SCREENING PROCESS
July 8, 2013
Initial Screen
2
• SGD• SGX• Singapore Companies• 5m < EBITDA < 15m• EBITDA Margins > 15%• CAGR 4-FY > 10%• PX/EBITDA < 7 times
Initial Screen
133
39
15
778
6
778SGD, SGX
5M < EBITDA < 15M
EBITDA Margin >15%
CAGR > 10%
Price/EBITDA < 7 Times
Without EBITDA Margin
4
778
133
42
21
SGD, SGX
5M < EBITDA < 15M
CAGR > 10%
Price/EBITDA < 7 Times
Without CAGR
5
778
133
39
18
SGD, SGX
5M < EBITDA < 15M
EBITDA Margin >15%
Price/EBITDA < 7 Times
6
Without EBITDA Margin
Without CAGR
Original Screen WITH BOTH EBITDA Margin and CAGR
21
6
18
Changes in EBITDA
7
2019181716151413121110986 7543
Nu
mb
er o
f F
irm
s
EBITDA (Millions)
+2 Firms
12
11
10
9
8
6
7
+3 Firms
Original
Changes in EBITDA Margin
8
>16>15>14>13>12>11>10>8 >9>7>6
Nu
mb
er o
f F
irm
s
EBITDA Margin (%)
12
11
10
9
8
6
7
Original
Changes in CAGR
9
>15>14>13>12>11>10>9>7 >8>6>5
Nu
mb
er o
f F
irm
s
4 Year CAGR (%)
Original
12
11
10
9
8
6
7
Screening Comparison
10
• Original Screen– 5M < EBITDA < 15M– EBITDA Margin > 15%– CAGR 4-FY > 10%– Price/EBITDA < 7 times– Result: 6 Firms
Screening Comparison
11
• No CAGR–5M < EBITDA < 15M–EBITDA Margin > 15%–Price/EBITDA < 7 times–Result: 18 Firms
• No CAGR, No Price/EBITDA–5M < EBITDA < 15M–EBITDA Margin > 15%–Result: 39 Firms
Screening Comparison
12
• No EBITDA Margin– 5M < EBITDA < 15M– CAGR 4-FY > 10%– Price/EBITDA < 7 times– Result: 21 Firms
• No EBITDA Margin, No Price/EBITDA– 5M < EBITDA < 15M– CAGR 4-FY > 10%– Result: 42 Firms
Recommended
