The document analyzes a takeover offer from Healthscope to acquire Symbion. It values Symbion at $4.60 per share as a standalone company, but finds Healthscope's implied offer price to be significantly lower. The document also notes the offer contains undesirable terms, including restrictions on Symbion's management structure and ability to consider other offers. It recommends rejecting the current Healthscope bid and aiming to secure a minimum $4.60 per share for Symbion.
Dividend weekly 11 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Dividend Weekly World 51 2012 by http://long-term-investments.blogspot.comDividend Yield
Below the current Dividend Weekly, a weekly yield and performance report of the world's best dividend paying stocks. Find on over 30 pages the best and highest dividend yields wordwide. The report is available as free PDF download.
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Dividend Weekly 50 2012 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Dividend weekly 11 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Dividend Weekly World 51 2012 by http://long-term-investments.blogspot.comDividend Yield
Below the current Dividend Weekly, a weekly yield and performance report of the world's best dividend paying stocks. Find on over 30 pages the best and highest dividend yields wordwide. The report is available as free PDF download.
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Dividend Weekly 50 2012 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
4. Executive Summary
Healthscope’s offer should be rejected as it significantly undervalues Symbion.
Valuation of Symbion Symbion valued as a standalone entity at $4.60
Minimum offer significantly undervalues Symbion
Analysis of Offer
Offer contains onerous terms and conditions precedent
Recommend rejection of current Healthscope offer
Symbion Response
Aim to secure a price floor of $4.60 for Symbion
Healthscope May revise offer and propose an amended Scheme of Arrangement
Contingencies May undertake a hostile takeover
Scenario Analysis Choose appropriate strategy based on Healthscope’s response
Next Steps Implementing our recommendation
2
8. Synergy Analysis
Synergies of c$74.2m are estimated to accrue from the transaction.
Estimated cost synergies
Area Estimated Quantity pa ($m) Details
Laboratory consolidation
Pathology cost synergies 68.9 Procurement of consumables
Rationalisation of pathology support functions
Rationalisation of firm-wide corporate functions
Corporate cost synergies 5.3 Costs saved from de-listing Symbion
Costs saved from using a common IT platform
Total 74.2
Timeline for pathology synergies Implementation costs
Costs(1) ($m) Details
Implementation costs relating to
51.6
pathology lab synergies
(1) One-off implementation cost staggered over three years
6
10. Offer Price and Terms
In addition to undervaluing Symbion, Healthscope’s offer has attached to it undesirable terms and
conditions precedent.
Implied Offer Price Terms and Conditions Precedent
Comments
Healthscope VWAP
Management Seek to retain 1-2 Symbion Board members
Structure in MergeCo
$5.30 - $5.60 - $6.06 -
<$5.30(1) >$6.51
$5.60 $6.06 $6.51
Symbion directors should be allowed to
Exclusivity consider better third-party proposals that
Period & Break maximise shareholder value
Exchange 0.4642 – 0.4393 – Fee
- 0.4393 0.4089 Break fee acceptable
Ratio 0.4393 0.4086
Regulatory ACCC anti-competition concerns for
Pro-forma Approval pathology business in Victoria
55.9% – 54.5% –
SYB - 54.5% 52.7%
54.5% 52.7%
Ownership
IAC Debt Undesirable to have IAC debt commitment
Commitment as a hurdle requirement
Implied $4.30 –
- $4.30 $4.50 $4.50
Value $4.50
CGT Roll-over CGT roll-over relief available for the scrip
Relief component of the offer
(1) As a Healthscope VWAP of $5.30 is a condition precedent, anything lower would not
result in the offer going ahead
8
11. Offer Characteristics
There are several concerns for Symbion shareholders with the Healthscope offer.
Attraction Concerns
Offer price significantly undervalues
Contribution
Symbion receives a proportionally higher Offer Price Symbion
ownership stake in MergeCo given its
Ratio EBITDA contribution
Price floor of $4.30 due to double collar
Uncertainty of
Consideration But exact value of consideration is
uncertain
Symbion shareholders who elect to receive
Business
a scrip component have exposure across 4
Scale and Mix different market segments Potential for volatility in MergeCo’s price
Volatility of post-transaction
MergeCo’s
Price An oversupply of MergeCo shares will exert
downward pressure on price
Individual shareholders have flexibility to Long-term success of MergeCo predicated
Form of
maximise cash consideration or scrip on the full realisation of synergies
Consideration consideration
Integration and
Synergy Risks No guarantee that Healthscope will be able
to integrate Symbion successfully
9
13. Fair Value of Symbion
Minimum price acceptable to Symbion is $4.60.
Valuation Offer Price Considerations
Enterprise Value
Valuation Measure Price per Share (A$)
Market Valuation Pre-bid 3 Month Advised SYB Board owes duty to shareholders to only
VWAP - $3.50 Price - $4.60
accept offers that maximise shareholder
6 Month Trading Range $3.07 $4.30 Maximise value
Shareholder
Trading Comps - EV / 2007F EBITDA $3.70 $4.09
Value Scheme proposal implies payment of full
value for Symbion to ensure a friendly
Transaction Comps - EV / LTM EBITDA $4.21 $4.60
transaction
DCF Valuation
Symbion $4.01 $4.90
Potentially the last available acquisition
Era of in the healthcare industry due to sector
Indicative Bid Valuation
Consolidation consolidation
Pre-bid 3 Month VWAP¹ + (31.5% premium) $3.50 $4.60 Coming to an
End A higher price will be sought to take
Analyst Price Targets $4.00 $4.25 advantage of the opportunity
Synergies
Symbion has significant market share in
each of its business divisions
Future Spare debt capacity to fund future
Prospects growth
Strong industry growth prospects (eg
due to ageing population)
11
14. Healthscope Offer Determinants
It is unlikely that Healthscope will be prepared to pay more than $4.60.
Offer price considerations(1) MergeCo versus Healthscope EPS accretion / dilution
Offer price $4.60 Offer price $4.70
Difficult for Healthscope to sell a dilutive 15.0% 15.0%
EPS offer to its shareholders 12.5%
10.6%
Accretion / 10.0% 10.0%
Dilution Scrip of merged entity more attractive than
that of Symbion on an EPS basis 5.0% 5.0%
2.2%
0.0% 0.0%
2008F 2009F 2010F 2008F 2009F 2010F
(5.0%) (5.0%) -0.2%
Value of deal is synergy-driven -6.6%
(10.0%) (10.0%) -8.4%
Synergies Offer of $4.60 provides buffer for EPS
dilution from synergy risk MergeCo EPS comparison (offer of $4.60)
Earnings Per Share (cents) 2008F 2009F 2010F
Symbion 26.4 28.6 31.8
Opportunity for Symbion shareholders to
Healthscope 33.5 35.2 39.8
participate in synergies of the transaction
Merger of MergeCo (Excl C&P) 31.3 36.0 44.8
Equals Resulting ownership of MergeCo in favour
of Symbion shareholders(2)
(1) Analysis assumes cash portion of bid is fully funded by debt (i.e. 40% debt, 60% scrip)
(2) Symbion shareholders to own ~52% of MergeCo
12
16. Decision Tree Analysis
Rejection of the offer increases the chance for a favourable result for Symbion.
Recommendation Healthscope Response Likely Outcome
Revised Scheme Transaction Successful
Proposal of scheme at $4.60 Board recommendation of
and implementing more revised scheme
favourable terms
Thorough due diligence
75% threshold easier to undertaken
achieve that 90% required for
Reject Offer alternative hostile takeover bid 75% acceptance at scheme
vote achieved
Offer undervalues
Symbion based on
DCF and transaction
comparables
Duty to maximise Hostile Takeover Unsuccessful Bid
shareholder value
At the same price and on same Rejection of offer by Symbion
terms as scheme proposal board
80% minimum for CGT rollover Retail shareholders will follow
relief to be available for scrip recommendation of the board
portion
Greater risk due to less reliable
90% minimum acceptance due diligence
condition
90% minimum acceptance not
reached
14
18. Scenario Analysis
There are a number of scenario-based strategies that can be employed after rejecting the initial offer.
Description Strategy
Recommend Symbion shareholders reject the offer
listing key reasons
Hostile Takeover Healthscope pursues an off market hostile takeover bid
Bid rather than proposing a revised scheme
May implement a takeover defence strategy such as a
share buyback
Acceptance of scheme proposal did not maximise
shareholder value
Walk Away Healthscope abandons all plans of a merger
Use available debt capacity to fund future growth
Revised proposal will require 75% acceptance of
shareholders by votes and 50% by number
Interloper in a Healthscope offers a revised proposal and an interloper
Revised Scheme takes a blocking stake to prevent the merger Maximum blocking stake is 19.9%
Pitch approval of the scheme to all shareholders
Superior Proposal A superior proposal is put forward by a third party post- Recommend if offer pays at least full value for
by a Third Party rejection of the scheme offer Symbion pending analysis of offer consideration
16
20. Next Steps
Reject offer and provide reasons to Symbion shareholders
Analyse any revised offers from Healthscope
Accept new offer or proceed with defence strategies
18
23. Key Segments
Pathology, diagnostic imaging and medical centres are key growth segments in Australian healthcare.
Pathology Diagnostic Imaging Medical Centres
Symbion
Other IPN
2% Primary
Primary 7% 2%
3%
5%
Other DCA
St John of Sonic 33% 35%
God 38%
5%
Healthscope
10%
Key players
Other
Symbion 93%
Symbion Sonic
16%
35% 16%
Major customer bases are referring Primary source of referrals
doctors and hospitals Top 3 private operators control c67% Private GPs comprise c70% of market
of market share with large, integrated healthcare
Medicare rebates accounted for c93%
providers comprising 30%
Salient features of total industry revenue Significant growth potential due to
aging population Projected 5-year CAGR of 2.7%
Existing Medicare Agreement caps
funding growth at 5%pa but estimated Funding structure similar to pathology Government incentives to promote the
to increase consolidation of independent practices
21
25. Share Register Overview
Estimated Ownership
Retail Investors Institutional Investors
30%
70%
Substantial shareholders
Holder Number of Shares % Ownership Investment Strategy
62,587,624 9.7 Appears to be a long term investor
59,360,508 9.2 Appears to be a long term investor
54,352,948 8.5 Trader rather than buy and hold investor
51,694,537 8.0 Trader rather than buy and hold investor
32,594,863
5.1 Appears to be a long term investor
23
26. Share Price Chart
SYB v Healthcare Index (1)
130
120
110
100
90
80
May-06 Aug-06 Nov-06 Feb-07 May-07
Healthcare Index Symbion
(1) Healthcare Index is a market capitalisation-weighted index comprising of Sonic, Healthscope, Primary, Blackmores and Sigma
24
28. Valuation Assumptions
WACC Calculation
Medicare rebates capped at 5% growth affecting
pathology and medical imaging DCF assumptions
Legislative Rebates set to expire in FY09, but assumed to Risk-free Rate 6.50%
remain in place Market Risk Premium 6.00%
Equity Beta 0.85
Revenue EBITDA Margin Cost of Equity 11.6%
Pathology – 12.5% Assumed to be
growth FY07 slightly higher than Cost of Debt 7.50%
Diagnostic imaging – FY07 numbers due Margin -
5% growth FY07 to cost savings and Tax Rate 30%
Consumer – 12% high operating Pre-tax Cost of Debt 7.50%
growth FY07 leverage Post-tax Cost of Debt 5.25%
Pharmacy – 12.5%
growth FY07 Capex and D&A Target Gearing (D/E) 35.0%
Operating Maintenance capex
E/V 74.1%
Longer-term growth for assumed forecasted
radiology tied to as a percentage of D/V 25.9%
Medicare rebate revenue
scheme D&A forecast as a % Post-tax WACC 9.95%
Longer-term growth for of capex merging into
consumer and 100% of capex in
pharmacy tied to CPI perpetuity
Financing 7.5% cost of debt (no margin)
26
29. Trading Comparables
Valuation
Earnings Median multiple applied to 2007 Enterprise Value
2007F Low High Low High
253 11.1x 12.1x 2808 3061
Plus Associates 0 0
Less Net Debt & Minorities (418) (418)
Implied Equity Value 2390 2643
Shares Outstanding 645.5 645.5
Implied Value Per Share $3.70 $4.09
3-Mth VWAP (Pre-Bid) $3.50 $3.50
Premium / (Discount) Over Current 5.5% 14.5%
List of Comparables Graph
Trading Comparables EV / 2007F EBITDA 14.0x
Healthscope 10.4x Median 11.6x
12.0x
Symbion 11.1x
10.0x
Sonic Healthcare 11.5x
Primary 11.7x 8.0x
12.7x 13.2x
API 12.7x M
e
p
u
t
i
l 6.0x
11.1x 11.5x 11.7x
10.4x
Sigma 13.2x 4.0x
Median 11.6x
2.0x
0.0x
Healthscope Symbion Sonic Primary API Sigma
Healthcare
27
30. Transaction Comparables
Sum of the Parts List of Transactions
Earnings Median multiple Value Pathology & Medical Centres
Target Company Date Acquiror EV (US$m) EV / LTM EBITDA
30-Jun-06 LTM Low High Low High
Clinical Pathology Labs Aug-05 Sonic Healthcare 375 9.5x
Divisional EBITDA QML Jun-02 Mayne Group 268 9.9x
Pathology 110 13.4x 14.4x 1474 1584 LabOne Aug-05 Quest Diagnostics 934 13.8x
Diagnostic Imaging 54 9.5x 10.5x 513 567 Dynacare May-02 Lab Corp of America 672 14.0x
IPN Jun-04 Sonic Healthcare 105* 15.3x
Consumer 47 13.0x 14.0x 611 658
Ameripath Inc Apr-07 Quest DIagnostics 2398* 17.2x
Pharmacy 36 15.0x 16.0x 540 576 Median 13.9x
247
Imaging
Enterprise Value 3138 3385
Target Company Date Acquiror EV (A$m) EV / LTM EBITDA
Plus Associates 0 0 MIA Jun-04 DCA 934 9.6x
Less Net Debt & Minorities (418) (418) DCA Group Sep-06 CVC Asia Pacific 2414 10.0x
Implied Equity Value 2720 2967 Qld Diagnostic Imaging Feb-02 Mayne Group 87 10.1x
Median 10.0x
Shares Outstanding 645.5 645.5
Implied Value Per Share $4.21 $4.60 Pharmacy
3-Mth VWAP (Pre-Bid) $3.50 $3.50 Target Company Date Acquiror EV (A$m) EV / LTM EBITDA
Premium Over Current 20.4% 31.3% Chronimed Aug-04 Mayne Group 115 9.4x
CCS Medical Oct-05 Sonic 630 10.5x
Mayne Pharmaceuticals Sep-06 Hospira Inc 2523 14.9x
Accredo Feb-05 Medco Health Solutions 2499 16.1x
Priority healthcare Jul-05 Quest 1341 16.7x
Valuation of Consumer and Pharmacy Arrow Pharmaceuticals Aug-05 Sigma Pharmaceuticals 680
Median
17.7x
15.5x
Earnings Median multiple Value Consumer
30-Jun-06 LTM Low High Low High Target Company Date Acquiror EV (US$m) EV / LTM EBITDA
Divisional EBITDA Rexall Sundown (Royal Numico) Jun-03 NBTY 250 6.4x
Roche Consumer Health Jul-04 Bayer 2962 12.5x
Consumer 47 13.0x 14.0x 611 658
Rexall Sundown May-00 Royal Numico 1649 14.4x
Pharmacy 36 15.0x 16.0x 540 576 Pfizer Consumer Healthcare Jun-06 Johnson & Johnson 22668* 20.8x
83 Median 13.5x
Enterprise Value 1151 1234 *Figures in AUD
28
31. Transaction Comparables (Cont.)
Pathology and Medical Centres Diagnostic Imaging
16.0x 12.0x
Median 13.8x
14.0x Median 10.0x
10.0x
12.0x
10.0x 8.0x
17.2x
8.0x 15.3x 6.0x
M
13.8x 14.0x
e
p
u
M
t
i
l
e
p
u
6.0x 10.0x 10.1x
t
i
l
9.6x
9.5x 9.9x 4.0x
4.0x
2.0x 2.0x
0.0x
CLP QML LabOne Dynacare IPN Ameripath 0.0x
Inc MIA DCA Group Qld Diagnostic
Imaging
Pharmacy Consumer
20.0x 16.0x
Median 13.5x
Median 15.5x 14.0x
16.0x
12.0x
12.0x 10.0x 20.8x
17.7x 8.0x
M
8.0x 16.1x 16.7x
e
p
u
14.9x 14.4x
t
M
i
l
e
p
u
12.5x
4.0x 9.4x 10.5x t
i
l 6.0x
4.0x
6.4x
0.0x 2.0x
0.0x
Rexall Roche Rexall Pf izer
Sundown Consumer Sundown Consumer
(Royal Numico) Health Healthcare
29
37. Deal Rationale
There is a strong strategic case for Healthscope to combine with Symbion.
Fully Integrated Network
Create a fully integrated
healthcare network
Gain Market Share Participate in Synergies
Unified referral base to
improve margins and Offer allows Symbion
Creation of Australia’s increase patient volumes shareholders to participate
largest pathology provider
in any upside from
synergies
Market-leading positions in
private hospitals,
Revenue synergies
The combination of the diagnostic imaging and
potentially achievable in
medical centres
Healthscope and Symbion the longer term
businesses will yield several
strategic benefits
35
38. Potential Bidders
There are a number of potential bidders that might be interested in Symbion.
Market
Enterprise Value
Potential Bidder Capitalisation Strategic Rationale
(A$m)*
(A$m)*
Opportunity to derive synergies for its pathology and medical
4,287 5,027
imaging business groups
Has already engaged Symbion for a potential merger
1,450 1,678
Synergies available through the complementary pathology assets
n/a n/a Holds a portfolio of healthcare companies worldwide
Seeks distribution networks for its consumer and pharmacy
237 263
businesses
Seeks distribution networks for its consumer and pharmacy
366 374
businesses
*Data as at 30 April 2007
36
39. Healthscope Board
Kevin McCann
Chairman Appointed Chairman in March 1994
Former Chairman of Allens Arthur Robinson specialising in commercial law
Age: 65
Linda Nicholls
Deputy Chairman Appointed in January 2000
Has experience in the financial services industry and health sectors
Age: 58
Richard England
Chair of Audit & Compliance Committee Appointed in October 1996
Chartered Accountant with financial accounting and management experience
Age: 56
Ron Evans
Non-executive director Joined the Board in June 2005
Has held senior financial management positions at BHP Billiton and Orica Limited
Age: 67
Ziggy Switkowski
Joined the Board in January 2006
Director
Director of Suncorp-Metway Limited, Tabcorp Holdings
Age: 58
Brings executive experience
37