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PROJECT SPARKLE
CONFIDENTIAL
11.26.03
Exhibit (c) (i)
VALUATION ANALYSIS
This presentation and its analyses are only for the use of Alan Zimmer, and are not intended to, nor should they be, relied upon by any other party, including shareholders of Reeds Jewelers, Inc. The consent of Capitalink is required prior to the disclosure to any third party of this presentation, its analyses, or of the assessments made by Capitalink. These materials are based solely on information contained in publicly available documents and . . .
1666020
|
Berkshire
As referenced in this Valuation Analysis:
Berkshire Hathaway Inc – 41.77
%
42.91
%
30.74
%
18-Sep-01
Organic Inc
Seneca Investments LLC
80.90
%
19.10
%
13.79
%
17.86
%
37.50
%
22-Aug-01
HomeServices.Com Inc
Berkshire Hathaway Inc
83.50
%
16.50
%
38.78
%
40.50
%
66.67
%
14-Aug-01
National Home Centers Inc
Private Group Led By Dwain A Newman
63.49
%
36.51
%
21.
_____________
dt 1345671
;
Harman Int'l
As referenced in this Valuation Analysis:
Harman International Industries Inc – 20.00
%
20.00
%
24.26
%
11-Mar-02
Hawker Pacific Aerospace
Deutsche Lufthansa AG
72.70
%
27.30
%
2.20
%
3.50
%
51.16
%
6-Mar-02
CAA AG
Harman International Industries Inc
78.15
%
21.85
%
0.44
%
27.50
%
12.50
%
22-Jan-02
Rottlund Co Inc (The)
Private Group Led by David and Bernard Rotter
71.40
%
28.60
%
_____________
dt 1429876
;
|
Whitehall
As referenced in this Valuation Analysis:
Whitehall Jewellers, Inc. – EBITDA
-108.4
%
-4.6
%
Notes
Other Analysis
Number of
stores
Avg Store
Size (Sq Ft)
Avg Sales/
Store ($000)
Avg Price
Per Trans ($)
383
870
$ 929
$302
Company Description
Whitehall Jewellers, Inc. serves as a national specialty retailer of fine jewelry. It offers jewelry in the following key categories: diamond, such as diamond jewelry, diamond solitaires, and bridal), gold, precious, and
_____________
dt 1455951
;
Whitehall
As referenced in this Valuation Analysis:
Whitehall Jewellers, Inc. – EBITDA
-108.4
%
-4.6
%
Notes
Other Analysis
Number of
stores
Avg Store
Size (Sq Ft)
Avg Sales/
Store ($000)
Avg Price
Per Trans ($)
383
870
$ 929
$302
Company Description
Whitehall Jewellers, Inc. serves as a national specialty retailer of fine jewelry. It offers jewelry in the following key categories: diamond, such as diamond jewelry, diamond solitaires, and bridal), gold, precious, and
_____________
dt 1455969
;
Zale
As referenced in this Valuation Analysis:
Zale Corp
– 3,636,089
15.0
x
14.0
x
2.6
x
2.7
x
1.43
x
na
10.8
x
9.1
x
2.0
x
10.0
%
Zale Corp
ZLC
55.170
1.6
%
94.6
%
1,512,155
1,696,555
1,661,282
18.6
14.9
2.3
2.7
0.75
0.73
10.
_____________
Zale Corp
– 6
%
13.3
%
15.7
%
13.3
%
8.0
%
11.0
%
18.3
%
4.9
x
2.4
x
74.7
4.0
17.5
%
1.6
x
8.3
%
Zale Corp
2,212,241
50.2
%
40.3
%
7.4
%
9.6
%
7.1
%
4.3
%
6.9
%
12.0
%
na
1.4
na
2.5
11.1
%
0.9
_____________
Zale Corp
– Group PLC
$
2,537,866
$
2,460,240
$
398,488
$
388,620
$
336,827
$
330,786
$
201,983
$
197,217
$
3.54
$
3.46
31-Jul-03
1-Feb-03
Zale Corp
2,212,241
2,212,241
213,467
213,467
157,314
157,314
95,655
95,655
2.96
2.96
31-Jul-03
31-Jul-03
Friedmans
_____________
Zale Corp
– PLC
$
50,071
$
508,921
$
905,464
$
1,464,456
$
345,828
$
31,717
$
1,842,001
$
367,724
$
635,467
$
1,166,928
$
1,135,211
31-Jul-03
Zale Corp
35,273
798,761
886,484
266,167
82,199
1,294,106
354,041
184,400
652,323
570,124
31-Jul-03
Friedmans Inc
286
176,433
_____________
Zale Corp
– Acquired 45% stake at $9.0 million.
56.30
(5.20
)
17.00
20.00
30.20
29.00
1.2
0.52
na
11-Aug-00
20-Sep-00
Zale Corp
(NYSE: ZLC)
Piercing Pagoda, Inc
Operates specialty jewelry kiosk stores
280.72
33.73
65.56
197.55
220.12
218.98
3.0
0.78
6.5
1-
_____________
dt 1456099
|
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336392
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American Skiing Company
As referenced in this Valuation Analysis:
AMERICAN SKIING CO – IN MIL) VALUE (IN MIL) EPS EPS SHARE EBITDA EBIT REVENUES
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . $0.97 $30 $599 61.6% $435 NM NM 0.2x 11.2x 78.5x 1.4x
CLUBHAUS PLC* 0.32 32
_____________
AMERICAN SKIING CO – EPS EBITDA EBITDA INCOME INCOME ROE ROE ROA ROA
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . 11.2 34.2 17.8 12.9 NA 12.3 16.4 (8.2) (4.5) NM 1.0 NM 4.
_____________
AMERICAN SKIING CO – 8% of course revenues. All calculations
based on representative levels of revenues and COI.
- 40 - DUFF & PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING CO MPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Company (ASC), formed in 1997, is a
_____________
American Skiing Co – PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING COMPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Co mpany (ASC), formed in 1997, is a holding company that,
through various subsidiaries, operates in two business segments, ski
resorts and real estate
_____________
American Skiing Co – in Colorado, and
Heavenly Valley Ski & Resort Corporation in California/Nevada. The Company
performs its real estate development through its wholly owned subsidiary,
American Skiing Co mpany Resort Properties, Inc. (Resort Properties), and
Resort Properties' subsidiaries, including Grand Summit Resort Properties,
Inc. (GSRP) and Canyons Resort Properties, Inc. The
_____________
dt 694921
;
|
Golf Trust
As referenced in this Valuation Analysis:
GOLF TRUST OF AMERICA – 2.8
CLUBLINK CORP.* 6.20 125 355 65.4% 106 29.4 18.8 0.6 14.1 22.6 3.4
GOLF TRUST OF AMERICA 8.36 69 336 62.5% 53 NM NA 1.1 9.7 16.1 6.4
CROWN SPORTS PLC* 0.25
_____________
GOLF TRUST OF AMERICA – 44.2 (0.7) 28.6 NA 23.8 27.2 4.4 8.4 2.3 4.1 2.4 2.8
GOLF TRUST OF AMERICA (8.5) 43.6 (33.1) 42.9 NA 65.4 87.4 (0.2) 18.1 NM 7.4 NM 4.
_____________
Golf Trust of America – 232.0 65.4% 40.0% 0.26
Crown Sports Plc 0.19 $ 63.2 $ 25.7 28.9% 0.0% 0.14
Golf Trust of America 0.53 $ 63.7 $210.0 76.7% 40.0% 0.18
National Golf Properties 0.50 $313.4 $452.7 59.
_____________
GOLF TRUST OF AMERICA – no provision for
income taxes.
{/TABLE}
- 36 - DUFF & PHELPS, LLC
{PAGE}
GOTHAM GOLF PARTNERS
CAPITALIZATION RATE ANALYSIS
INDICATED
SOURCE CAP. RATE RANGE
--------------------------------------------------------------------------------
1) GOLF TRUST OF AMERICA - DISPOSITION OF ASSETS SOLD ANALYSIS 10.51%
. First Union analyst report indicates an implied
cap rate median of 10.51% on courses
_____________
GOLF TRUST OF AMERICA – cap rates for survey ranged from 5.0%
to 26.0%.
. Average overall cap rate for the Fall 2000 was
10.65%.
4) GOLF TRUST OF AMERICA - VALUATION ANALYSIS FOR FAIRNESS OPINION 11.1%
. Banc of America Securities (BAS) rendered a
fairness opinion in connection with the
liquidation of
_____________
dt 683844
;
 First Union
As referenced in this Valuation Analysis:
First Union Securities, Inc – and 2001 with
available capitalization rate data, was 10.5%.
DUFF & PHELPS' CONCLUDED CAP RATE RANGE 10.5% TO 11.5%
----------------------------------------------------------------------
1) Source: First Union Securities, Inc ., Analyst Report, August 9, 2001.
2) Source: Merrill Lynch, Analyst Report, April 20, 2001.
3) Source: GVI Consulting / PriceWaterhouseCoopers, Golf Financing &
Investment
_____________
dt 653679
|
| Subscribers | 2002 |
Valuation Analysis
Valuation Analysis (197K)
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336403
|
American Skiing Company
As referenced in this Valuation Analysis:
AMERICAN SKIING CO – IN MIL) VALUE (IN MIL) EPS EPS SHARE EBITDA EBIT REVENUES
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . $0.97 $30 $599 61.6% $435 NM NM 0.2x 11.2x 78.5x 1.4x
CLUBHAUS PLC* 0.32 32
_____________
AMERICAN SKIING CO – EPS EBITDA EBITDA INCOME INCOME ROE ROE ROA ROA
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . 11.2 34.2 17.8 12.9 NA 12.3 16.4 (8.2) (4.5) NM 1.0 NM 4.
_____________
AMERICAN SKIING CO – 8% of course revenues. All calculations
based on representative levels of revenues and COI.
- 40 - DUFF & PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING CO MPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Company (ASC), formed in 1997, is a
_____________
American Skiing Co – PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING COMPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Co mpany (ASC), formed in 1997, is a holding company that,
through various subsidiaries, operates in two business segments, ski
resorts and real estate
_____________
American Skiing Co – in Colorado, and
Heavenly Valley Ski & Resort Corporation in California/Nevada. The Company
performs its real estate development through its wholly owned subsidiary,
American Skiing Co mpany Resort Properties, Inc. (Resort Properties), and
Resort Properties' subsidiaries, including Grand Summit Resort Properties,
Inc. (GSRP) and Canyons Resort Properties, Inc. The
_____________
dt 694923
;
|
Golf Trust
As referenced in this Valuation Analysis:
GOLF TRUST OF AMERICA – 2.8
CLUBLINK CORP.* 6.20 125 355 65.4% 106 29.4 18.8 0.6 14.1 22.6 3.4
GOLF TRUST OF AMERICA 8.36 69 336 62.5% 53 NM NA 1.1 9.7 16.1 6.4
CROWN SPORTS PLC* 0.25
_____________
GOLF TRUST OF AMERICA – 44.2 (0.7) 28.6 NA 23.8 27.2 4.4 8.4 2.3 4.1 2.4 2.8
GOLF TRUST OF AMERICA (8.5) 43.6 (33.1) 42.9 NA 65.4 87.4 (0.2) 18.1 NM 7.4 NM 4.
_____________
Golf Trust of America – 232.0 65.4% 40.0% 0.26
Crown Sports Plc 0.19 $ 63.2 $ 25.7 28.9% 0.0% 0.14
Golf Trust of America 0.53 $ 63.7 $210.0 76.7% 40.0% 0.18
National Golf Properties 0.50 $313.4 $452.7 59.
_____________
GOLF TRUST OF AMERICA – no provision for
income taxes.
{/TABLE}
- 36 - DUFF & PHELPS, LLC
{PAGE}
GOTHAM GOLF PARTNERS
CAPITALIZATION RATE ANALYSIS
INDICATED
SOURCE CAP. RATE RANGE
--------------------------------------------------------------------------------
1) GOLF TRUST OF AMERICA - DISPOSITION OF ASSETS SOLD ANALYSIS 10.51%
. First Union analyst report indicates an implied
cap rate median of 10.51% on courses
_____________
GOLF TRUST OF AMERICA – cap rates for survey ranged from 5.0%
to 26.0%.
. Average overall cap rate for the Fall 2000 was
10.65%.
4) GOLF TRUST OF AMERICA - VALUATION ANALYSIS FOR FAIRNESS OPINION 11.1%
. Banc of America Securities (BAS) rendered a
fairness opinion in connection with the
liquidation of
_____________
dt 683846
;
First Union
As referenced in this Valuation Analysis:
First Union Securities, Inc – and 2001 with
available capitalization rate data, was 10.5%.
DUFF & PHELPS' CONCLUDED CAP RATE RANGE 10.5% TO 11.5%
----------------------------------------------------------------------
1) Source: First Union Securities, Inc ., Analyst Report, August 9, 2001.
2) Source: Merrill Lynch, Analyst Report, April 20, 2001.
3) Source: GVI Consulting / PriceWaterhouseCoopers, Golf Financing &
Investment
_____________
dt 653681
|
| Subscribers | 2002 |
Valuation Analysis
Valuation Analysis (197K)
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336414
|
American Skiing Company
As referenced in this Valuation Analysis:
AMERICAN SKIING CO – IN MIL) VALUE (IN MIL) EPS EPS SHARE EBITDA EBIT REVENUES
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . $0.97 $30 $599 61.6% $435 NM NM 0.2x 11.2x 78.5x 1.4x
CLUBHAUS PLC* 0.32 32
_____________
AMERICAN SKIING CO – EPS EBITDA EBITDA INCOME INCOME ROE ROE ROA ROA
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . 11.2 34.2 17.8 12.9 NA 12.3 16.4 (8.2) (4.5) NM 1.0 NM 4.
_____________
AMERICAN SKIING CO – 8% of course revenues. All calculations
based on representative levels of revenues and COI.
- 40 - DUFF & PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING CO MPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Company (ASC), formed in 1997, is a
_____________
American Skiing Co – PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING COMPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Co mpany (ASC), formed in 1997, is a holding company that,
through various subsidiaries, operates in two business segments, ski
resorts and real estate
_____________
American Skiing Co – in Colorado, and
Heavenly Valley Ski & Resort Corporation in California/Nevada. The Company
performs its real estate development through its wholly owned subsidiary,
American Skiing Co mpany Resort Properties, Inc. (Resort Properties), and
Resort Properties' subsidiaries, including Grand Summit Resort Properties,
Inc. (GSRP) and Canyons Resort Properties, Inc. The
_____________
dt 694925
;
|
Golf Trust
As referenced in this Valuation Analysis:
GOLF TRUST OF AMERICA – 2.8
CLUBLINK CORP.* 6.20 125 355 65.4% 106 29.4 18.8 0.6 14.1 22.6 3.4
GOLF TRUST OF AMERICA 8.36 69 336 62.5% 53 NM NA 1.1 9.7 16.1 6.4
CROWN SPORTS PLC* 0.25
_____________
GOLF TRUST OF AMERICA – 44.2 (0.7) 28.6 NA 23.8 27.2 4.4 8.4 2.3 4.1 2.4 2.8
GOLF TRUST OF AMERICA (8.5) 43.6 (33.1) 42.9 NA 65.4 87.4 (0.2) 18.1 NM 7.4 NM 4.
_____________
Golf Trust of America – 232.0 65.4% 40.0% 0.26
Crown Sports Plc 0.19 $ 63.2 $ 25.7 28.9% 0.0% 0.14
Golf Trust of America 0.53 $ 63.7 $210.0 76.7% 40.0% 0.18
National Golf Properties 0.50 $313.4 $452.7 59.
_____________
GOLF TRUST OF AMERICA – no provision for
income taxes.
{/TABLE}
- 36 - DUFF & PHELPS, LLC
{PAGE}
GOTHAM GOLF PARTNERS
CAPITALIZATION RATE ANALYSIS
INDICATED
SOURCE CAP. RATE RANGE
--------------------------------------------------------------------------------
1) GOLF TRUST OF AMERICA - DISPOSITION OF ASSETS SOLD ANALYSIS 10.51%
. First Union analyst report indicates an implied
cap rate median of 10.51% on courses
_____________
GOLF TRUST OF AMERICA – cap rates for survey ranged from 5.0%
to 26.0%.
. Average overall cap rate for the Fall 2000 was
10.65%.
4) GOLF TRUST OF AMERICA - VALUATION ANALYSIS FOR FAIRNESS OPINION 11.1%
. Banc of America Securities (BAS) rendered a
fairness opinion in connection with the
liquidation of
_____________
dt 683848
;
First Union
As referenced in this Valuation Analysis:
First Union Securities, Inc – and 2001 with
available capitalization rate data, was 10.5%.
DUFF & PHELPS' CONCLUDED CAP RATE RANGE 10.5% TO 11.5%
----------------------------------------------------------------------
1) Source: First Union Securities, Inc ., Analyst Report, August 9, 2001.
2) Source: Merrill Lynch, Analyst Report, April 20, 2001.
3) Source: GVI Consulting / PriceWaterhouseCoopers, Golf Financing &
Investment
_____________
dt 653683
|
| Subscribers | 2002 |
Valuation Analysis
Valuation Analysis (197K)
Doc #336425: This document is immediately available for purchase, but does not have a preview available for viewing.
336425
|
American Skiing Company
As referenced in this Valuation Analysis:
AMERICAN SKIING CO – IN MIL) VALUE (IN MIL) EPS EPS SHARE EBITDA EBIT REVENUES
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . $0.97 $30 $599 61.6% $435 NM NM 0.2x 11.2x 78.5x 1.4x
CLUBHAUS PLC* 0.32 32
_____________
AMERICAN SKIING CO – EPS EBITDA EBITDA INCOME INCOME ROE ROE ROA ROA
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . 11.2 34.2 17.8 12.9 NA 12.3 16.4 (8.2) (4.5) NM 1.0 NM 4.
_____________
AMERICAN SKIING CO – 8% of course revenues. All calculations
based on representative levels of revenues and COI.
- 40 - DUFF & PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING CO MPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Company (ASC), formed in 1997, is a
_____________
American Skiing Co – PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING COMPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Co mpany (ASC), formed in 1997, is a holding company that,
through various subsidiaries, operates in two business segments, ski
resorts and real estate
_____________
American Skiing Co – in Colorado, and
Heavenly Valley Ski & Resort Corporation in California/Nevada. The Company
performs its real estate development through its wholly owned subsidiary,
American Skiing Co mpany Resort Properties, Inc. (Resort Properties), and
Resort Properties' subsidiaries, including Grand Summit Resort Properties,
Inc. (GSRP) and Canyons Resort Properties, Inc. The
_____________
dt 694927
;
|
Golf Trust
As referenced in this Valuation Analysis:
GOLF TRUST OF AMERICA – 2.8
CLUBLINK CORP.* 6.20 125 355 65.4% 106 29.4 18.8 0.6 14.1 22.6 3.4
GOLF TRUST OF AMERICA 8.36 69 336 62.5% 53 NM NA 1.1 9.7 16.1 6.4
CROWN SPORTS PLC* 0.25
_____________
GOLF TRUST OF AMERICA – 44.2 (0.7) 28.6 NA 23.8 27.2 4.4 8.4 2.3 4.1 2.4 2.8
GOLF TRUST OF AMERICA (8.5) 43.6 (33.1) 42.9 NA 65.4 87.4 (0.2) 18.1 NM 7.4 NM 4.
_____________
Golf Trust of America – 232.0 65.4% 40.0% 0.26
Crown Sports Plc 0.19 $ 63.2 $ 25.7 28.9% 0.0% 0.14
Golf Trust of America 0.53 $ 63.7 $210.0 76.7% 40.0% 0.18
National Golf Properties 0.50 $313.4 $452.7 59.
_____________
GOLF TRUST OF AMERICA – no provision for
income taxes.
{/TABLE}
- 36 - DUFF & PHELPS, LLC
{PAGE}
GOTHAM GOLF PARTNERS
CAPITALIZATION RATE ANALYSIS
INDICATED
SOURCE CAP. RATE RANGE
--------------------------------------------------------------------------------
1) GOLF TRUST OF AMERICA - DISPOSITION OF ASSETS SOLD ANALYSIS 10.51%
. First Union analyst report indicates an implied
cap rate median of 10.51% on courses
_____________
GOLF TRUST OF AMERICA – cap rates for survey ranged from 5.0%
to 26.0%.
. Average overall cap rate for the Fall 2000 was
10.65%.
4) GOLF TRUST OF AMERICA - VALUATION ANALYSIS FOR FAIRNESS OPINION 11.1%
. Banc of America Securities (BAS) rendered a
fairness opinion in connection with the
liquidation of
_____________
dt 683855
;
First Union
As referenced in this Valuation Analysis:
First Union Securities, Inc – and 2001 with
available capitalization rate data, was 10.5%.
DUFF & PHELPS' CONCLUDED CAP RATE RANGE 10.5% TO 11.5%
----------------------------------------------------------------------
1) Source: First Union Securities, Inc ., Analyst Report, August 9, 2001.
2) Source: Merrill Lynch, Analyst Report, April 20, 2001.
3) Source: GVI Consulting / PriceWaterhouseCoopers, Golf Financing &
Investment
_____________
dt 653685
|
| Subscribers | 2002 |
Valuation Analysis
Valuation Analysis (197K)
Doc #336435: This document is immediately available for purchase, but does not have a preview available for viewing.
336435
|
American Skiing Company
As referenced in this Valuation Analysis:
AMERICAN SKIING CO – IN MIL) VALUE (IN MIL) EPS EPS SHARE EBITDA EBIT REVENUES
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . $0.97 $30 $599 61.6% $435 NM NM 0.2x 11.2x 78.5x 1.4x
CLUBHAUS PLC* 0.32 32
_____________
AMERICAN SKIING CO – EPS EBITDA EBITDA INCOME INCOME ROE ROE ROA ROA
------------------------------------------------------------------------------------------------------------------------------------
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
AMERICAN SKIING CO . 11.2 34.2 17.8 12.9 NA 12.3 16.4 (8.2) (4.5) NM 1.0 NM 4.
_____________
AMERICAN SKIING CO – 8% of course revenues. All calculations
based on representative levels of revenues and COI.
- 40 - DUFF & PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING CO MPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Company (ASC), formed in 1997, is a
_____________
American Skiing Co – PHELPS, LLC
{PAGE}
COMPARABLE PUBLIC COMPANY ANALYSIS
================================================================================
AMERICAN SKIING COMPANY
Symbol: SKI Exchange: NYSE Close: 0.97 Date: 08/16/01
BUSINESS OVERVIEW
American Skiing Co mpany (ASC), formed in 1997, is a holding company that,
through various subsidiaries, operates in two business segments, ski
resorts and real estate
_____________
American Skiing Co – in Colorado, and
Heavenly Valley Ski & Resort Corporation in California/Nevada. The Company
performs its real estate development through its wholly owned subsidiary,
American Skiing Co mpany Resort Properties, Inc. (Resort Properties), and
Resort Properties' subsidiaries, including Grand Summit Resort Properties,
Inc. (GSRP) and Canyons Resort Properties, Inc. The
_____________
dt 694929
;
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Golf Trust
As referenced in this Valuation Analysis:
GOLF TRUST OF AMERICA – 2.8
CLUBLINK CORP.* 6.20 125 355 65.4% 106 29.4 18.8 0.6 14.1 22.6 3.4
GOLF TRUST OF AMERICA 8.36 69 336 62.5% 53 NM NA 1.1 9.7 16.1 6.4
CROWN SPORTS PLC* 0.25
_____________
GOLF TRUST OF AMERICA – 44.2 (0.7) 28.6 NA 23.8 27.2 4.4 8.4 2.3 4.1 2.4 2.8
GOLF TRUST OF AMERICA (8.5) 43.6 (33.1) 42.9 NA 65.4 87.4 (0.2) 18.1 NM 7.4 NM 4.
_____________
Golf Trust of America – 232.0 65.4% 40.0% 0.26
Crown Sports Plc 0.19 $ 63.2 $ 25.7 28.9% 0.0% 0.14
Golf Trust of America 0.53 $ 63.7 $210.0 76.7% 40.0% 0.18
National Golf Properties 0.50 $313.4 $452.7 59.
_____________
GOLF TRUST OF AMERICA – no provision for
income taxes.
{/TABLE}
- 36 - DUFF & PHELPS, LLC
{PAGE}
GOTHAM GOLF PARTNERS
CAPITALIZATION RATE ANALYSIS
INDICATED
SOURCE CAP. RATE RANGE
--------------------------------------------------------------------------------
1) GOLF TRUST OF AMERICA - DISPOSITION OF ASSETS SOLD ANALYSIS 10.51%
. First Union analyst report indicates an implied
cap rate median of 10.51% on courses
_____________
GOLF TRUST OF AMERICA – cap rates for survey ranged from 5.0%
to 26.0%.
. Average overall cap rate for the Fall 2000 was
10.65%.
4) GOLF TRUST OF AMERICA - VALUATION ANALYSIS FOR FAIRNESS OPINION 11.1%
. Banc of America Securities (BAS) rendered a
fairness opinion in connection with the
liquidation of
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First Union
As referenced in this Valuation Analysis:
First Union Securities, Inc – and 2001 with
available capitalization rate data, was 10.5%.
DUFF & PHELPS' CONCLUDED CAP RATE RANGE 10.5% TO 11.5%
----------------------------------------------------------------------
1) Source: First Union Securities, Inc ., Analyst Report, August 9, 2001.
2) Source: Merrill Lynch, Analyst Report, April 20, 2001.
3) Source: GVI Consulting / PriceWaterhouseCoopers, Golf Financing &
Investment
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| Preview
Subscribers | 2001 |
Valuation Analysis
Valuation Analysis (290K)
Doc #1631347: Click preview link for longer preview.
Kaiser Ventures, Inc.
Valuation Analysis
As of June 30, 2001
<PAGE>
[Duff & Phelps, LLC Letterhead]
July 3, 2001
Board of Directors of Kaiser Ventures Inc.
3633 East Inland Empire Boulevard, Suite 850
Ontario, CA 91764
To the Board of Directors of Kaiser Ventures Inc.:
Duff & Phelps, LLC ("Duff & Phelps") has been engaged by Kaiser Ventures Inc.
(" . . .
1631347
|
Allied Waste
As referenced in this Valuation Analysis:
Allied Waste Industries, Inc. – not include: (1) transportation or storage of hazardous
waste, or (2) environmental engineering and remediation services.
Applying these screening criteria resulted in the identification of the
following seven comparable companies:
. Allied Waste Industries, Inc.
. Casella Waste Systems, Inc.
. Republic Services, Inc.
. Waste Connections, Inc.
. Waste Industries, Inc.
. Waste Management, Inc.
Comparative Analysis
The tables presented in Tab C include various schedules detailing the
_____________
Allied Waste Industries Inc. – handling. Casella Waste Systems, Inc.
03/11/1999 Community Refuse Service Inc. Own, operate refuse systems Waste Systems International
03/05/1999 Browning-Ferris Industries Inc. Provide waste management services Allied Waste Industries Inc.
08/10/1998 American Disposal Services Inc. Provide waste disposal services Allied Waste Industries Inc.
05/06/1998 FCR Inc. Provide waste disposal services KTI Inc.
03/11/1998
_____________
Allied Waste Industries Inc. – systems Waste Systems International
03/05/1999 Browning-Ferris Industries Inc. Provide waste management services Allied Waste Industries Inc.
08/10/1998 American Disposal Services Inc. Provide waste disposal services Allied Waste Industries Inc.
05/06/1998 FCR Inc. Provide waste disposal services KTI Inc.
03/11/1998 Waste Management Inc. Provide chemical waste management services USA Waste Services Inc.
02/09/1998
_____________
dt 1673274
;
Allied Waste
As referenced in this Valuation Analysis:
Allied Waste Industries, Inc. – not include: (1) transportation or storage of hazardous
waste, or (2) environmental engineering and remediation services.
Applying these screening criteria resulted in the identification of the
following seven comparable companies:
. Allied Waste Industries, Inc.
. Casella Waste Systems, Inc.
. Republic Services, Inc.
. Waste Connections, Inc.
. Waste Industries, Inc.
. Waste Management, Inc.
Comparative Analysis
The tables presented in Tab C include various schedules detailing the
_____________
dt 1673282
;
Casella Waste
As referenced in this Valuation Analysis:
Casella Waste Systems, Inc. – or storage of hazardous
waste, or (2) environmental engineering and remediation services.
Applying these screening criteria resulted in the identification of the
following seven comparable companies:
. Allied Waste Industries, Inc.
. Casella Waste Systems, Inc.
. Republic Services, Inc.
. Waste Connections, Inc.
. Waste Industries, Inc.
. Waste Management, Inc.
Comparative Analysis
The tables presented in Tab C include various schedules detailing the valuation
multiples and financial
_____________
Casella Waste Systems, Inc. – Associates LLC Provide waste removal services GTS Duratek Corp
06/14/1999 Superior Services Inc Provide waste removal services Vivendi SA
05/13/1999 KTI, Inc. Provide solid waste handling. Casella Waste Systems, Inc.
03/11/1999 Community Refuse Service Inc. Own, operate refuse systems Waste Systems International
03/05/1999 Browning-Ferris Industries Inc. Provide waste management services Allied Waste Industries Inc.
_____________
dt 1674696
;
|
Casella Waste
As referenced in this Valuation Analysis:
Casella Waste Systems, Inc. – or storage of hazardous
waste, or (2) environmental engineering and remediation services.
Applying these screening criteria resulted in the identification of the
following seven comparable companies:
. Allied Waste Industries, Inc.
. Casella Waste Systems, Inc.
. Republic Services, Inc.
. Waste Connections, Inc.
. Waste Industries, Inc.
. Waste Management, Inc.
Comparative Analysis
The tables presented in Tab C include various schedules detailing the valuation
multiples and financial
_____________
Casella Waste Systems, Inc. – Associates LLC Provide waste removal services GTS Duratek Corp
06/14/1999 Superior Services Inc Provide waste removal services Vivendi SA
05/13/1999 KTI, Inc. Provide solid waste handling. Casella Waste Systems, Inc.
03/11/1999 Community Refuse Service Inc. Own, operate refuse systems Waste Systems International
03/05/1999 Browning-Ferris Industries Inc. Provide waste management services Allied Waste Industries Inc.
_____________
dt 1673299
;
Catellus
As referenced in this Valuation Analysis:
Catellus Development – Located on approximately 5 acres of the former Kaiser Steel mill site, the Tar
Pits parcel was included in the environmental obligations assumed by CCG Ontario
("CCG"), a subsidiary of Catellus Development Corporation, as part of CCG's
acquisition of approximately 588 acres of the former Kaiser Steel mill site
property. Although CCG did not acquire the Tar Pits parcel, it has
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dt 1653324
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