- 51 -
Mr. Stryker's expert report set forth the price-to-earnings
ratios and the price-to-cash flow ratios of the comparable public
companies that he selected based on average five-year, average
three-year, latest year, and latest 12-months earnings and cash
flow,15 respectively. Mr. Stryker's expert report set forth the
price-to-tangible book value ratios of the comparable public
companies that he selected by comparing each such company's
public price during the valuation period to its latest year-end
tangible book value and its return on equity for the latest year
and median for the latest five years. In determining the price-
to-earnings ratios, price-to-cash flow ratios, and price-to-
tangible book value ratios for Marrero Land based on an examina-
tion of those respective ratios for the comparable public compa-
nies that Mr. Stryker selected, Mr. Stryker made adjustments that
he considered to be appropriate for differences between Marrero
Land and those companies. Mr. Stryker calculated the respective
price-to-earnings ratios and the price-to-cash flow ratios for
Marrero Land based on average three-year and latest year earnings
and cash flow (determined both as net income plus depreciation
15The price-to-cash flow ratios of the comparable companies
that Mr. Stryker selected contained price-to-cash flow ratios of
those companies based on (1) average five-year, average three-
year, latest-year, and latest 12-months cash flow defined as net
income plus depreciation and amortization and (2) total capital-
ization to average five-year, average three-year, latest-year,
and latest 12-months pretax, pre-interest cash flow (EBITDA).
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