los Altos, CA,
Box is privately held and backed by venture capital firms Andreessen Horowitz, Bessemer Venture Partners,
Draper Fisher Jurvetson, Emergence Capital Partners, General Atlantic, Meritech Capital Partners, NEA, Scale
Venture Partners, and U.S. Venture Partners, and strategic investors salesforce.com and SAP.
Centrify Corporation
www.centrify.com
Founded:
2004
Location:
Centrify provides Unified Identity Services across data center, cloud and mobile – resulting in one single login for
users and one unified identity infrastructure for IT. Centrify's software and cloud services let organizations
securely leverage their existing identity infrastructure to centrally manage authentication, access control, privilege
management, policy enforcement and compliance across on-premise and cloud resources. More than 4500
customers have deployed Centrify across millions of servers, applications and mobile devices to optimize costs and
increase agility and security.
134
DigiPlex SA
www.digiplex.com
Founded:
1999
Location:
London (United Kingdom)
DigiPlex provides highly secure high-powered, energy-efficient, carrier-neutral, co-location data centre space for
its customers' information and communication technology (ICT) equipment. The company is one of the longest
standing data centre builders and operators in Europe. Based in Scandinavia and the UK, DigiPlex delivers 24/7
specialised and quality-assessed services to many clients including international companies, corporates and SMEs,
public sector organisations, and government agencies.
Huddle
www.huddle.com
Founded:
2006
Location:
London (United Kingdom)
Huddle offers cloud collaboration and enterprise content management solutions. The Company offers online
collaboration, live conferencing, project management software and document sharing solutions and serves
agencies, charities, education, information technology and government clients globally.
135
Integra Telecom
www.integratelecom.com
Founded:
1996
Location:
Portland, OR (United States)
Integra is one of the largest facilities-based providers of communication and networking services in the western
United States. The Company connects businesses of all sizes with advanced networking, communications and
technology solutions in 35 metropolitan markets. Integra owns and operates an enterprise-class network
consisting of a 5,000-mile long-haul fiber-optic network, 3,000 miles of metropolitan fiber and a nationwide
IP/MPLS network. Its fiber network connects directly to more than 2,200 enterprise buildings and data centers.
Integra offers a full range of products and services over a highly scalable and secure network, including data
networking solutions, managed services, colocation, cloud services and a comprehensive suite of voice products.
The Company's solutions serve the healthcare, government, education, and professional services sectors. Integra
has also developed solutions to address the broader needs of the marketplace, including business continuity,
collaboration, communications, connectivity and security.
Lithium Technologies, Inc.
www.lithium.com
Founded:
2001
Location:
Emeryville, CA (United States)
Lithium Technologies provides social customer community software and social media marketing solutions to
enterprises. With a focus on providing social media solutions with measurable results, Lithium helps top brands
find online and mobile social customers, understand their influence and build lasting relationships. The Lithium
Social Customer Suite offers comprehensive social monitoring, creative customer experiences and actionable
analytics across millions of blogs, forums and social networking sites. The technology is proven in high-volume,
growth environments and provides security, open and custom APIs, and multi-language support. Lithium was
founded in 2001 and has several blue-chip customers including AT&T, Univision, PayPal, and Best Buy.
136
Masergy Communications
www.masergy.com
Founded:
2000
Location:
Plano, TX (United States)
Masergy delivers customized, high-performance communications platforms with flexible network transport
options, robust cloud communications and secure managed services. The Company’s integrated network and
software solutions enable customers to seamlessly deploy and manage IT applications such as video, voice and
data, on a global basis. Serving customers throughout the Americas, Europe, Asia, Africa and Australia, Masergy
leverages advanced transport technologies to deliver global Ethernet services across a native MPLS network. The
company has pioneered customer-control network services and the delivery of multiple services over a single
network connection.
Mobidia Technology
www.mobidia.com
Founded:
2004
Location:
Richmond, BC (Canada)
Mobidia provides mobile operators with revolutionary new software solutions that enhance their mobile data
networks by leveraging the distributed computing power of millions of connected laptops, netbooks, and
smartphones. Mobidia does this by delivering network-edge intelligence applications and cloud services for
smartphone and tablets. These solutions are deployed by operators to help make their mobile data networks more
efficient and profitable while enhancing experiences for their subscribers
137
Ping Identity Corporation
www.pingidentity.com
Founded:
2002
Location:
Denver, CO (United States)
Ping Identity provides federated identity management, allowing enterprises to improve the security of their
customer-facing and employee-facing websites. The company offers secure cloud identity management solutions
through single sign-on (SSO), federated identity management, mobile identity security, API security, social media
integration and centralized access control. Ping Identity serves 800 customers worldwide.
RadiumOne, Inc.
www.radiumone.com
Founded:
2008
Location:
RadiumOne is a unique combination of programmatic buying, proprietary data, patent-pending intelligence
algorithms, and multi-channel capabilities. The Company operates as a network of social games and applications
that manages an online advertisement network to leverage social data on the Web. RadiumOne helps brand and
direct response advertisers to target social media consumers, and also delivers advertisements and offers from
brands to game developers and publishers. Each month, the Company engages with 700 million unique
consumers and monitors over 10 billion sharing events.
138
Rafter
www.rafter.com
Founded:
2006
Location:
San Mateo, CA (United States)
Rafter, Inc., an education technology company, provides cloud-based course materials management solutions in
the United States. It offers Rafter Course Materials Network, a cloud-based campus platform for students to
obtain course materials; educators to research, compare, and adopt them; and college administrators to manage
their educational materials. The company’s Rafter Course Materials Network suite includes Rafter Network, a cloudbased software service that enables students, educators, administrators, and campus store managers to improve
the affordability, accessibility, and effectiveness of course materials; Rafter Discover, a network for educators to
find, evaluate, compare, and choose course content; and Rafter Supply IQ, a cloud-based source of real time
textbook pricing and inventory data.
Recommind
www.recommind.com
Founded:
2000
Location:
Recommind provides predictive information management software, delivering search-powered business
applications that transform the way enterprises, government entities and law firms conduct eDiscovery, enterprise
search and information governance. Recommind’s solutions are all built on the CORE (Context Optimized
Relevancy Engine) platform, which automatically accesses, organizes and analyzes large volumes of information in
context from various sources.
139
SideCar Technologies, Inc
www.side.cr
Founded:
2012
Location:
SideCar is the pioneering instant ridesharing platform. The SideCar smartphone app connects people in the
community who need rides with local, vetted drivers willing to provide them with rides, using their own vehicles.
In lieu of fare, the Company operates on a voluntary contribute-what-you-want system. It offers its services in San
Francisco, Seattle, Los Angeles, Austin, Philadelphia, Chicago, Boston and Brooklyn, NY. The company is based in
San Francisco, California with operations in Los Angeles, Philadelphia, Austin, and Seattle.
the Rubicon Project, Inc.
www.rubiconproject.com
Founded:
2007
Location:
Los Angeles, CA (United States)
The Rubicon Project, Inc., an advertising technology company, provides online advertising solutions to Web
publishers and ad networks. The company operates REVV Marketplace, a display advertising marketplace for
publishers; and REVV yield optimization platform. It also provides REVV for demand, which comprise a Web-based
interface, real-time-bidding API, and human-powered interface.
140
Turn
www.turn.com
Founded:
2004
Location:
Turn Inc. provides data and media management platform technologies to Fortune 500 brands and advertising
agencies. It offers Turn Audience Platform, a data management platform to centralize offline and online marketing
data, discover the right audiences for their brands, and plan intelligently across all media channels and devices;
and Turn Campaign Suite, a cloud marketing application. The company also provides Turn Media Platform that
allows centralized management of multiple inventory sources where brands can find their audiences in real time,
as well as to target custom audiences at scale, and optimize performance and centrally manage campaigns across
a range of inventory sources.
Zayo Group
www.zayo.com
Founded:
2007
Location:
Boulder, CO (United States)
Zayo Group is global provider of bandwidth infrastructure services, including dark fiber, lit and IP services, and
carrier-neutral colocation and interconnection. Its 72,800 route mile network connects locations in and between
cities on dense metro and intercity fiber assets. Zayo’s network serves 271 markets in seven countries and 45
states, plus Washington D.C. Zayo's fiber network connects the largest U.S. and European cities as well as many
Tier 2-5 U.S. markets. Zayo’s network reaches over 11,100 buildings, including over 500 data centers, over 500
carrier POPs, and thousands of enterprise buildings. The firm was founded in 2007 and is now headquartered in
Boulder, Colorado.
141
Zuora
www.zuora.com
Founded:
2007
Location:
Zuora is the global leader in Relationship Business Management (RBM) solutions. Zuora delivers the subscription
commerce, billing and finance capabilities that have become the industry standard to help companies transition to
the Subscription Economy. Enterprises and emerging companies use Zuora's multi-tenant cloud solution to
streamline key processes, provide visibility into the metrics that matter most and serve as the financial engine of
the business. Zuora services innovative customers including Informatica, Tata Communications, Box, Zendesk,
DocuSign, Xplornet, Ustream and Reed Business Information.
142
Conference Notes
143
Keynote Speakers
144
Keynote Speakers
KEYNOTE: Tuesday, May 7th, 8:00 AM – 9:00 AM
Ajay Banga, CEO – MasterCard Incorporated
Ajay Banga is president and chief executive officer of MasterCard and a member of its board of
directors.
Prior to joining MasterCard in 2009, Mr. Banga was chief executive officer of Citigroup Asia Pacific
responsible for all businesses in the region, including institutional banking, alternative investments,
wealth management, consumer banking and credit cards. He joined Citigroup in 1996 and held a
variety of senior management roles in the United States, Asia Pacific, and the Europe, Middle East
and Africa regions. He was also responsible for Citi's brand marketing and from 2005-2009 oversaw
its efforts in microfinance.
Mr. Banga began his career at Nestlé, India, where for 13 years he worked on assignments spanning
sales, marketing and general management. He also spent two years at Pepsico, where he was
instrumental in launching its fast food franchises in India as the economy liberalized.
Mr. Banga is chairman of the U.S.-India Business Council. He also serves as a member of the
Executive Committee of the Business Roundtable and chairs its Information and Technology
Initiative. In addition, he is a member of the Council on Foreign Relations, the International Advisory
Board of the Moscow School of Management (Skolkovo), The Economic Club of New York and The
Financial Services Roundtable. He also is a fellow of the Foreign Policy Association.
From 2007 to 2012, Mr. Banga served on the board of directors of Kraft Foods. He has also served
on the board of trustees of the Asia Society, the New York Hall of Science, and the National Urban
League, among others. He received a B.A. in Economics from Delhi University where he graduated
with honors and is an alumnus of the Indian Institute of Management, Ahmedabad.
KEYNOTE: Tuesday, May 7th, 12:15 PM – 1:15 PM
Jeff Bewkes, Chairman and CEO – Time Warner Inc.
Jeff Bewkes is Chairman of the Board and CEO of Time Warner Inc. He was elected Chairman of the
Board of Directors in January 2009, having served on the Board since January 2007. He was
elected CEO of the Company in January 2008.
Prior to being named Chairman and CEO, Mr. Bewkes served as Time Warner's President and COO
from January 2006 to December 2007 and as Chairman of the Entertainment and Networks group
from July 2002 to December 2005. Before joining the corporate management of Time Warner, Mr.
Bewkes served as Chairman and CEO of HBO from May 1995 to July 2002, and as President and
COO of HBO from September 1991 to May 1995.
Mr. Bewkes serves on the Boards of Yale University and the Partnership for New York City and on the
advisory boards for The George Washington University Law School, The Creative Coalition, The Paley
Center for Media, and is a member of The Business Council.
Mr. Bewkes has a BA from Yale University and an MBA from the Stanford Graduate School of
Business.
145
Keynote Speakers
KEYNOTE: Wednesday, May 8th, 8:00 AM – 9:00 AM
Daniel S. Mead, EVP, President and CEO – Verizon Wireless
Dan Mead is president and chief executive officer of Verizon Wireless, the largest wireless company
in the United States, with responsibility for the company’s operations, financial performance and
advocating public policy issues on behalf of Verizon Wireless and its customers. A premier
technology company, Verizon Wireless operates the nation’s largest 4G LTE network.
Before assuming his current position in 2010, Mead served as chief operating officer at Verizon
Wireless. Previously, Mead was president of Verizon Telecom, an organization of more than 70,000
employees delivering telephone, Internet and entertainment services, including high-speed fiberoptic technology. In 2005, Mead was named president of Verizon Services Corporation.
Mead was one of the founding senior executives of Verizon Wireless in 2000 and served as president
of the company’s Midwest area.
Mead is a member of the Verizon Wireless Board of Representatives, the Verizon Foundation Board,
and an officer and member of the Board of Directors of CTIA, the wireless industry trade association.
He also is on the Board of ISIS, an emerging mobile commerce company.
Mead earned an MBA and a bachelor’s degree in Quantitative Business Analysis and Finance from
The Pennsylvania State University. The University named Mead an Alumni Fellow in 2008. In 2010,
Mead received the Penn State Distinguished Alumni Award, the highest honor given to a graduate by
the University.
KEYNOTE: Wednesday, May 8th, 9:00 AM – 9:45 AM
Julius Genachowski, Chairman – Federal Communications Commission
Sworn in as Chairman of the Federal Communications Commission in June 2009, Julius
Genachowski has focused the agency on unleashing the opportunities of wired and wireless
broadband – pursuing policies to promote investment and job creation, drive innovation, foster
competition, and empower consumers. Under Genachowski’s leadership, the agency pushed to
connect all Americans to high-speed Internet, adopting a landmark overhaul of multi-billion dollar
universal service programs, modernizing them from telephone to broadband and creating the
Connect America Fund and the Mobility Fund, an unprecedented investment in broadband
infrastructure. To unleash the enormous opportunities of mobile, the agency pioneered incentive
auctions and other cutting-edge spectrum policies. To fuel America’s innovation economy, the
agency put in place the first rules to preserve Internet freedom and openness. To drive competition
and empower consumers, the Commission opposed and modified transactions where necessary,
deployed technology to drive transparency, and took unprecedented enforcement actions. The FCC
was named the most improved agency in the federal government, and one of Wired magazine’s “Top
Seven Disruptors”.
Prior to his FCC appointment, Genachowski spent more than a decade working in the technology and
media industries as an executive, investor, and board member. He was Chief of Business Operations
and General Counsel at IAC/InterActiveCorp; Special Advisor at the private equity firm General
Atlantic; and co-founder of the technology incubator LaunchBox Digital. Genachowski received a J.D.
from Harvard Law School in 1991 and is a 1985 graduate of Columbia College.
146
Keynote Speakers
KEYNOTE: Wednesday, May 8th, 12:15 PM – 1:15 PM
Carlos Rodriguez, President and CEO – Automatic Data Processing, Inc.
Mr. Rodriguez was named President and Chief Executive Officer in November 2011.
Mr. Rodriguez has been with ADP since 1999, most recently as President and Chief Operating
Officer since May 2011, and previously as President of National Account Services and Employer
Services International. He joined ADP through its acquisition of Vincam, where he served initially as
CFO for a short period before becoming President of ADP TotalSource®. Under his leadership,
TotalSource became the fastest growing, as well as the largest, Professional Employer Organization
(PEO) in the industry.
Mr. Rodriguez then spent several years as President of ADP's Small Business Services (SBS), which
included ADP's small business payroll services, ADP TotalSource and ADP Retirement Services.
Under his leadership, SBS launched "RUN Powered by ADP®" payroll management service, which
has become one of ADP's fastest growing product platforms.
Mr. Rodriguez holds master of business administration and bachelor of arts degrees from Harvard
University. In addition to his work at ADP, Mr. Rodriguez serves on the Boards of ADP, Hubbell Inc.
and A-T Children's Project. Also, he is a member of World 50, Inc.
147
Keynote Speakers
KEYNOTE: Wednesday, May 8th, 2:30 PM – 3:30 PM
Stephen Kelly, COO & Bill Crothers, Director General Commercial – UK Government
Stephen Kelly has commanded Board and Executive roles at highly regarded companies. With 30
years’ experience, Stephen has a track record of delivering company growth, success and value
creation. Stephen has unique experience as Chief Executive Officer of top performing UK FTSE and
US NASDAQ companies and has worked out of New York, California and Europe.
In 1988 he was appointed a director of Oracle Corporation and in 1997 Stephen joined Chordiant
HQ as Chief Operating Officer & President and was later promoted to CEO. In his last CEO
assignment from 2006, Stephen led FTSE Company Micro Focus (MCRO.L). Under Stephen’s
leadership, Micro Focus more than tripled revenues, raised EBITDA margins from 20% to 40%+.
During Stephen’s tenure, Micro Focus’ market value grew to over £1bn and Top 200 UK public
company.
Stephen’s first role in Cabinet Office was working as a Crown Commercial Representative to improve
the way that Government renegotiates with suppliers. In 2011 Stephen then led the delivery of the
MyCSP mutual as part of the Commercial Models program, which focuses on divesting current Civil
Service operations to stimulate growth and support deficit reduction.
Stephen was appointed as Chief Operating Officer for UK Government and head of the Efficiency
and Reform Group in September 2012 and is responsible for delivering £20bn of efficiency savings
by the end of 2014/15.
Bill Crothers joined the Cabinet Office in April 2012 and is currently Director General Commercial.
In this role, he is also the Government’s Chief Procurement Officer. Prior to that he was the Home
Office Group Commercial Director with responsibility for the Home Office’s spend on goods and
services as well as being SRO for some large, complex and high profile programs. From May 2010
he worked closely with the Minister for the Cabinet Office and other lead officials to frame and
execute a rapid negotiation with a number of the larger suppliers to HMG. This role was
subsequently confirmed and formalized by being appointed as the Crown Representative for five of
the larger IT suppliers to HMG who represent a total annual spend of approximately £3bn. He
joined the Identity and Passport Service (IPS) in April 2007 as Executive Director, CIO &
Commercial, responsible for the delivery of the technical infrastructure for passports, delivery of the
National Identity Service and all commercial matters in the Agency.
Prior to joining IPS, Bill had worked with Accenture for over 20 years, most recently having been
responsible for a cross European business unit (a $1bn sales target each year) covering nine
countries. Over the years, he worked on large scale change projects, notably with various UK
utilities as they moved from the public to private sector and into competitive markets, established
and ran the European Customer Relationship management practice, and was on the UK Board since
1995. Prior to that he worked for KPMG for three years during which he qualified as a chartered
accountant.
Bill is a Fellow of the institute of Chartered Accountants, a Chartered Fellow of the British Computer
Society, and a fellow of CIPS. His personal interests include being Chairman of UK Youth, a leading
youth work charity, as well as being a long-term follower of Manchester United.
148
Keynote Speakers
KEYNOTE: Thursday, May 9th, 8:00 AM – 9:00 AM
William (Bill) L. Smith, President – AT&T Network Operations, AT&T Services, Inc.
Bill Smith, President, AT&T Network Operations is responsible for all network and customer care
related operations across the company’s global service footprint. These responsibilities include a
team of approximately 100,000 employees. His organization performs planning, engineering,
construction, provisioning and maintenance for the wireless and wireline networks. In addition, Bill
is responsible for monitoring traffic and network health, U-verse and wireline field operations and
customer care.
He was appointed to his current position in March of 2008, with his leadership role expanding to
include global network operations in January 2010. Most recently, customer care and network
planning and engineering responsibilities were added in January 2012.
Previously, he served as Executive Vice President - Shared Services, in charge of mass market and
enterprise operations, corporate real estate, procurement, regional wireline planning, and business
planning and integration.
Mr. Smith began his career with the former BellSouth Corp. in 1979, and has held numerous
positions in technology, operations, marketing and public policy. He was involved in BellSouth’s
advanced technology efforts, and was responsible for the company’s DSL, Internet and wholesale
business units. Also at BellSouth, he served as Chief Technology Officer, where he was responsible
for setting the overall technology direction for BellSouth’s core infrastructure. In that position, he
was responsible for network and operations technology, Internet Protocol applications, next
generation strategy, and BellSouth Entertainment, LLC.
A native of Asheville, North Carolina, Mr. Smith graduated with honors from North Carolina State
University at Raleigh in 1979, and is on the Board of Advisors for the Graduate School there. He
and his wife, Robin, have three daughters.
149
Keynote Speakers
GROWTH EQUITY PANEL
Thursday, May 9th, 12:15 PM – 1:15 PM
Moderator: Alec Ellison, Chairman of Technology Investment Banking, Jefferies LLC
Alec Ellison is a Vice Chairman of Jefferies and Chairman of Technology Investment Banking. Based
in New York, he joined Jefferies in 2003 as part of the Firm's acquisition of Broadview, which he
joined in 1988 and was named President of in 2001. With more than 20 years of experience in
technology investment banking, Mr. Ellison has completed over 150 transactions. He has particular
expertise in enterprise software M&A transactions with a focus on vertical applications companies.
Earlier in his career, he worked in the Technology Investment Banking group at Morgan Stanley. Mr.
Ellison received an MBA from Harvard Business School, where he was a George F. Baker Scholar,
and a BA, summa cum laude, from Yale University.
Panelists:
Paul Barber, Managing General Partner, JMI Equity
Paul Barber joined JMI in 1998 and is based in San Diego, California. He is currently a Director of
Ellucian, Innovative Interfaces, Internet Brands, Kronos, PowerPlan, ServiceNow (NYSE: NOW) and
oversees JMI’s investment in Attachmate.
Prior to joining JMI, Paul was a Managing Director and Head of the Software Investment Banking
Practice at Alex. Brown. He also worked in Product Marketing at Microsoft Corporation and in
investment banking at Merrill Lynch & Co.
Additionally, Paul served as a Director of Sterling Software, Inc. and a Trustee of Stanford University.
Paul received an AB in Economics from Stanford University and an MBA from the Harvard Business
School.
150
Keynote Speakers
Bob Goodman, Partner, Bessemer Venture Partners
Bob Goodman, the founding partner in Bessemer’s New York office, joined the firm in 1998. He
focuses on investments in software, mobile, digital media and healthcare IT.
Bob is currently a member of the board of directors of mobile-advertising company Millennial Media
(IPO); mobile application management company Apperian; data-management and backup-software
company Syncsort; mobile video session software developer Vasona Networks, diversified SMB
software company GFI (merged with Teamviewer); united communications (‘‘UC’’) services provider
Thinking Phones Network; grocery delivery service Blue Apron; and information-security company
Perimeter E-Security. He also led Bessemer's investment in telecommunications provider GTS.
Bob's former portfolio companies include Intucell (acquired by Cisco); SelectMinds (acquired by
Oracle); ART Advanced Recognition Technologies (acquired by Scansoft, now Nuance); Flarion
Technologies (acquired by Qualcomm); Bladelogic (IPO, then acquired by BMC); IAG Research
(acquired by Nielsen); Nistevo (acquired by Sterling); Octave Communications (acquired by Voyant,
then Polycom); System Management ARTS (SMARTS, acquired by EMC); Taqua (acquired by
Tekelec); Telica (purchased by Lucent); Zensys (acquired by Sigma Designs); and Netsmart
Technologies (acquired by Genstar Capital).
Prior to joining Bessemer, Bob founded two successful telecommunications companies: wirelessequipment company Celcore, acquired by Alcatel through the acquisition of DSC in 1997, and
Boatphone, a group of cellular operating companies in the Caribbean. Having acted as CEO in both
companies, Bob brings the uncommon combination of entrepreneurial, operating and investment
expertise to his portfolio companies. As a venture capitalist, Bob has been involved in building many
successful companies including leading the first rounds for Flarion, Bladelogic, and Broadsoft.
Bob holds a B.A. from Brown University and an MBA from Columbia University. Bob also serves on
several non-profit boards including Met Council, The Play Group Theatre and the National Venture
Capital Association.
151
Keynote Speakers
Deven Parekh, Managing Director, Insight Venture Partners
Deven Parekh is a managing director at Insight Venture Partners and joined the firm in 2000.
Deven invests in e-commerce, consumer, internet data and application software businesses on a
global basis. Notable previous companies in Deven’s portfolio have included Football Fanatics
(acquired by GSI Commerce, later acquired by eBay), Media Mind (IPO), Procuri (acquired by Ariba,
NASDAQ: ARBA), Russian Trading System (merged with MICEX) and Website Pros (IPO). Deven is a
global investor, actively working with investments in China, Latin America, Europe and Russia.
Deven was previously a Principal at Berenson Minella & Company, a New York based merchant
banking firm where he served on the firm’s M&A Committee. Prior to Berenson Minella, Deven was
with The Blackstone Group, where he was involved in both M&A advisory and principal activities.
In 2010 Deven was part of a US delegation of several investors, government representatives and
technology companies that visited Russia to explore investment and technology collaboration
opportunities between the United States and Russia. He is a Member of the Technical Advisory
Council of the Federal Communications Commission (FCC) which assists the Commission with
developing informed technology policies supporting America’s competitiveness and job creation in
the global economy. During the period 2010 – 2012, Deven served as a Member of the Advisory
Board of the U.S. Export-Import Bank which is the official export credit agent of the United States.
In 2006, Deven was named a Henry Crown Fellow of The Aspen Institute, which seeks to develop
the next generation of community spirited leaders.
Deven is a Member of the Board of Publicolor (which he chaired from 2007 – 2012), a New York
City based non-profit organization that focuses on inner city schools. He is also Treasurer and
Member of the Board of Governors of the National Academy Museum. He is a Member of the Board
of the New York MS Research Center. Deven is a member of the Greater NY Partnership, which
pairs business executives with non-profit executive directors. The Partnership is an initiative of the
Mayor’s Fund to Advance New York City.
Deven received a BS in Economics from the Wharton School at the University of Pennsylvania.
152
Keynote Speakers
Philip Trahanas, Managing Director General Atlantic
Philip Trahanas is a Managing Director at General Atlantic. Mr. Trahanas has a combination of
experience in operating, investment banking and private equity roles. Mr. Trahanas serves on the
Firm's Portfolio Committee. He is a member of the board of directors at Aceco TI, TASC, Quality
Technology Services and exp. Prior board memberships and affiliations include SRA International,
PowerDsine, Vindigo and ZTango among others.
Mr. Trahanas joined General Atlantic in 2000 from Morgan Stanley. During his tenure within Morgan
Stanley's Investment Banking division, Mr. Trahanas worked on the High Technology Corporate
Finance team, was a Merger and Acquisition specialist and was a member of the division's operating
management team. His experience includes a wide array of financing and strategic M&A
transactions across a broad range of industry sectors. Prior to joining Morgan Stanley, Mr. Trahanas
was an electrical engineer at General Electric, where he specialized in communications equipment
and semiconductor design.
Mr. Trahanas holds a B.E. in Electrical Engineering from The Cooper Union for the Advancement of
Science and Art. He attended the University of Pennsylvania for his advanced studies and received
an M.B.A. from the Wharton School, where he graduated as a Palmer Scholar, and an M.S. in
Engineering from the Moore School of Engineering.
153
Conference Notes
154
Jefferies Investment Banking Biographies
155
Jefferies Investment Banking – Business Services
Michael Rintoul, Global Head of Business Services Investment Banking
212.336.7446 / [email protected]
Michael Rintoul is a Managing Director and Global Head of Jefferies’ Business Services Group
with 20 years of investment banking experience. Prior to Jefferies he spent 12 years with UBS
most recently as Head of the Global Business Services Group. Mike is responsible for coordinating
coverage across Business Services subsectors, including IT and BPO services, transaction and
information processing, human capital management and essential services. Prior to UBS, Mike
worked for George K. Baum & Company, Meadowcroft Associates and the Capital Markets Group of
the Metropolitan Life Insurance Company. Mike’s clients include Genpact, Wipro, Cognizant,
Infosys, Serco, Accenture, BAE, Dice Holdings, SourceHOV, CSC and ICF International, among
others. Mike received his BA from Vanderbilt University and his MBA from Vanderbilt’s Owen
Graduate School of Management and holds the professional designation of Chartered Financial
Analyst.
Tina Longfield, Global Head of Technology Services Investment Banking
Tina Longfield is a Managing Director and Global Head of Jefferies’ Technology Services Group
with over 19 years of investment banking and advisory experience. Previously, Tina worked at
Credit Suisse and its predecessor Donaldson, Lufkin & Jenrette (DLJ) for nearly 10 years in the
Technology group. Tina has completed over $10+ billion of financings for clients and $20+ billion
of mergers and acquisitions for both large cap and mid-cap clients. Her experience includes
notable transactions such as iGate's $1.2 billion acquisition of Patni (the largest cross border
Indian IT Services acquisition), iGate's $770 million high yield bond financing (the first ever
IT Services bond offering), KKR's $28 billion take private of First Data (one of the largest LBOs),
and $6.5 billion of equity financings for Accenture. Tina’s other deals include both buyside and
sellside transactions involving CSC, Fiserv, Sungard Data Systems, Euronet, PNC/PFPC and Ocwen
Financial. Tina has a BS from University of Illinois, Champaign-Urbana and MBA from University
of Chicago.
Tim Monnin, Global Head of Transaction and Information Processing Investment Banking
Tim Monnin is a Managing Director and Global Head of transaction and information processing
vertical at Jefferies with over 20 years of experience in investment banking. Prior to Jefferies, Tim
has 12 years of work experience at Wells Fargo Securities (fka Wachovia Securities), most recently
as Head of Financial Technology & Transaction Processing and Co-Head of Software. He has
advised on M&A and/or financings for numerous FinTech, Transaction & Information Services
companies including Visa, Western Union, First Data, Alliance Data Systems, DST Systems, FIS,
FNF, SS&C, Vertafore, Jack Henry, Mitchell International, Open Solutions, Fidelity National
Financial, Corelogic, Fiserv, Harland, SunGard, FAPS, iPayment, Netspend, and DealerTrack. Tim
received his MBA from the University of Illinois and BA from Brown University.
156
Jefferies Investment Banking – Business Services
Daniel Frommelt, European Head of Business Services Investment Banking
+44.20.7029.8267 / [email protected]
Daniel Frommelt is a Senior Vice President and Head of Jefferies’ Business Services investment
banking in Europe. Prior to Jefferies, Daniel has 9 years of investment banking experience at RBS /
ABN AMRO, and was most recently responsible for European Business Services at RBS. Previously,
Daniel’s work experience includes 3 years at Business Development of PaySquare / Equens, a
Dutch based payments processor. Daniel’s clients include Bilfinger Berger, Xervon, Moody
International, Randstad, Getronics, Atos Origin, bouwfonds, among others. Daniel received his BA
and Masters in Business Administration from the Erasmus University of Rotterdam in the
Netherlands.
157
Jefferies Investment Banking – Communication Technology
Phil Berkowitz, Managing Director, Co-Head of US Technology Investment Banking and Head of
Communications Technology Investment Banking
Phil Berkowitz is Co-Head of the Technology Investment Banking Group at Jefferies. Prior to joining
Jefferies in 2005, Mr. Berkowitz spent approximately seven years at Credit Suisse First Boston and
was one of the founding members of the CSFB Technology Group based in New York. Mr. Berkowitz
has been an advisor to many of the leading companies in technology and in particular in the
communications technology sector. Mr. Berkowitz has advised on many landmark technology
transactions and has been advising companies on M&A, corporate finance and other strategic
transactions for 20 years. He has advised on over 150 technology public offerings and M&A
transactions.
Gaurav Kittur, Senior Vice President
Gaurav Kittur is a Senior Vice President in the Technology Investment Banking Group at Jefferies
with a focus on communications technology, mobility and storage sectors. Mr. Kittur has over 12
years of transaction experience in the communications technology segment and has completed a
wide variety of cross-border M&A, investments, equity and debt financing transactions for public and
private companies. Prior to joining Jefferies in 2003, he was at Draper Fisher Jurvetson Gotham
Ventures investing in communications companies, and was previously part of the Morgan Stanley
investment banking group. Mr. Kittur graduated with honors with an engineering and computer
science degree from Cornell University.
Adam Beard, Senior Vice President
Adam Beard is a Senior Vice President in the Technology Investment Banking Group at Jefferies
covering security and communications technology companies. Mr. Beard has over 16 years of
finance experience, including 12 years of investment banking, and has completed a wide variety of
M&A, equity and debt financing transactions for public and private companies. Prior to joining
Jefferies, Mr. Beard worked at GCA Savvian Advisors, a technology-focused investment banking firm
headquartered in San Francisco, and at Arma Partners, a leading technology advisory firm
headquartered in London. Mr. Beard began his investment banking career at Credit Suisse First
Boston (Deutsche Morgan Grenfell) as part of the CSFB Technology Group, where he worked for 6
years in their Communications Technology investment banking group. Mr. Beard received his BA in
Political Science from Trinity College.
158
Jefferies Investment Banking – Internet
David Liu, Co-Head of Internet Investment Banking
David Liu is a Managing Director and Co-Head of Internet Investment Banking for Jefferies.
Mr. Liu primarily focuses on Internet and Digital Media companies. Mr. Liu has over 20 years of
investment banking, venture capital and technology start-up experience, and has completed over
100 transactions for a broad range of high-growth clients located in the US, Europe and China.
Mr. Liu received his MBA from Harvard Business School, and a BS in Engineering (Manufacturing
and Robotics) and Economics from the University of Pennsylvania.
Matthew Schultz, Co-Head of Internet Investment Banking
Matt Schultz is a Managing director and Co-Head of Internet Investment Banking for Jefferies.
Mr. Schultz primarily focuses on eCommerce and eRetail companies. Mr. Schultz has over 14
years of investment banking experience, and prior to Jefferies spent 11 years at Merrill Lynch,
where he led the Internet investment banking practice. Previously, Mr. Schultz spent two years
in management at General Electric Company, and was a Lieutenant and Platoon Leader in
the US Army. Mr. Schultz received his MBA from The Wharton School of the University of
Pennsylvania and his BS in Engineering from Cornell University.
159
Jefferies Investment Banking – Media & Telecommunications
Prem Parameswaran, Global Head of Media & Telecom Investment Banking
Prem Parameswaran is the Global Head of the Media & Telecommunications Investment Banking
Group at Jefferies, having joined in October 2012. Mr. Parameswaran has over 22 years of
investment banking experience. Prior to joining Jefferies, he worked at Deutsche Bank, Goldman
Sachs and Salomon Brothers, having executed over 250 transactions where he completed a variety
of M&A and capital markets transactions for various media and telecommunications companies.
Mr. Parameswaran has advised on transactions for clients such as AboveNet, AT&T, Boston Red
Sox, Cablevision, Cbeyond, CenturyLink (Qwest), Clearwire, Eagle River, EarthLink, FairPoint,
Frontier, Global Crossing, Grande, GT Group Telecom, Integra, Knology, KPN, Level 3, Lifelock,
Lightower, McLeodUSA, NESN, PAETEC, RCN, Reliance, Securus, tw telecom, VSNL and
Windstream. Mr. Parameswaran received a BA (with honors) and MBA (finance, with honors) from
Columbia University.
John Fargis, Head of US Media
John Fargis is a Managing Director and the Head of US Media in the Media & Telecommunications
Investment Banking Group at Jefferies. Mr. Fargis has worked with clients such as McGraw-Hill,
ThomsonReuters, Reed Elsevier, Pearson, SuperMedia, DexOne, American Media, Journal Register
Company, Capital IQ, ACTIV Financial, Gatehouse Media, Playboy as well as numerous Mediafocused financial sponsors. He has executed numerous M&A transactions and public and private
equity and debt financings. Prior to joining Jefferies in 2008, Mr. Fargis worked at Bear Stearns
in the Media, Technology and Financial Sponsor coverage groups. Before Bear Stearns, he worked
at BlackRock and Chase Manhattan Bank. Mr. Fargis received an MBA from UCLA Anderson and a
BA from Hamilton College.
160
Jason Gredell, Managing Director
Jason Gredell is a Managing Director in the Media & Telecommunications Investment Banking
Group at Jefferies. Mr. Gredell has been with Jefferies for over 10 years, completing a variety of
capital markets transactions and advisory assignments for traditional and next-generation wireline
and wireless communications providers as well as equipment manufacturers. Mr. Gredell has
advised on transactions for clients such as Broadview Networks, Cavalier Telephone, Clearwire,
Covad Communications, Dish Network, Eschelon Telecom, FairPoint, Integra, Knology,
LightSquared, Lightower, McLeodUSA, Securus Technologies and TowerCo. Prior to joining
Jefferies, he was an Associate in the Communications Group at BB&T Capital Markets. Mr. Gredell
received a BS with a concentration in Finance from the Robins School of Business and minored in
mathematics at the University of Richmond.
Alex Kelloff, Managing Director
Alex Kelloff is a Managing Director in the Media & Telecommunications Investment Banking Group
at Jefferies. Since joining Jefferies in 2004, Mr. Kelloff has completed a variety of M&A and
capital markets transactions in the Internet Infrastructure, managed services, wireless and
wireline sectors. Mr. Kelloff has advised on transactions for clients such as Data Electronics,
DuPont Fabros, iBasis, Primus Telecommunications, Q9 Networks and Terremark. Prior to joining
Jefferies, he was an Associate in the Communications, Media and Technology Group at Booz Allen
Hamilton, where he consulted to telecommunications firms in North America, Europe, the Middle
East and Asia. Previously, Mr. Kelloff worked as a Senior Consultant, network engineer and data
center manager at Coopers & Lybrand Consulting. He received his MBA from INSEAD in France,
his MS in Telecommunications from Johns Hopkins University and his BBA from James Madison
University.
161
Craig Mineard, Managing Director
Craig Mineard is a Managing Director in the Media & Telecommunications Investment Banking
Group at Jefferies. Prior to joining Jefferies in 2008, Mr. Mineard was in the Media &
Entertainment Group at Bear Stearns. He has advised on transactions involving a number of US
and European media companies including Bertelsmann/BMG, Classic Media, Dun & Bradstreet,
Equifax, Liberty Media Group, SESAC, Shutterstock, Sony, SymphonyIRI and Univision
Communications. In aggregate, he has been involved in more than $30 billion of announced M&A
and financing transactions. Prior to joining Bear Stearns, Mr. Mineard was CFO of a leading UK
independent music label. Mr. Mineard received an MBA from London Business School and is a
Chartered Accountant.
Kareem Chin, Senior Vice President
Kareem Chin is a Senior Vice President in the Media & Telecommunications Investment Banking
Group at Jefferies. Since joining Jefferies in 2010, Mr. Chin has completed a variety of M&A and
capital markets transactions. Mr. Chin has over 10 years on investment banking experience. Mr.
Chin has advised on transactions for clients such as Atlantic Tele-Network, Clearwire, Dish Network,
DuPont Fabros, FairPoint, Lightower, NextWave Wireless, RigNet and Satmex. Prior to joining
Jefferies, he worked at Deutsche Bank and Citigroup. He received his BS from the State University
of New York at Albany (Finance) and his MBA from Columbia University.
162
Jefferies Investment Banking – Semiconductors & Electronics
Steve Abbott, Managing Director, Co-Head of Semiconductor & Electronics Investment Banking
Steve Abbott is a Managing Director and the Head of Semiconductor and Electronics Investment
Banking for Jefferies, where he and his team focus on sectors including semiconductor devices,
capital equipment, tech hardware, industrial technology, wireless value chain, intellectual property,
LEDs, materials science and related CleanTech. Prior to joining Jefferies in 2010, Mr. Abbott was
a Managing Director and Global Head of Semiconductor and Electronics Banking at UBS
Investment Bank since 2006. Prior to joining UBS, Mr. Abbott was a Managing Director in the
Deutsche Bank Technology Group, a Principal in Technology Investment Banking at Robertson
Stephens and a strategy consultant for technology companies at Bain & Company. Mr. Abbott
graduated with an AB from UC Berkeley and a JD and MBA from Stanford University.
Bill Frauenhofer, Managing Director, Co-Head of Semiconductor & Electronics Investment Banking
Bill Frauenhofer is a Managing Director in Jefferies' Technology Investment Banking Group. Bill
joined Jefferies in April 2013 as the co-head of the global semiconductor and electronics supplychain coverage effort. Bill began his career at Salomon Brothers and worked at the firm (now Citi)
in the west coast technology office where he was the global head of the semiconductor team until
2011 when he was recruited by UBS to build a global semiconductor investment banking coverage
practice. With more than 20 years of experience, Bill has advised on, and/or executed, over $80
billion of strategic and capital markets transactions for both domestic and international clients
including AMD, Amkor, Avago, Freescale, Globalfoundries, Infineon, Mediatek, ON Semiconductor,
Qimonda, Spansion, Veeco, etc. Several of Bill's notable strategic advisory transactions in the
semiconductor sector include the $17.1 billion leveraged buyout of Freescale Semiconductor,
Mediatek's acquisition of ADI's mobile baseband business, the sale of Tundra Semiconductor to
IDT, the sale of Veeco's metrology division to Bruker, Spansion's acquisition of Saifun and the sale
of M-Systems to Sandisk. Bill received an M.B.A. in finance from the Stern School of Business at
New York University and a B.B.A. in finance from Loyola University.
163
Jefferies Investment Banking – Software
Alec Ellison, Vice Chairman, Jefferies LLC and Chairman, Technology Investment Banking
Alec Ellison is a Vice Chairman of Jefferies LLC and is also the Chairman of the Technology
Investment Banking group. Based in New York, he joined Jefferies in 2003 as part of the firm’s
acquisition of Broadview International, which he joined in 1988 and was named President of in
2001. With more than 25 years of experience in technology investment banking, Mr. Ellison has
completed over 200 M&A and financing transactions. He has particular expertise in enterprise
software M&A transactions with a focus on vertical applications companies. Earlier in his career,
he worked in the Technology Investment Banking Group at Morgan Stanley. Mr. Ellison received an
MBA from Harvard Business School, where he was a George F. Baker Scholar, and a BA, summa
cum laude, from Yale University.
Paul Crisci, Managing Director, Co-Head of US Technology Investment Banking and Global Head of
Software Investment Banking
Paul Crisci is a Managing Director and Co-Head of the US Technology Investment Banking at
Jefferies. With over 20 years of investment banking experience, Mr. Crisci has advised on more
than 100 completed transactions. Prior to joining the firm, Mr. Crisci held various marketing
management positions at Silicon Graphics, Inc. Prior to joining Silicon Graphics, he worked in
sales and marketing at IBM. Mr. Crisci received an MBA from Harvard Business School and a
BS from the University of Maryland.
Doug Wendell, Managing Director
Doug Wendell is a Managing Director in the Technology Investment Banking Group at Jefferies.
Mr. Wendell is based in the Boston office and has over 15 years of technology investment banking
experience in various subsectors across the software market. Prior to joining Jefferies,
he was the Global Head of Citi’s software investment banking team, where he led over 15 bookrun
equity transactions including successful IPOs for Qliktech, Medidata, VMware and Taleo.
Mr. Wendell also has extensive experience in dual-track processes including sale of Actimize to
NICE Systems. Mr. Wendell received an MBA from NYU’s Stern School of Business and a BS from
University of Vermont.
164
Jefferies Investment Banking – International
Dominic Lester, Managing Director, European Joint Head of Investment Banking
European Head of TMT Investment Banking
+44 207 029 8330 / [email protected]
Dominic joined Jefferies in August 2010 and has a 22 year history of advising companies in the
tech, media and telecoms industries worldwide. Dominic joined Dillon Read in 1991, which was
later acquired by UBS. From 1993 to 2002 he was based in New York and focused on the telecom
industry advising various clients, as well as acting as primary advisor to Sprint for almost a decade
on transactions worth over US$190 billion. In 2002 Dominic became Global Head of UBS’
Communications Technology practice based in New York. In 2005 Dominic moved from New York
to London as UBS’ Head of EMEA Technology Investment Banking.
Recent transactions that Dominic advised on include: the €437 million sale of LBi to Publicis, the
sale of Mall.cz to Naspers, the LBO of Misys by Vista Equity Partners, the sale of Nokia Siemens
Network’s billing division to Redknee, Skrill’s acquisition of Paysafecard, Privalia’s acquisition of
Dress for Less, Private placement of KupiVip, IPO of Sequans, IPO of Interxion, Ceragon's
acquisition of Nera Networks, £2 billion sale of RBS WorldPay to Advent and Bain, sale of
GlobalCollect to Welsh Carson, IPO of Ocado, £500 million convertible financing for Autonomy,
sale of Sophos to Apax, STMicroelectronics’ wireless JV with Ericsson Mobile Platforms,
acquisition of Siemens’ stake in FSC by Fujitsu (€450 million), sale of Redback to Ericsson
(US$2.1 billion), sale of Telelogic to IBM (US$750), sale of Huawei’s H3C interest to 3COM,
merger of CSR and SiRF and sale of Easycash to Ingenico (€290 million). Dominic received his
BA from Brown University in the US in 1991 and speaks fluent German, French, Spanish and
Italian.
Mark Fisher, Managing Director, European Head of Technology Investment Banking
+44 207 029 8050 / [email protected]
Mark is Jefferies’ Head of International Technology Investment Banking. He has over 20 years of
corporate finance experience. Prior to Jefferies, he was head of European Technology Investment
Banking at Citi. Mark has also held positions as Head of Nordic Coverage and Head of Technology
at Dresdner Kleinwort Benson, as well as Head of M&A at Enskilda Securities. In these roles Mark
was involved advising companies including Siemens, Philips, Autonomy, Capita, HP, CapGemini,
Ericsson, Indra, Thomson and Oracle. Transactions that Mark has advised on include KKR /
Northgate (£593m); Northgate / Arinso (€370m); Hellman & Friedman / Iris and CSG (£500m);
Blinkx spinoff from Autonomy and IPO on AIM ($50m); Retail Decisions P2P by Palamon
(£168m); Visma P2P by HgCapital ($670m); Microsoft / Navision ($1.3bn), Norkom sale to BAE
(€217m); IPO of Xchanging; IPO of Hogg Robinson; sale of Tag to Williams Lea / Deutsche
Postsale of Northgate Managed Services to Capita; and $1.7bn financing for Vista's $2.5bn take
private of Misys Group PLC.
Michael Herbst, Managing Director, European Head of Telecoms Investment Banking
+44 207 029 8335 / [email protected]
Michael Herbst is a Managing Director in the Jefferies London office with responsibility for the
European telecommunications practice. Michael joined Jefferies in October 2010 and has worked
with many of the largest telecoms players across the globe (including Deutsche Telekom, Vodafone,
Telecom Italia, Swisscom, Reliance, Cable & Wireless etc). Prior to joining Jefferies, Michael was
a Managing Director in the UBS Telecoms Investment Banking group, covering many of the largest
incumbent and mobile players globally as well as the European cable, alternative carrier and
hosting space. Michael holds a MSc in Accounting and Finance from the London School of
Economics as well as a BA from the European Partnership of Business Schools, Reutlingen.
Michael speaks fluent German, French and Italian as well as conversational Korean.
165
Daniel Aharoni, Managing Director, Technology Investment Banking
+44 207 029 8331 / [email protected]
Daniel Aharoni covers European semiconductors and technology hardware within Jefferies’
technology investment banking team. Daniel was previously at UBS, Dresdner Kleinwort and
Rothschild covering technology hardware in their investment banking groups. Daniel has extensive
relationships in the European technology sector and transaction experience includes the
acquisition of the operating business and certain patents and patent rights of MIPS by Imagination,
the disposal of PG Drives by Spirent, acquisition of SiTel by Dialog Semiconductor, the sale of CTConcept to Power Integrations, the acquisition of SiRF by CSR, the acquisition of Ericsson’s TEMS
business by Ascom, the acquisition of Siemens' stake in Fujitsu Siemens Computers, disposal of
the Sagem Mobile and Sagem Broadband businesses, formation of the STEricsson JV, the disposal
of SEZ to Lam Research, the acquisition of NXP's Cordless and VoIP Terminals Division by DSPG
and the IPO of e2v. Daniel qualified as a solicitor at City law firm, Herbert Smith and founded a
small UK-based automotive electronics design and manufacturing business. He graduated from
Oxford University with a First Class BA Hons in Law.
Ben Bailey, Managing Director, European Head of Internet
+44 (0)20 7029 8034 / [email protected]
Ben has over 14 years of investment banking experience, with a particular focus on advising
growth companies. He started his career as a management consultant at Accenture and, prior to
joining Jefferies in 2009, Ben spent time at Dresdner Kleinwort, Altium Capital and Apax Partners.
Ben has advised on numerous M&A and ECM transactions and has acted a corporate broker to
many listed UK companies. Following a period advising consumer and retail clients, Ben focuses
exclusively on the Internet sector. Ben has advised on transactions involving the following clients
in the Internet and technology sector: 2e2, Asos, FreshDirect, Iris Software, ITIS, KupiVIP, NCC
Group, NetRetail (Mall.cz), Netstore, Ocado, Privalia, Spartoo and Viadeo. Ben received his BA in
Biochemistry from Brasenose College, Oxford in 1995.
Benjamin Robertson, Managing Director, Equity Capital Markets
+44 (0)20 7029 8564 / [email protected]
Benjamin has over 17 year’s experience working in investment banking and is a managing director
in the European Equity Capital Markets Group with a particular focus on raising capital for growth
companies. Benjamin has a long track record of executing European IPOs for technology
companies listing on both European as well as US exchanges. Other transactions include private
placements, pre-IPO investments, convertibles and follow-on issuance for European Growth
companies.
Benjamin was previously at UBS as a Managing Director in the Technology team in Europe
responsible for Software, IT Services & Internet coverage. Benjamin has been involved in a
significant number of European technology IPOs and dual track processes and has broad
relationships with the International Private Equity community. Qualified as an accountant at
Deloitte & Touche, Benjamin holds an MA (Hons) Economics from Cambridge University.
166
Probir Rao, Managing Director, Head of India Investment Banking and Capital Markets
+91 22 4356 6070 / [email protected]
Probir has over 20 years of experience in investment banking. Prior to joining Jefferies, Probir
spent 3 years at UBS India as a Managing Director. Probir held the Vice President position for 2
years at J.P. Morgan. Prior to J.P. Morgan, Probir worked at DSP Merrill Lynch India. In these roles,
Probir advised many leading companies including Infosys, Genpact, iGate, Aptara, Actis Capital.
Transactions that Probir has advised on include iEnergizer / Aptara ($150 million), iGate Senior
Notes Offering ($770 million), iGate / Patni ($1.5 billion); iGate Convertible Notes Offering ($330
million), Actis / PHNS ($250 million); Genpact IPO ($494 million), Infosys ADR Offering ($1.6
billion). Probir received his MMS in Finance from Mumbai University and Bachelor of Business
Studies from Delhi University.
Ren Wang, Managing Director, Head of Asia Investment Banking and Capital Markets
+852 3743 8715 / [email protected]
Prior to joining Jefferies, Ren was with UBS for 9 years and recently served as a Managing Director
and the Head of the Asia Financial Institutions Group at UBS. Ren has led numerous landmark
capital raising and M&A transactions for the largest financial institutions in the region, such as
Industrial and Commercial Bank of China, Bank of China, China Merchants Bank, China Minsheng
Bank and China Pacific Insurance. Before joining UBS in 2002, Ren worked for Salomon Smith
Barney in New York, focusing on covering North American financial institutions.
Qiang Dai, Managing Director, Investment Banking
Prior to joining Jefferies, Qiang was at UBS for 7 years where he was an Executive Director in the
Asia Financial Institutions Group, heading up the China FIG practice. Before UBS, Qiang served at
an Investment Manager at IDG Technology Venture Investment as well as GIC of Singapore.
Nick Adams, Managing Director, Corporate Broking
+44 (0)20 7029 8369 / [email protected]
Nick is a Corporate Broker at Jefferies Hoare Govett, having joined Jefferies in March 2012 after
spending 12 years at UBS and RBS, primarily looking after small and mid-cap publicly UK listed
companies and advising them on a range of transactions. Nick has significant experience in both
M&A and equity transactions, with a focus on the technology sector, with recent deals including
the acquisition of MIPS for Imagination Technologies, and the sale of Spirent’s Systems division.
Nick has also advised some of the larger European technology companies, including
STMicroelectronics and Autonomy. Nick qualified as a Chartered Accountant with Arthur Andersen
in 1999. Nick graduated from Imperial College with a BSc in Pure Mathematics in 1995 and also
holds a Diploma in Management Studies from Cambridge University.
167
Anup Agarwal, Senior Vice President
+91 22 4356 6012 / [email protected]
Anup has over 12 years of experience in investment banking and covers TMT sector for Jefferies in
India with a particular focus on advising companies in digital media, passive telecom
infrastructure, financial technology and payments sectors. Prior to joining Jefferies, he has worked
with Kotak Investment Bank, Commerzbank AG and BDO Lodha. He has been involved in M&A,
restructuring and financing transactions of more than US$10 billion. He is a Chartered Accountant
and has a Bachelor of Commerce from Mumbai University.
Ian Paterson, Senior Vice President
+44 (0)20 7029 8329 / [email protected]
Ian joined Jefferies in October 2010 from UBS where he was a Director in the Telecoms and
Media investment banking team Previously he spent 3 years in the Telecoms investment banking
team at NM Rothschild and Sons. With more than 9 years of experience in the
telecommunications industry, Ian has worked with a number of the sector's leading players,
including providing advice on more than US$50 billion of M&A to VimpelCom, advising Energis on
its sale to Cable & Wireless, advising Vodafone on a number of transactions in Europe and Africa
and advising on more than US$15 billion of other M&A and financing across EMEA for a number
of large and mid-cap clients. Since joining Jefferies, Ian has advised Data Electronics on its sale to
Telecity, Vodacom on its disposal of Gateway and The Examiner on the restructuring of Eircom
A citizen of the UK and Canada, Ian graduated with a first class degree from the University of
Nottingham in Management and French
Guillaume Taurignan, Senior Vice President
+44 (0)20 7029 8023 / [email protected]
Guillaume has been a Technology & Internet banker for 10 years, advising high-growth clients on
M&A, IPO and financing transactions.
M&A experience includes the €440m sale of LBi International to Publicis, the $300m sale of
Mall.cz to Naspers, the £350m sale of NET-A-PORTER to Richemont, the acquisition of Dress-ForLess by Privalia, the $340m acquisition of Ilog for IBM, the $1.3bn sale of Francisco Partners'
Numonyx to Micron Technology, the £350m merger between SiRF and CSR, the three-way JV
between STMicroelectronics, NXP and Ericsson Mobile Platforms, Fujitsu’s €500m acquisition of
Siemens’ stake in the Fujitsu-Siemens JV, the €750m sale of Netherlands-based TMF to Doughty
Hanson, the disposals of Sagem Mobiles and Sagem Broadband by Safran and the $548m sale of
SEZ to Lam Research. Capital Markets experience includes the NYSE IPO of Sequans, the IPOs of
SeLoger, Rightmove, Moneysupermarket, Axalto, Iliad, 123Multimedia and Meetic on Euronext
Paris as well as the dual-track processes for SafeBoot, Sophos and Priceminister.
Private Financing experience includes the $32m fundraising for leading professional social
network Viadeo, the $55m fundraising for Russia’s #1 online fashion player KupiVIP, the $32m
fundraising for online shoe retailer Spartoo, the $155m investment in online payments business
Klarna by General Atlantic and DST, the €70m and €90m rounds for Privalia and the $36m
fundraising for Groupalia in Spain.
Prior to Jefferies, Guillaume spent 3 years at SocGen in Paris and 4 years at UBS in London.
168
Nandan Shinkre, Senior Vice President
+44 (0)20 7029 8046 / [email protected]
Nandan Shinkre is a Senior Vice President in Jefferies' European Technology Investment Banking
team. Nandan has over 12 years of experience in banking and the technology industry, and focuses
on the software, services, financial technology and payments sectors. Nandan has advised on a
wide range of M&A and capital markets transactions. Selected recent deals include the acquisition
of Misys and Kondor by Vista, sale of Torex to Micros, Northgate MS to Capita, sale of i2 to IBM,
sale of Norkom to BAE Systems, sale Metris to Nikon, merger between CBay and Medquist, and
IPOs of Metris and Somero. Nandan has an MBA from INSEAD and a bachelors degree in
computer engineering.
169
Jefferies Investment Banking – Mergers & Acquisitions
Michael Tedesco, US Head of M&A and Global Co-Head of Technology M&A
Michael Tedesco is a Managing Director and US Head of M&A and Global Co-Head of Technology
M&A for Jefferies. Prior to joining Jefferies, Mr. Tedesco was with Citigroup for 16 years, most
recently as Global Head of Technology M&A at Citigroup. For the past decade Mr. Tedesco has
been advising on the highest profile, most complex transactions for technology companies, both
large and small, and has been recognized five times for IDD Technology Deal of the Year. Mr.
Tedesco’s breadth of expertise includes: special situations sell side advisory involving complex
board / shareholder dynamics, special committees and multiple advisors. Mr. Tedesco received an
MBA from Harvard Business School and a BS degree in industrial engineering from Montana State
University.
Jason Auerbach, Global Co-Head of Technology M&A
Jason Auerbach is a Managing Director and Global Co-Head of Technology M&A for Jefferies.
Mr. Auerbach has over 15 years of extensive transaction and advisory experience for public and
private companies in various technology subsectors including enterprise software, digital media,
healthcare IT, communications, financial technology and business services. He is also one of the
most active M&A bankers in the private equity market. Prior to Jefferies, Mr. Auerbach was a
strategy consultant for telecommunications and media companies. He received an MBA from
Harvard Business School and a BA from Columbia University.
Jasson Cohen, Managing Director
Jasson Cohen is a Managing Director in the TMT Mergers & Acquisitions Group for Jefferies.
Mr. Cohen has 12 years of transaction and advisory experience across a range of technology
markets. Mr. Cohen’s broad range of deal experience includes buy-side, sell-side, special
committee, divestiture, management buy-out, cross-border, financing and fairness opinion efforts
for both publicly traded and private clients. Mr. Cohen graduated cum laude with a BA degree in
economics from the University of Pennsylvania.
170
Jefferies Investment Banking – Mergers & Acquisitions
Jeffrey Snyder, Managing Director
Jeffrey Snyder is a Managing Director in the TMT Mergers & Acquisitions Group for Jefferies.
Mr. Snyder has over 10 years of investment banking experience, and has advised on a wide variety
of domestic and cross-border M&A and financing transactions for public and private companies.
Prior to joining Jefferies in 2005, Jeffrey held positions in technology investment banking with
Credit Suisse and Donaldson, Lufkin & Jenrette. Mr. Snyder received an MBA from the Fuqua
School of Business at Duke University, and a BA, with honors, in economics from Northwestern
University.
Scott Silverglate, Senior Vice President
Scott Silverglate is a Senior Vice President in the TMT Mergers & Acquisitions Group for Jefferies.
Mr. Silverglate has over 10 years of experience in investment banking, with a focus on TMT M&A.
His broad experience in TMT M&A advisory includes advising public and private companies, crossborder transactions as well as take-private transactions. Mr. Silverglate received his BA in
Economics and secondary major in International Relations from Stanford University.
171
Jefferies Investment Banking – Leveraged Finance
Tracy Mehr, Managing Director
Tracy Mehr has 19 years of Wall Street experience with leading firms. Currently Tracy is
responsible for Jefferies Telecom and Technology leverage finance activities. Previously, Tracy
spent 11 years with Donaldson, Lufkin & Jenrette and Credit Suisse. He was a founding Managing
Director of Credit Suisse’s Leverage Finance Origination and Restructuring Group. Previously there,
he was a Managing Director within the Media & Telecom Investment Banking Group. Tracy is a
longstanding banker to the satellite services industry. Some of his accomplishments include $70
billion of capital raised for satellite service companies in 71 transactions; $36 billion of M&A
transaction volume for satellite service companies in 10 transactions. His landmark transactions
include the largest satellite industry M&A and leverage finance transaction - sale of Intelsat to
BC Partners; largest strategic satellite industry M&A transaction - acquisition of Panamsat by
Intelsat; most capital raised for single satellite credit - $18.43 billion for Echostar since 1996
(all as Bookrunner).
Scott Driggs, Senior Vice President
Scott Driggs is a Senior Vice President in Jefferies’ Leveraged Finance group. Scott has 13 years
experience working in investment banking, with over 10 years in Leveraged Finance. Scott has
raised over $17 billion in capital across 70+ financings. Scott has completed more than 50 “lead
left” high yield and leveraged loan financings, including many specialty finance transactions. Scott
graduated Magna Cum Laude from UCLA.
172
Jefferies Investment Banking – Equity Capital Markets
David Mastrangelo, Managing Director, Head of TMT Equity Capital Markets
David Mastrangelo has more than 20 years of investment banking experience. David joined
Jefferies from Citigroup and its predecessor, Salomon Brothers, where he worked for the last 17
years, most recently as a Managing Director and Head of Technology and Media Equity Capital
Markets and Gaming and Leisure Equity Capital Markets. David received his MBA from the Stern
School of Business at New York University.
David Bohn, Managing Director, Global Head of Private Placements, Equity Capital Markets
David has more than 15 years experience in investment banking and capital markets. Senior roles
on the private placements teams at Citigroup, UBS and Cowen. Responsible for the origination and
execution of all private placements, including wall-cross follow-ons, PIPEs, registered directs,
equity and equity-linked financings for private companies. M.B.A. from Columbia Business School,
B.A. from Villanova University.
Colyer Curtis, Senior Vice President
Colyer Curtis is a Senior Vice President and Global Head of Equity-Linked Capital Markets at
Jefferies with over 9 years of investment banking experience. Mr. Curtis has completed
transactions across a broad range of industries including Clean Technology, Healthcare,
Technology, Energy, Real Estate and Financials among others. He has significant experience
advising on structuring tax and accounting of convertibles as well as share lending, pre-paid
forward share repurchase and liability management transactions. Mr. Curtis has executed
transactions for total proceeds for over $20 billion. Prior to joining Jefferies in 2008, he was a
Vice President at Bear Stearns. Mr. Curtis received a B.A. from Colgate University and an MBA
from Columbia Business School.
173
Conference Notes
174
Jefferies Equity Research Biographies
175
Jefferies Equity Research
Jerry Dellis, Managing Director & Senior Equity Research Analyst
+44 (0) 20 7029 8517 / [email protected]
Jerry Dellis joined Jefferies in May 2010 as a senior Equity Research Analyst covering the European
Telecom Services industry. He has 12 years' experience covering the sector, of which the last six were
spent at J.P.Morgan, where the team was II-ranked no.1 in 2009 and no.2 in 2010. Jerry began his
career at PriceWaterhouseCoopers where he trained as a Chartered Accountant (ACA). He graduated in
physics from Oxford University.
Brian Fitzgerald, Managing Director & Senior Equity Research Analyst
Brian P. Fitzgerald is a Managing Director and analyst in the TMT Group of Jefferies LLC Equity
Research, where he covers the Internet and Interactive Entertainment industry. Previously, he was a
Director and Senior Research Analyst covering Internet and Interactive Entertainment at UBS and
Bank of America Securities LLC as part of Institutional Investor ranked teams. Prior to that, Brian cocovered the Internet & PC Applications Software and Interactive Entertainment sectors at Morgan
Stanley since 2000. There, he was a member of the top ranked Internet research team in the annual
Institutional Investor poll and Greenwich Survey. Before his move into equity research, Brian was a
manager in the Client Technology group of Morgan Stanley's Information Technology division. Before
starting his corporate career, he was a helicopter pilot and officer in the US Army. Fitzgerald received
a BS from the United States Military Academy at West Point and an MBA from NYU.
Jason Kupferberg, Managing Director & Senior Equity Research Analyst
Jason Kupferberg is a Managing Director and Senior Analyst in Equity Research at Jefferies LLC based
in New York. His coverage universe encompasses the Computer Services & IT Consulting sector,
including Transaction Processing and IT Services. Prior to joining Jefferies, he was a Senior Analyst in
Equity Research at UBS in New York for 10 years. He holds an MBA from the Stern School of Business
at New York University, and an undergraduate degree in finance from The George Washington
University.
Mark Lipacis, Managing Director & Senior Equity Research Analyst
Mark joined Jefferies from Morgan Stanley, where he spent four years as a Senior Semiconductor
Analyst, and most recently as a Managing Director. In 2010, he was a Runner Up in the Institutional
Investor analyst survey, ranked number three in Greenwich Associates poll, and ranked highly in
previous Wall Street Journal and Starmine Polls where he was recognized as the number one
semiconductor stock picker by Starmine in 2009. Previously, he was a First Vice President and Senior
Semiconductor Analyst at Prudential, and prior to that a Director and Lead Communications
Semiconductor Analyst at Merrill Lynch. He received an MBA from the Darden School of Business at
the University of Virginia and an MS and BS in Electrical Engineering from Drexel University.
176
Ross MacMillan, Managing Director & Senior Equity Research Analyst
Ross MacMillan is a Managing Director and Senior Equity Research Analyst at Jefferies with coverage
responsibility for Enterprise Software. He has 15 years of sell-side research experience. Prior to joining
Jefferies, he was the head of Morgan Stanley's US Enterprise Software Research team. Previously he
was also the head of Morgan Stanley’s European Software and IT Services Team and was also a senior
member of Dresdner Kleinwort Benson's European Software and IT Services team. Ross started his
career as an analyst at the Bank of England. Ross holds a first class Masters Degree in Economics and
German (joint honours) from the University of Aberdeen and was an Erasmus scholar at the University
of Vienna.
Cynthia Meng, Managing Director & Head of TMT Equity Research, Hong Kong and China
Cynthia Meng is a Managing Director and Head of Hong Kong/China Telecoms, Media/ Internet,
Technology Equity Research. She joined Jefferies in January 2011 and is based in Hong Kong.Cynthia
has 14 years of industry experience in her field. She was ranked number 1 in the Asia Money Brokers
Poll consecutively in both 2011 and 2012 for best regional and China telecommunications Equity
Research. She was runner up for Technology, Media, and Telecommunication in the 2010 Institutional
Investor All-China Research individual and team ranking. Cynthia joined Jefferies from Bank of
America Merrill Lynch where she covered Greater China Telecom Services and Equipment Research.
Prior to this she was with CICC. Cynthia has an MBA from Kellogg School of Management at
Northwestern University.
Peter Misek, Managing Director & Senior Equity Research Analyst
Peter Misek joined Jefferies in August 2010, as a senior equity research analyst covering the Hardware
and Wireless Equipment Sectors. Prior to joining Jefferies, he spent around five and a half years at
Canaccord Adams as Canadian Head of Research and Global Technology Strategist. He began his
analyst career at JP Morgan Hambrecht and Quist in the late 1990s based in London. He has gained
international research and investment experience on three continents and has been in the business for
nearly 15 years. His expertise in the Technology sector spans wireless technologies, software, network
capability, and key financial analysis. Peter is a top-ranked analyst on two continents and several
countries, earning top rankings in the EU, Canada and the United States by Greenwich, Reuters,
Brendan Woods, and Starmine, to name a few. Peter was also the former Economic Advisor to the
Province of British Columbia and Premiers. His professional designations include Chartered Financial
Analyst, Certified Public Accountant, and Chartered Accountant. He is based in Jefferies' New York
office.
George Notter, Managing Director & Senior Equity Research Analyst
George C. Notter is a Managing Director and Equity Research Analyst covering the Communications
Infrastructure Sector. He joined Jefferies in May 2004. Mr. Notter has 17 years of equity research
experience exclusively in the Communications Infrastructure Sector. Prior to Jefferies, Mr. Notter
served as a Director and Wireline Telecom Equipment Analyst at Deutsche Bank for four years.
Previously, he performed in the same role for Dain Rauscher Wessels, now a part of RBC Capital
Markets. Mr. Notter received a Masters of Science in Finance, Investment & Banking from the
University of Wisconsin in 1995. While pursuing his Masters degree, he managed an investment
portfolio for the renowned Applied Security Analysis Program at Wisconsin. Notter also received a
Bachelors degree in Finance from the University of Wisconsin in 1993. He frequently participates in
communications equipment trade shows and conferences. His research comments have frequently
been carried in publications such as The Wall Street Journal, the Wall Street Transcript, Investor’s
Business Daily, and Light Reading.
177
Omotayo Okusanya, Managing Director & Senior Equity Research Analyst
Omotayo Okusanya ("Tayo") is a Managing Director in the equity research department at Jefferies, and
senior analyst responsible for coverage of Real Estate Investment Trusts (REITs). Prior to Jefferies,
Tayo was employed at UBS Securities LLC for seven years, and was the lead analyst responsible for
coverage of Healthcare, Biotech, Self-Storage, and Data Center REITs. Prior to UBS, he worked in
public accounting at PriceWaterHouseCoopers LLC.Tayo graduated with an MBA from Harvard
Business School, and has a B.Sc in Accounting and Computer Science (Summa Cum Laude) from
Rutgers University. He is also a CFA charter holder and a Certified Public Accountant (CPA). His
research has been recognized in annual analyst rankings published by the Wall Street Journal (2008),
as well as Forbes Magazine (2009 & 2010).
Brian Pitz, Managing Director & Senior Equity Research Analyst
Brian J. Pitz is a Managing Director and analyst in the TMT Group of Jefferies LLC Equity Research,
where he covers the Internet and Interactive Entertainment industry. Previously, he was an Executive
Director and Senior Research Analyst covering Internet and Interactive Entertainment at UBS, Bank of
America Securities LLC and Morgan Stanley as an Institutional Investor ranked analyst. Also, earlier in
his career at Morgan Stanley, Brian was part of the No. 1-ranked Broadcasting research team in
Institutional Investor’s All-America rankings in 1998, 1999, 2000 and 2001. Later, he was a coleader of the top ranked Internet research team in Institutional Investor and Greenwich in 2004 and
2005. Brian commenced his professional career in the Business Consulting practice of Arthur
Andersen LLP in New York. Brian received a BS from Villanova University.
Milan Radia, Managing Director & Senior Equity Research Analyst
+44 (0)20 7029 8676 / [email protected]
Milan Radia joined Jefferies International in June 2006 and is a Managing Director with responsibility
for coverage of the European Software, IT Services and Data Centre sectors. He has 20 years of equity
market experience. In each of 2010 and 2011, Milan was ranked the Number 1 earnings estimator in
Europe for his sector in the Starmine awards, as well as the Number 2 earnings estimator in the UK in
2011. Milan is a long-standing member of the UK PLC Awards and Techmark Awards voting panels.
Milan was previously at Bridgewell Securities where he was a Director and founding member of the
equity research team. During this time, Milan was voted Techmark Analyst of the Year and achieved a
Top 3 Institutional Investor sector ranking. Prior to this, Milan was a Director in the UBS technology
equity research group and a senior member of the Number 1 ranked software team. Milan started his
career at Prudential Portfolio Managers where he was a fund manager responsible for a range of high
growth and income unit trust funds in excess of £350m. Milan graduated with a First Class degree in
Economics from Selwyn College, Cambridge University.
178
Thomas Seitz, Managing Director & Senior Equity Research Analyst
Tom Seitz joined Jefferies in August of 2011 as managing director and senior research analyst
following the communications services space. His coverage focus is on RBOCs, wireless service
providers, alternative enterprise carriers, cable players, regional local exchange carriers and data center
operators. In 2007, The Wall Street Journal ranked Mr. Seitz the #4 analyst for Telecom -- Fixed Line,
in its "Best on the Street" survey. The Lehman telecom services team was consistently ranked in
Institutional Investor's "All-America Research Team" for both wireline and wireless during Mr. Seitz's
tenure.Mr. Seitz has been involved in the telecommunications industry for over 12 years. Before joining
Jefferies he was the Director of Research as well as a managing director and senior research analyst
following the telecom, cable, media and tech sectors for Height Analytics. Prior to that he was a senior
vice-president at Lehman Brothers, and subsequently Barclays Capital, covering the telecom services
sector in the equity research department for over nine years. Before joining Lehman Brothers, he was
vice president of business development at Worldwide Direct, a start-up telecom company focusing on
alternative sales channels for large wireless providers. Before that, he held a number of positions at
MCI, focusing on business analysis and development. Mr. Seitz holds a B.B.A. from the University of
Notre Dame. He also received an M.B.A. from Indiana University, where he was selected by the faculty
to represent the university at the Washington Campus -- a program designed to study the process of
government/business interaction.
Lee Simpson, Managing Director & Equity Research Analyst
+44 (0)20 7029 8695 / [email protected]
Lee Simpson joined Jefferies in September 2007 as a Senior Equity Research Analyst based in
London. Mr. Simpson covers technology hardware companies in the UK, Europe and in the US,
augmenting Jefferies' established coverage of the Global Technology industry. Mr. Simpson has over
16 years of experience in Technology, including 12 years as a sell-side research analyst. Prior to
joining Jefferies, he was a Director in the Research team at Evolution Securities Ltd, where he covered
UK Tech Hardware firms and consistently achieved top rankings. Previously, he was a partner at Arete
Research LLP, a pre-eminent tech-focused independent research boutique. Prior to that, Lee was a
member of the top-rated Telecoms research team with Goldman Sachs in London. He began his career
at Deutsche Telekom and also worked as a Telecoms consultant at Price Waterhouse Coopers. He has
a degree in Mathematics from Edinburgh University, a Master's in Operational Research from
Strathclyde University and a Master's in Finance from London Business School.
Yoshihiro Azuma, Senior Vice President & Equity Research Analyst
+81 3-5251-6186/ [email protected]
Yoshi joined Jefferies as a Japanese Hi-Tech material and chemical analyst in August 2011 from
Morgan Stanley, where he covered Japanese Hi-Tech material and chemicals for six years. Prior to
Morgan Stanley, Yoshi worked in equity research and fixed income for Nomura. Yoshi holds an MBA
from the University of Chicago.
179
Atul Goyal, Senior Vice President & Equity Research Analyst
Atul Goyal recently joined Jefferies in March 2013 as a Senior Analyst covering Asia Technology. Prior
to joining Jefferies, he was with CLSA as Asian equity sales. In a career spanning about 15 years
(mostly in research), he has lived in Japan, Singapore and India while covering and broking Asian
equities from various vantage points (research-analyst; research-sales). He is best known for his
coverage of Japanese tech stocks and global tech/media thematic work. He was top ranked Electronics
(Tech) sector analyst per Greenwich surveys in 2006-2008. Atul holds an MBA from Indian Institute
of Management, Ahmedabad; is a qualified Chartered Accountant and also holds the Chartered
Financial Analyst designation.
Ulrich Rathe, Senior Vice President & Equity Research Analyst
+44 (0) 20 7029 8286 / [email protected]
Ulrich Rathe joined Jefferies in December 2010 as an equity research analyst covering the European
telecom services industry. He has more than twelve years’ experience covering the European telecom
services and technology sectors, previously at UBS, Dresdner Kleinwort, and Société Générale. Ulrich
began his career at The Boston Consulting Group as a management consultant. He holds a PhD in
Physics from the University of Munich (LMU), an MBA from INSEAD, and is a CFA charterholder.
David Reynolds, Senior Vice President & Equity Research Analyst
+44 (0)20 7029 8694 / [email protected]
David Reynolds joined Jefferies in July 2011 as a senior Equity Research Analyst and is leading the
Global Media Sector coverage. Returning to the industry after a career break, David was Head of
European Technology Research at JP Morgan and II rated in the Software & IT Services sector. David
started his equity research career at Dresdner Kleinwort Benson in 1996. David is a Chartered
Accountant and an ex-Royal Marines Officer.
Aaron Schwartz, Senior Vice President & Senior Equity Research Analyst
Aaron Schwartz joined Jefferies in July 2011 as a Senior Vice President covering the Enterprise
Software industry. Aaron has covered the software industry as an equity research analyst for over 10
years and has a wide range of industry knowledge and previous company coverage across a range of
subsectors, including virtualization, network and systems management, storage and security software.
Most recently, Aaron was an Executive Director within the equity research division at MKM Partners
and prior to that he spent 10 years at J.P. Morgan, where he served as a Senior Equity Research
Analyst covering the software industry. Aaron holds a B.A. from Rollins College and is a CFA
charterholder.
180
Masahiro Wakasugi, Senior Vice President & Equity Research Analyst
+81 352516158 / [email protected]
Masahiro Wakasugi joined Jefferies in April 2011 as a Japan Electronic Components analyst. Masahiro
has 10 years of experience as an equity analyst covering upstream companies in the Japan technology
sector at AllianceBernstein. He was also a portfolio manager for the Asian Technology Fund from 2005
to 2009, which won the ?Lipper Fund Award in Information Technology Sector (10 years)? in 2009.
He worked for Mitsubishi UFJ Research and Consulting as a management consultant for five years
before moving to the financial industry. Masahiro holds a Master and Bachelor of Engineering,
concentrating on Modern Portfolio Theory in Finance, from Waseda University (Japan).
Vishal Agarwal, Vice President & Equity Research Analyst
+91 2242246121 / [email protected]
Vishal Agarwal joined Jefferies in September 2011 and is a Vice President and an Equity Research
Analyst based in Mumbai covering the Indian IT sector. Prior to Jefferies, he worked at Citigroup Global
Markets for four years co-covering the Indian IT and Telecom sectors. He also garnered over ten years
of industry experience at Oracle Financial Software Services in software development and began his
research career at ASK Raymond James and Irevna Research Services, a division of CRISIL. Vishal
holds an engineering degree from IIT Bombay and an MBA from IIM Bangalore.
Sundeep Bajikar, Vice President & Senior Equity Research Analyst
Sundeep Bajikar joined Jefferies in 2011 as a Senior Semiconductor Research Analyst. He was
previously in a similar role at Morgan Stanley for five years, prior to which he was in engineering and
strategic planning positions at Intel Corporation for nine years. Sundeep holds an MBA in Finance
from The Wharton School, in addition to MS degrees in Electrical Engineering and Mechanical
Engineering from University of Minnesota. He has also completed graduate level engineering course
work at Stanford University, and holds 10 U.S. and international patents issued in his name, with
more than 20 additional patents pending.
Ramsey El-Assal, Vice President & Equity Research Analyst
Ramsey El-Assal is a Vice President and Analyst in Equity Research at Jefferies, LLC. Ramsey joined
Jefferies in 2011. His coverage universe includes SMID-cap processors. Prior roles include two years at
UBS supporting coverage in the payments processing sector, and three years as a senior managing
consultant with MasterCard Advisors—MasterCard’s in-house professional services group. Ramsey
came to MasterCard from Coinstar e-Payments, where he was Vice President of Operations, and worked
prior to that for a start-up prepaid card transaction processor that he helped to found. Ramsey has a
B.A. from the University of California, Riverside, and an MFA and Ph.D. in music history from
Princeton University.
181
Ken Hui, Vice President & Equity Research Analyst
Ken Hui is a Vice President and an analyst covering Greater China tech, based in Hong Kong. He has
nine years of experience in Asian tech research and investment. He was the regional tech analyst at
China Asset Management and the tech fund manager at Mirae Asset. Prior to that, he was a tech
analyst at UBS and Lehman Brothers. Before joining finance industry, he was an IT consultant at
Electronic Data Systems, now a unit of Hewlett-Packard. He has an MBA from Columbia Business
School, an MSc in Investment Management from Hong Kong University of Science and Technology,
and a BEng in Computer Engineering from University of Hong Kong. He is also a CFA charterholder.
James Kisner, Vice President & Equity Research Analyst
James M. Kisner, CFA, is a Vice President at Jefferies covering the Communications Infrastructure
industry with a focus on optical component companies and expertise in cable infrastructure and VoIP
infrastructure. James also covers the connector space. He joined Jefferies in 2006 and also worked at
J.P. Morgan as a Vice President and Senior Associate covering the Global Data Networking and
Communication Equipment sector. Prior to his career in Equity Research, Mr. Kisner worked seven
years in market research management roles at top-tier consumer package goods companies such as
Procter & Gamble, Kellogg and ConAgra Foods. He graduated with Honors from Wharton with an MBA
in Finance in 2006. James also graduated Summa Cum Laude from Indiana University with a Bachelor
of Arts in Economics, Mathematics, and Political Science. Mr. Kisner is a CFA charterholder.
Will Smith, Vice President & Equity Research Analyst
+44 (0) 20 7029 8273 / [email protected]
Will Smith joined the Media research team at Jefferies in November 2009 and leads global coverage
of the sector alongside David Reynolds. Previously he covered a variety of sectors while on the buy side
including UK Engineering and Infrastructure at Capital Group and as a EMEA generalist at LNG
Capital, a distressed debt hedge fund. Will graduated from Vanderbilt University with a degree in Civil
Engineering and earned his MBA at London Business School. He is also a CFA charterholder.
Giles Thorne, Vice President & Equity Research Analyst
+44 (0) 20 7029 8005 / [email protected]
Giles Thorne is an analyst in the European Telecoms research team. Giles re-joined Jefferies in
February 2012 as part of the acquisition of Hoare Govett from RBS, where he had spent two years in
the same role. Prior to joining RBS, Giles spent one year as a generalist analyst at Coronation Capital
and three years in technology M&A at Jefferies. Giles started his career at PricewaterhouseCoopers
where he trained as a chartered accountant before moving internally into the telecoms corporate
finance team. Giles has a degree in Mathematics from the University of Leeds.
182
Conference Notes
183
184
Please contact your Jefferies representative for copies of the most recent research reports on individual companies.
This material has been prepared by Jefferies LLC (“Jefferies”) a U.S.-registered broker-dealer, employing appropriate
expertise, and in the belief that it is fair and not misleading. It is approved for distribution in the United Kingdom by Jefferies
International Limited (“JIL”) which is authorized and regulated by the Financial Services Authority (“FSA”). The information
upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified.
Therefore except for any obligations under the rules of the FSA, we do not guarantee its accuracy. Additional and supporting
information is available upon request. This is not an offer or solicitation of an offer to buy or sell any security or investment.
Any opinion or estimates constitute our best judgment as of this date, and are subject to change without notice. Jefferies and
JIL and their affiliates and their respective directors, officers and employees may buy or sell securities mentioned herein as
agent or principal for their own account.
In the UK, this material is intended for use only by persons who have professional experience in matters relating
to investments falling within Articles 19(5) and 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended), or to persons to whom it can be otherwise lawfully distributed. For Canadian investors,
this material is intended for use only by professional or institutional investors. None of the investments or investment services
mentioned or described herein are available to other persons or to anyone in Canada who is not a “Designated Institution” as
defined by the Securities Act (Ontario).
For Important Disclosure information, please visit our website at https://jefferies.bluematrix.com/bluematrix/JefDisclosure or
call 212.284.2300.
Copyright 2013 Jefferies LLC. All rights reserved.
185
Conference Notes
186
Conference Notes
187
Conference Notes
188
Conference Notes
189
Conference Notes
190

Table of Contents

Transcription

Similar documents

Latvian Shipping Company

MOLSON COORS BREWING COMPANY GOLDMAN SACHS

avgol

COMPANY PRESENTATION

108 Marina Terra

Utalii Hotel Tariffs Non Resident HOTEL LAUNDRY ZAWADI GIFT

emgs quarterly presentation

chantecler 16-a, las fuentes — $118,00 usd steffen features

CONDO YELAPA, The Park - Vallarta Rentals and Sales

LIQUOR STORES INCOME FUND