3 AwABTAVMTgRU5ELklRX0NBU0hfU1RfSU5WRVNULjIwMDAuLi4uVVNEBQAAAAAAAAAIAAAAF

BQAAAAAAAAAIAAAAFChJbnZhbGlkIElkZW50aWZpZXIpCZff87sI1Ag1EvDzuwjUCBxDSVEuLklRX0RBWVNfU0FMRV

klRX0RBWVNfU0FMRVNfT1VULjIwMDAuBQAAAAEAAAAIAAAAFChJbnZhbGlkIElkZW50aWZpZXIpGYRwwrsI1AgDz

pZXIpGYRwwrsI1AgDz3vCuwjUCCRDSVEuKiBFTkQuSVFfTUlOT1JJVFlfSU5URVJFU1QuMjAwMC4FAAAAAAAAAAgAA

C4FAAAAAAAAAAgAAAAUKEludmFsaWQgSWRlbnRpZmllcikJl9/zuwjUCDUS8PO7CNQIIkNJUS4uSVFfQ0FTSF9TVF9

S4uSVFfQ0FTSF9TVF9JTlZFU1QuMjAwMC4uLi5VU0QFAAAAAQAAAAgAAAAUKEludmFsaWQgSWRlbnRpZmllcikJl9

QgSWRlbnRpZmllcikJl9/zuwjUCDUS8PO7CNQIIENJUS4uSVFfVE9UQUxfQVNTRVRTLjIwMDAuLi4uVVNEBQAAAAEAAA

i4uVVNEBQAAAAEAAAAIAAAAFChJbnZhbGlkIElkZW50aWZpZXIpGYRwwrsI1AgDz3vCuwjUCB5DSVEuLklRX1RPVE

CB5DSVEuLklRX1RPVEFMX0RFQlQuMjAwMC4uLi5VU0QFAAAAAQAAAAgAAAAUKEludmFsaWQgSWRlbnRpZmllcik

WQgSWRlbnRpZmllcikJl9/zuwjUCDUS8PO7CNQIG0NJUS4uSVFfQ1VSUkVOVF9SQVRJTy4yMDAwLgUAAAABAAAACA

DAwLgUAAAABAAAACAAAABQoSW52YWxpZCBJZGVudGlmaWVyKRmEcMK7CNQIA897wrsI1AgbQ0lRLi5JUV9SRVR

1AgbQ0lRLi5JUV9SRVRVUk5fRVFVSVRZLjIwMDAuBQAAAAEAAAAIAAAAFChJbnZhbGlkIElkZW50aWZpZXIpGYRwwr

W50aWZpZXIpGYRwwrsI1AgDz3vCuwjUCA==

ACG Cup 2017

Supporting Schedules
For Students

ACG Cup 2017

pporting Schedules
For Students

ACG Cup 2017

Financials

ACG Cup 2017

Financials

Jupiter
Income Statement

($ in millions)
Total Sales
% Growth
Total COGS
% of Sales
Gross Profit
% Gross Margin

2012A

2013A

$341.4

257.6
75.5%
$83.8
24.5%

2014A

Fiscal Year Ended December 31,

2015A
2016E

2017P

2018P

2019P

$366.3
7.3%

$335.6
(8.4%)

$370.9
10.5%

$391.7
5.6%

$412.9
5.4%

$434.3
5.2%

$456.0
5.0%

278.7
76.1%

256.8
76.5%

279.9
75.5%

295.6
75.5%

310.7
75.3%

326.0
75.1%

341.4
74.9%

$96.1
24.5%

$102.2
24.7%

$108.3
24.9%

$114.7
25.1%

$87.6
23.9%

$78.8
23.5%

$91.0
24.5%

Total SG&A
% of Sales

43.9
12.8%

49.9
13.6%

44.4
13.2%

51.7
13.9%

53.8
13.7%

55.9
13.6%

58.2
13.4%

60.5
13.3%

EBIT
% Operating Margin

$39.9
11.7%

$37.7
10.3%

$34.4
10.2%

$39.3
10.6%

$42.3
10.8%

$46.2
11.2%

$50.2
11.5%

$54.2
11.9%

Depreciation
EBITDA
% Margin
Total Adjustments
Adjusted EBITDA
% Margin
Taxes
% of EBT
Net Income
% Margin

11.3
$51.2
15.0%
0.0

12.1
$49.8
13.6%
0.0

11.7
$46.1
13.7%
0.0

13.7
$53.0
14.3%
0.0

14.0
$56.3
14.4%
0.0

14.6
$60.9
14.7%
0.0

15.1
$65.2
15.0%
0.0

15.6
$69.7
15.3%
0.0

$51.2
15.0%

$49.8
13.6%

$46.1
13.7%

$53.0
14.3%

$56.3
14.4%

$60.9
14.7%

$65.2
15.0%

$69.7
15.3%

16.0
40.0%

15.1
40.0%

13.8
40.0%

15.7
40.0%

16.9
40.0%

18.5
40.0%

20.1
40.0%

21.7
40.0%

$23.9
7.0%

$22.6
6.2%

$20.6
6.1%

$23.6
6.4%

$25.4
6.5%

$27.7
6.7%

$30.1
6.9%

$32.5
7.1%

Lightning
Income Statement

($ in millions)
Total Sales
% Growth
Total COGS
% of Sales
Gross Profit
% Gross Margin

2012A

2013A

$108.5

81.6
75.2%
$26.9
24.8%

2014A

Fiscal Year Ended December 31,

2015A
2016E

2017P

2018P

2019P

$104.3
(3.9%)

$106.2
1.8%

$109.7
3.3%

$111.9
2.0%

$114.1
2.0%

$116.4
2.0%

$118.7
2.0%

76.6
73.4%

78.4
73.8%

80.6
73.5%

81.9
73.2%

83.5
73.2%

85.2
73.2%

86.9
73.2%

$30.0
26.8%

$30.6
26.8%

$31.2
26.8%

$31.8
26.8%

$27.7
26.6%

$27.8
26.2%

$29.1
26.5%

Total SG&A
% of Sales

14.3
13.2%

14.1
13.5%

14.1
13.3%

15.1
13.8%

15.9
14.2%

16.0
14.0%

16.1
13.8%

16.1
13.6%

EBIT
% Operating Margin

$12.6
11.6%

$13.7
13.1%

$13.7
12.9%

$13.9
12.7%

$14.1
12.6%

$14.6
12.8%

$15.1
13.0%

$15.7
13.2%

Depreciation
EBITDA
% Margin
Total Adjustments
Adjusted EBITDA
% Margin

2.1
$14.7
13.5%
0.0
$14.7
13.5%

2.6
$16.3
15.6%
0.0
$16.3
15.6%

2.4
$16.1
15.2%
0.0
$16.1
15.2%

2.0
$15.9
14.5%
0.0
$15.9
14.5%

2.8
$16.9
15.1%
0.0
$16.9
15.1%

2.9
$17.5
15.3%
0.0
$17.5
15.3%

2.9
$18.0
15.5%
0.0
$18.0
15.5%

3.0
$18.6
15.7%
0.0
$18.6
15.7%

Jupiter
Balance Sheet

($ in millions)

2012A

2013A

2014A

Fiscal Year Ended December 31,

2015A
2016E

2017P

2018P

2019P

Current Assets
Cash
Accounts Receivable
Inventories, Net
Prepaid Expenses
Deferred Income Taxes
Total Current Assets

$13.5
56.1
16.6
2.4
3.1
$91.7

$36.5
59.2
17.9
2.6
3.2
$119.3

$51.1
53.3
16.2
2.3
3.2
$126.2

$75.2
57.9
17.5
2.6
3.2
$156.4

$98.8
60.1
18.6
2.7
3.2
$183.5

$124.4
63.3
19.6
2.9
3.3
$213.5

$152.6
66.6
20.5
3.0
3.3
$246.2

$183.3
70.0
21.5
3.2
3.3
$281.3

Long Term Assets

Property, Plants, & Equipment
Total Long Term Assets

56.4
$56.4

55.2
$55.2

64.0
$64.0

62.6
$62.6

63.6
$63.6

64.8
$64.8

65.8
$65.8

66.7
$66.7

$148.1

$174.5

$190.1

$219.0

$247.1

$278.3

$311.9

$348.0

$23.3
10.2
25.6
$59.1

$24.8
11.0
27.1
$62.9

$22.7
10.1
25.2
$57.9

$24.6
11.1
27.4
$63.2

$25.9
11.8
28.2
$65.9

$27.2
12.4
29.7
$69.4

$28.6
13.0
31.3
$72.9

$29.9
13.7
32.8
$76.4

0.0
$0.0

0.0
$0.0

0.0
$0.0

0.0
$0.0

0.0
$0.0

0.0
$0.0

0.0
$0.0

0.0
$0.0

$59.1

$62.9

$57.9

$63.2

$65.9

$69.4

$72.9

$76.4

$65.0

$88.9

$111.6

$132.2

$155.8

$181.2

$208.9

$239.0

23.9
$88.9

22.6
$111.6

20.6
$132.2

23.6
$155.8

25.4
$181.2

27.7
$208.9

30.1
$239.0

32.5
$271.5

$148.1

$174.5

$190.1

$219.0

$247.1

$278.3

$311.9

$348.0

Total Assets
Current Liabilities
Accounts Payable
Customer Deposits
Accrued Expenses and Others
Total Current Liabilities
Long Term Liabilities
Long Term Debt
Total Long Term Liabilities
Total Liabilities
Shareholder's Equity
Retained Earnings
Shareholder Distribution
Net Income
Total Shareholder's Equity
Total Liabilities and Equity

ACG Cup 2017

Comps

ACG Cup 2017

Comps

Jupiter
Comparable Company Analysis
($ in millions except per share data)

Comparable Company

Stock
Price as of
11/1/2016

Diversified Print & Print Marketing

ARC Document Solutions, Inc.
Dai Nippon Printing Co. Ltd.
Deluxe Corp.
Harte-Hanks Inc.
InnerWorkings Inc.
Quad/Graphics, Inc.
R.R. Donnelley & Sons Company
St Ives plc

$3.39
$10.25
$61.00
$1.30
$8.73
$24.02
$17.75
$1.60

Market
Value of
Equity

$156
$6,355
$2,964
$80
$469
$1,202
$1,239
$228

Enterprise
Value

$307
$6,957
$3,502
$137
$549
$2,370
$4,582
$327

LTM
Sales

$412
$14,088
$1,832
$462
$1,091
$4,525
$11,088
$488

LTM
EBITDA

$61
$1,043
$429
$11
$42
$494
$1,026
$46

LTM
CAPEX

($10)
NA
($46)
$0
($13)
($80)
($203)
($9)

LTM
EBIT

$29
$389
$374
($1)
$31
$197
$645
$31

LTM
Net Income

($47)
$256
$235
($10)
($41)
($2)
$89
($11)

Median
Mean

Diversified Advertising & Marketing Consulting

Dentsu Inc.
Havas SA
Omnicom Group Inc.
Publicis Groupe SA
The Interpublic Group of Companies, Inc.
WPP plc

Median
Mean

$50.54
$8.10
$79.21
$68.22
$22.17
$21.50

$14,412
$3,400
$18,684
$15,338
$8,802
$27,501

$15,167
$3,513
$22,469
$18,142
$9,929
$33,258

$7,837
$2,489
$15,328
$10,897
$7,778
$17,193

$1,652
$398
$2,275
$1,970
$1,067
$61

($218)
($50)
($158)
($244)
($195)
($351)

$1,192
$354
$1,983
$1,727
$909
$2,030

$806
$197
$1,130
$1,021
$551
$1,116

Sales

EV / LTM
EBITDA

EV / CY16E
Sales
EBITDA

2014 - 2016
CAGR
EBITDA

Sales

0.7x
0.5x
1.9x
0.3x
0.5x
0.5x
0.4x
0.7x

5.0x
6.7x
8.2x
12.4x
13.1x
4.8x
4.5x
7.1x

0.8x
0.5x
1.9x
0.3x
0.5x
0.5x
0.5x
0.7x

5.0x
6.3x
7.4x
NMF
9.6x
5.0x
4.2x
6.2x

(2.3%)
(0.4%)
5.3%
(14.8%)
4.0%
(5.4%)
(7.1%)
(8.0%)

(5.4%)
(5.0%)
11.3%
NA
45.0%
(6.9%)
(0.9%)
(11.9%)

0.5x
0.7x

6.9x
7.7x

0.5x
0.7x

6.2x
6.3x

(3.9%)
(3.6%)

(5.0%)
3.8%

1.9x
1.4x
1.5x
1.7x
1.3x
1.9x

9.2x
8.8x
9.9x
9.2x
9.3x
NMF

2.0x
1.4x
1.5x
1.7x
1.3x
1.9x

9.0x
8.6x
9.8x
9.6x
9.0x
11.4x

(41.3%)
4.9%
0.4%
10.5%
2.1%
(1.4%)

16.0%
6.6%
1.4%
6.7%
7.8%
(3.7%)

1.6x
1.6x

9.2x
9.3x

1.6x
1.6x

9.3x
9.6x

1.3%
(4.1%)

6.6%
5.8%

Jupiter
Comparable Company Analysis - Balance Sheet Statistics
($ in millions)

Diversified Print & Print Marketing

Company
ARC Document Solutions, Inc.
Dai Nippon Printing Co. Ltd.
Deluxe Corp.
Harte-Hanks Inc.
InnerWorkings Inc.
Quad/Graphics, Inc.
R.R. Donnelley & Sons Company
St Ives plc
Mean
Median

Diversified Advertising & Marketing Consulting

Company

Total
Assets

Net Income
ROA

Net Income
ROE

Current
Ratio

Quick
Ratio

Inventory
Turnover

A/R
Days

A/P
Days

Net Working
Capital

$396
$16,364
$1,941
$386
$613
$2,634
$7,473
$457

4.2%
1.4%
12.9%
0.4%
3.1%
4.3%
5.4%
4.3%

(26.1%)
2.6%
29.9%
(81.0%)
(14.7%)
(0.5%)
15.0%
(6.1%)

1.7
1.7
1.1
1.7
1.6
1.2
1.5
1.3

1.3
1.2
0.6
0.6
1.2
0.7
1.1
1.1

14.5
7.5
15.8
NM
19.5
10.7
13.4
35.5

55.9
85.5
21.8
70.0
76.9
48.7
68.8
65.1

31.3
81.0
45.5
31.5
60.8
35.6
50.0
56.8

$3,735
$1,277

4.4%
4.2%

0.0%
(0.2%)

1.3
1.4

0.9
1.1

16.7
14.5

52.8
60.5

45.1
47.8

Total
Assets

Net Income
ROA

Net Income
ROE

Current
Ratio

Quick
Ratio

Inventory
Turnover

A/R
Days

A/P
Days

$40
$1,657
($35)
$172
$111
$248
$935
$21
$372
$76

Net Working
Capital

Dentsu Inc.
Havas SA
Omnicom Group Inc.
Publicis Groupe SA
The Interpublic Group of Companies, Inc.
WPP plc

$25,508
$6,583
$21,402
$26,833
$11,840
$42,716

NA
3.6%
5.9%
4.1%
4.9%
3.3%

NA
12.2%
40.2%
14.8%
26.7%
11.0%

1.1
1.0
0.9
0.9
1.0
0.9

1.0
1.0
0.7
0.8
0.9
0.9

NA
20.4
8.2
13.2
NA
5.1

NA
319.2
152.8
321.6
258.7
190.3

NA
456.1
275.7
599.9
434.3
NM

($556)
($382)
($3,073)
($2,720)
($819)
($2,749)

Mean
Median

$22,480
$23,455

0.0%
0.0%

0.2%
0.1%

1.0
1.0

0.9
0.9

11.7
10.7

248.5
258.7

441.5
445.2

($1,716)
($1,769)

Jupiter
Comparable Company Analysis - Capitalization
($ in millions)

Diversified Print & Print Marketing

Company
ARC Document Solutions, Inc.
Dai Nippon Printing Co. Ltd.
Deluxe Corp.
Harte-Hanks Inc.
InnerWorkings Inc.
Quad/Graphics, Inc.
R.R. Donnelley & Sons Company
St Ives plc
Diversified Advertising & Marketing Consulting
Company
Dentsu Inc.
Havas SA
Omnicom Group Inc.
Publicis Groupe SA
The Interpublic Group of Companies, Inc.
WPP plc

Total
Debt

Market
Cap.

Cash

Minority
Interest

$159
$1,634
$618
$70
$134
$1,180
$3,891
$123

$156
$6,355
$2,964
$80
$469
$1,202
$1,239
$228

$20
$1,478
$80
$13
$21
$12
$412
$16

$7
$455
$0
$0
$0
$0
$14
$0

Total
Debt

Market
Capitalization

Cash

Minority
Interest

$2,943
$746
$5,033
$3,979
$1,741
$8,504

$14,412
$3,400
$18,684
$15,338
$8,802
$27,501

$2,191
$647
$1,969
$1,182
$895
$2,855

$34,526
$13
$722
$19
$281
$459

Jupiter
Transactions Analysis

Announced Date

Target /
Issuer

Total Transaction Value

($USDmm)

EV / Revenue

EV / EBITDA

04/19/2016

Company 1

Operates as a developer, manufacturer, and supplier of printing, imaging, device management, managed print services
(MPS), document workflow, and business process and content management solutions.

$3,740.8

1.4x

9.9x

02/17/2015

Company 2

Offers printing, promotional, and graphic products and solutions; and binding and finishing services. In addition, the
Company offers an eCommerce solution that provides marketing campaigns, corporate identity/brand control, collateral
management, elimination of rogue spending, elimination of long-term waste, group purchasing power, inventory control,
regulation of suppliers and costs, sales force enablement, and workflow automation.

$350.0

1.2x

9.0x

02/05/2014

Company 3

Provides digital and commercial printing, and mailing services in New England.

$12.4

0.9x

7.1x

10/24/2013

Company 4

Provides general commercial printing and print-related services, including both traditional print services and technology
solutions, as well as customized materials for the financial services, insurance, healthcare, and other industries.

$698.1

1.0x

6.9x

08/01/2013

Company 5

Provides printing, document management, marketing, and distribution services to healthcare, financial services,
manufacturing, and retail markets in North America.

$237.9

0.8x

7.4x

08/13/2012

Company 6

Provides prepress, manufacturing, and print management solutions. Its print management solutions include commercial
print, digital print, variable data technology for marketing, large format digital, and post-press finishing services.

$472.0

1.3x

8.5x

07/13/2011

Company 7

Provides marketing solutions, publishing services, and pre-media and logistics services to retailers, branded goods
companies, catalogers. The company engages in the production of retail inserts, catalogues, direct mails, magazines,
books, and directories.

$88.7

0.7x

8.1x

02/23/2010

Company 8

Provides shareholder reporting services, marketing communications, and commercial printing services in the United
States and internationally.

$495.5

1.0x

9.5x

Business Description