EX-99.C.4 5 y51534ex99-c_4.txt FINANCIAL PRESENTATION MATERIALS 1 Exhibit (c)(4) CREDIT RESEARCH & TRADING LLC PROJECT SNUG February 18, 2001 [Please note that references to "base" case correspond to the Scenario 2 projections and references to "downside" case correspond to the Scenario 1 projections.] 2 SPRINGS INDUSTRIES INC. VALUATION AND PREMIA TO HISTORICAL STOCK PRICES (1)
DRF MHK WXS $36.10 $42.00 $43.00 $44.00 $45.00 $46.00 $47.00 $48.00 ($2.94) ($30.77) ($8.37) ------ ------ ------ ------ ------ ------ ------ ------ ------- -------- ------- Aggregate Value/2000 Revenues 0.45x 0.50x 0.51x 0.51x 0.52x 0.53x 0.54x 0.55x 0.68x 0.70x 1.12x Aggregate Value/ 2000 EBITDA 4.0x 4.5x 4.5x 4.6x 4.7x 4.8x 4.8x 4.9x 4.8x 5.7x 6.6x 2001 EBITDA 3.9x 4.3x 4.4x 4.5x 4.5x 4.6x 4.7x 4.8x 4.7x 5.8x 6.2x Aggregate Value/ 2000 EBIT 7.0x 7.8x 8.0x 8.1x 8.2x 8.4x 8.5x 8.6x 8.6x 7.2x 8.9x 2001 EBIT 6.7x 7.6x 7.8x 7.9x 8.0x 8.2x 8.3x 8.4x 8.3x 7.4x 8.2x Equity Value/ 2000 Pro Forma Net Income 9.6x 11.3x 11.6x 11.9x 12.2x 12.5x 12.8x 13.0x 5.9x 10.2x 6.2x 2001 Pro Forma Net Income 12.5x 16.1x 16.8x 17.6x 18.3x 19.1x 20.0x 20.9x 5.8x 10.5x 5.7x Premium to: February 16 @ $36.10 0.0% 16.3% 19.1% 21.9% 24.7% 27.4% 30.2% 33.0% 30-day Average @ $35.05 3.0% 19.8% 22.7% 25.5% 28.4% 31.3% 34.1% 37.0% 60-day Average @ $33.21 8.7% 26.5% 29.5% 32.5% 35.5% 38.5% 41.5% 44.6% 90-day Average @ $31.21 15.7% 34.6% 37.8% 41.0% 44.2% 47.4% 50.6% 53.8% 6-month Average @ $29.29 23.3% 43.4% 46.8% 50.2% 53.6% 57.1% 60.5% 63.9% 1-year Average @ $33.70 7.1% 24.6% 27.6% 30.6% 33.5% 36.5% 39.5% 42.4% 2-year Average @ $35.65 1.3% 17.8% 20.6% 23.4% 26.2% 29.0% 31.8% 34.6% Premium to: $32.00 12.8% 31.3% 34.4% 37.5% 40.6% 43.8% 46.9% 50.0% $33.00 9.4% 27.3% 30.3% 33.3% 36.4% 39.4% 42.4% 45.5% $34.00 6.2% 23.5% 26.5% 29.4% 32.4% 35.3% 38.2% 41.2% $35.00 3.1% 20.0% 22.9% 25.7% 28.6% 31.4% 34.3% 37.1%
(1) Assumes that $38.9 million related to deferred compensation is treated as debt. GREENWICH CREDIT RESEARCH [SPRINGS LOGO] & TRADING CONNECTICUT -1- 3 SPRINGS INDUSTRIES INC. RECENT TRADING VOLUME ANALYSIS(through 02/16/01) THREE MONTH TRADING VOLUME PER STOCK PRICE RANGE [BAR CHART]
% of Stock Price Trading Range($) Volume -------- ------ 22-23 1% 24-25 3% 26-27 20% 28-29 40% 30-31 15% 32-33 9% 34-35 4% 36-37 9% 38-39 0% 40-41 0% 42-43 0% 44-45 0% 46-47 0% 48-49 0%
SIX MONTH TRADING VOLUME PER STOCK PRICE RANGE [BAR CHART]
% of Stock Price Trading Range($) Volume -------- ------ 22-23 12% 24-25 8% 26-27 33% 28-29 18% 30-31 14% 32-33 6% 34-35 3% 36-37 6% 38-39 0% 40-41 0% 42-43 0% 44-45 0% 46-47 0% 48-49 0%
ONE YEAR TRADING VOLUME FOR STOCK PRICE RANGE [BAR CHART]
% of Stock Price Trading Range($) Volume -------- ------ 22-23 6% 24-25 4% 26-27 16% 28-29 8% 30-31 11% 32-33 9% 34-35 12% 36-37 7% 38-39 8% 40-41 3% 42-43 5% 44-45 1% 46-47 9% 48-49 2%
TWO YEAR TRADING VOLUME PER STOCK PRICE RANGE [BAR CHART]
% of Stock Price Trading Range($) Volume -------- ------ 22-23 4% 24-25 3% 26-27 11% 28-29 8% 30-31 9% 32-33 11% 34-35 9% 36-37 8% 38-39 15% 40-41 8% 42-43 6% 44-45 1% 46-47 6% 48-49 1%
GREENWICH CREDIT RESEARCH [SPRINGS LOGO] & TRADING CONNECTICUT -2- 4 SPRINGS INDUSTRIES INC. HISTORICAL STOCK PRICE AND PREMIUM ANALYSIS THREE-MONTH STOCK PRICE HISTORY [LINE CHART OMITTED] 16-Nov-00 25.75 17-Nov-00 26.8125 20-Nov-00 26.9375 21-Nov-00 27.4375 22-Nov-00 27.125 24-Nov-00 27.875 27-Nov-00 28.0625 28-Nov-00 27.8125 29-Nov-00 27.8125 30-Nov-00 27.25 01-Dec-00 27.8125 04-Dec-00 27.875 05-Dec-00 28.25 06-Dec-00 26 07-Dec-00 23.9375 08-Dec-00 24.3125 11-Dec-00 27 12-Dec-00 28.75 13-Dec-00 29.1875 14-Dec-00 28 15-Dec-00 27.5625 18-Dec-00 28.125 19-Dec-00 28.75 20-Dec-00 28.375 21-Dec-00 28.125 22-Dec-00 30.1875 26-Dec-00 30.0625 27-Dec-00 31.125 28-Dec-00 31.625 29-Dec-00 32.4375 02-Jan-01 30.9375 03-Jan-01 31.8125 04-Jan-01 31.9375 05-Jan-01 30.625 08-Jan-01 31.9375 09-Jan-01 31.5625 10-Jan-01 31.875 11-Jan-01 32.0625 12-Jan-01 31.9375 16-Jan-01 32.3125 17-Jan-01 33.125 18-Jan-01 33.3125 19-Jan-01 33.1875 22-Jan-01 32.1875 23-Jan-01 34.5 24-Jan-01 33.5625 25-Jan-01 34.1875 26-Jan-01 33.875 29-Jan-01 34.14 30-Jan-01 34.15 31-Jan-01 35.38 01-Feb-01 35.18 02-Feb-01 36 05-Feb-01 36.35 06-Feb-01 36.69 07-Feb-01 37.23 08-Feb-01 36.11 09-Feb-01 36.28 12-Feb-01 36.6 13-Feb-01 37.5 14-Feb-01 36.72 15-Feb-01 36.44 16-Feb-01 36.1
SIX-MONTH STOCK PRICE HISTORY [LINE CHART OMITTED] 16-Aug-00 31.125 17-Aug-00 31.5625 18-Aug-00 31.4375 21-Aug-00 31 22-Aug-00 31.75 23-Aug-00 31.375 24-Aug-00 31.5625 25-Aug-00 31.3125 28-Aug-00 30.75 29-Aug-00 30 30-Aug-00 30.0625 31-Aug-00 29.8946 01-Sep-00 29.8125 05-Sep-00 29.6875 06-Sep-00 31.25 07-Sep-00 31.25 08-Sep-00 31.125 11-Sep-00 30.0625 12-Sep-00 29.625 13-Sep-00 29.1875 14-Sep-00 29.4375 15-Sep-00 28.875 18-Sep-00 28.625 19-Sep-00 28.9375 20-Sep-00 28.1875 21-Sep-00 27.875 22-Sep-00 27.5 25-Sep-00 27.375 26-Sep-00 27.125 27-Sep-00 27.1875 28-Sep-00 27.5 29-Sep-00 28.1875 02-Oct-00 27.875 03-Oct-00 28.375 04-Oct-00 28.8125 05-Oct-00 28.9375 06-Oct-00 27.125 09-Oct-00 27.0625 10-Oct-00 26.9375 11-Oct-00 26.0625 12-Oct-00 25.625 13-Oct-00 25.4375 16-Oct-00 25.375 17-Oct-00 24.5625 18-Oct-00 24.0625 19-Oct-00 23.9375 20-Oct-00 23 23-Oct-00 22.625 24-Oct-00 22.75 25-Oct-00 22.875 26-Oct-00 22.75 27-Oct-00 23 30-Oct-00 23.4375 31-Oct-00 23.5625 01-Nov-00 23.5 02-Nov-00 23.75 03-Nov-00 23.75 06-Nov-00 24.8125 07-Nov-00 25.375 08-Nov-00 26.625 09-Nov-00 25.875 10-Nov-00 25.5625 13-Nov-00 26.3125 14-Nov-00 26.4375 15-Nov-00 26.1875 16-Nov-00 25.75 17-Nov-00 26.8125 20-Nov-00 26.9375 21-Nov-00 27.4375 22-Nov-00 27.125 24-Nov-00 27.875 27-Nov-00 28.0625 28-Nov-00 27.8125 29-Nov-00 27.8125 30-Nov-00 27.25 01-Dec-00 27.8125 04-Dec-00 27.875 05-Dec-00 28.25 06-Dec-00 26 07-Dec-00 23.9375 08-Dec-00 24.3125 11-Dec-00 27 12-Dec-00 28.75 13-Dec-00 29.1875 14-Dec-00 28 15-Dec-00 27.5625 18-Dec-00 28.125 19-Dec-00 28.75 20-Dec-00 28.375 21-Dec-00 28.125 22-Dec-00 30.1875 26-Dec-00 30.0625 27-Dec-00 31.125 28-Dec-00 31.625 29-Dec-00 32.4375 02-Jan-01 30.9375 03-Jan-01 31.8125 04-Jan-01 31.9375 05-Jan-01 30.625 08-Jan-01 31.9375 09-Jan-01 31.5625 10-Jan-01 31.875 11-Jan-01 32.0625 12-Jan-01 31.9375 16-Jan-01 32.3125 17-Jan-01 33.125 18-Jan-01 33.3125 19-Jan-01 33.1875 22-Jan-01 32.1875 23-Jan-01 34.5 24-Jan-01 33.5625 25-Jan-01 34.1875 26-Jan-01 33.875 29-Jan-01 34.14 30-Jan-01 34.15 31-Jan-01 35.38 01-Feb-01 35.18 02-Feb-01 36 05-Feb-01 36.35 06-Feb-01 36.69 07-Feb-01 37.23 08-Feb-01 36.11 09-Feb-01 36.28 12-Feb-01 36.6 13-Feb-01 37.5 14-Feb-01 36.72 15-Feb-01 36.44 16-Feb-01 36.1
ONE-YEAR STOCK PRICE HISTORY [LINE CHART OMITTED] 16-Feb-00 39.8125 17-Feb-00 39.3125 18-Feb-00 38.75 22-Feb-00 38.5625 23-Feb-00 38.5 24-Feb-00 35.4375 25-Feb-00 34.3125 28-Feb-00 34 29-Feb-00 35.4375 01-Mar-00 35.25 02-Mar-00 37.1875 03-Mar-00 37.375 06-Mar-00 36.375 07-Mar-00 35.8125 08-Mar-00 36.1875 09-Mar-00 37.5 10-Mar-00 36.8125 13-Mar-00 35.625 14-Mar-00 34.6875 15-Mar-00 35.375 16-Mar-00 37.5625 17-Mar-00 37.9375 20-Mar-00 37.25 21-Mar-00 38.0625 22-Mar-00 38.125 23-Mar-00 38.125 24-Mar-00 38.125 27-Mar-00 37.625 28-Mar-00 37.875 29-Mar-00 38 30-Mar-00 38.375 31-Mar-00 38 03-Apr-00 38.5 04-Apr-00 38.3125 05-Apr-00 38.4375 06-Apr-00 39.1875 07-Apr-00 39.1875 10-Apr-00 38.75 11-Apr-00 40.0625 12-Apr-00 40.0625 13-Apr-00 38.9375 14-Apr-00 38.1875 17-Apr-00 38.6875 18-Apr-00 39 19-Apr-00 40.375 20-Apr-00 41.75 24-Apr-00 42.0625 25-Apr-00 43.1875 26-Apr-00 43.1875 27-Apr-00 42.0625 28-Apr-00 41.0625 01-May-00 43.5 02-May-00 45.625 03-May-00 47.0625 04-May-00 48.5625 05-May-00 47.375 08-May-00 47.375 09-May-00 46.9375 10-May-00 47.4375 11-May-00 48.8125 12-May-00 48.1875 15-May-00 47.0625 16-May-00 47.25 17-May-00 47 18-May-00 46.8125 19-May-00 46.5 22-May-00 46.3125 23-May-00 45.1875 24-May-00 46.5625 25-May-00 46.3125 26-May-00 47.25 30-May-00 47.4375 31-May-00 47.5 01-Jun-00 43.875 02-Jun-00 42.375 05-Jun-00 42.9375 06-Jun-00 41.875 07-Jun-00 41.625 08-Jun-00 39.9375 09-Jun-00 39.875 12-Jun-00 39.9375 13-Jun-00 38.75 14-Jun-00 39.25 15-Jun-00 39.5 16-Jun-00 39.5899 19-Jun-00 35.875 20-Jun-00 35.8125 21-Jun-00 34.6875 22-Jun-00 34.3125 23-Jun-00 34 26-Jun-00 34.25 27-Jun-00 33.4375 28-Jun-00 34.0899 29-Jun-00 34.3125 30-Jun-00 32 03-Jul-00 32.625 05-Jul-00 32.75 06-Jul-00 31.5625 07-Jul-00 31.75 10-Jul-00 31.75 11-Jul-00 32.3125 12-Jul-00 32.125 13-Jul-00 31.875 14-Jul-00 32.0625 17-Jul-00 32.3125 18-Jul-00 31.5 19-Jul-00 31.375 20-Jul-00 32.9375 21-Jul-00 34.0625 24-Jul-00 33.625 25-Jul-00 33.3125 26-Jul-00 33.0625 27-Jul-00 32.875 28-Jul-00 32.4375 31-Jul-00 32.25 01-Aug-00 31.75 02-Aug-00 32.125 03-Aug-00 31.875 04-Aug-00 31.5625 07-Aug-00 32.1875 08-Aug-00 31.9375 09-Aug-00 31.6875 10-Aug-00 31.75 11-Aug-00 31.8125 14-Aug-00 32.125 15-Aug-00 31.3125 16-Aug-00 31.125 17-Aug-00 31.5625 18-Aug-00 31.4375 21-Aug-00 31 22-Aug-00 31.75 23-Aug-00 31.375 24-Aug-00 31.5625 25-Aug-00 31.3125 28-Aug-00 30.75 29-Aug-00 30 30-Aug-00 30.0625 31-Aug-00 29.8946 01-Sep-00 29.8125 05-Sep-00 29.6875 06-Sep-00 31.25 07-Sep-00 31.25 08-Sep-00 31.125 11-Sep-00 30.0625 12-Sep-00 29.625 13-Sep-00 29.1875 14-Sep-00 29.4375 15-Sep-00 28.875 18-Sep-00 28.625 19-Sep-00 28.9375 20-Sep-00 28.1875 21-Sep-00 27.875 22-Sep-00 27.5 25-Sep-00 27.375 26-Sep-00 27.125 27-Sep-00 27.1875 28-Sep-00 27.5 29-Sep-00 28.1875 02-Oct-00 27.875 03-Oct-00 28.375 04-Oct-00 28.8125 05-Oct-00 28.9375 06-Oct-00 27.125 09-Oct-00 27.0625 10-Oct-00 26.9375 11-Oct-00 26.0625 12-Oct-00 25.625 13-Oct-00 25.4375 16-Oct-00 25.375 17-Oct-00 24.5625 18-Oct-00 24.0625 19-Oct-00 23.9375 20-Oct-00 23 23-Oct-00 22.625 24-Oct-00 22.75 25-Oct-00 22.875 26-Oct-00 22.75 27-Oct-00 23 30-Oct-00 23.4375 31-Oct-00 23.5625 01-Nov-00 23.5 02-Nov-00 23.75 03-Nov-00 23.75 06-Nov-00 24.8125 07-Nov-00 25.375 08-Nov-00 26.625 09-Nov-00 25.875 10-Nov-00 25.5625 13-Nov-00 26.3125 14-Nov-00 26.4375 15-Nov-00 26.1875 16-Nov-00 25.75 17-Nov-00 26.8125 20-Nov-00 26.9375 21-Nov-00 27.4375 22-Nov-00 27.125 24-Nov-00 27.875 27-Nov-00 28.0625 28-Nov-00 27.8125 29-Nov-00 27.8125 30-Nov-00 27.25 01-Dec-00 27.8125 04-Dec-00 27.875 05-Dec-00 28.25 06-Dec-00 26 07-Dec-00 23.9375 08-Dec-00 24.3125 11-Dec-00 27 12-Dec-00 28.75 13-Dec-00 29.1875 14-Dec-00 28 15-Dec-00 27.5625 18-Dec-00 28.125 19-Dec-00 28.75 20-Dec-00 28.375 21-Dec-00 28.125 22-Dec-00 30.1875 26-Dec-00 30.0625 27-Dec-00 31.125 28-Dec-00 31.625 29-Dec-00 32.4375 02-Jan-01 30.9375 03-Jan-01 31.8125 04-Jan-01 31.9375 05-Jan-01 30.625 08-Jan-01 31.9375 09-Jan-01 31.5625 10-Jan-01 31.875 11-Jan-01 32.0625 12-Jan-01 31.9375 16-Jan-01 32.3125 17-Jan-01 33.125 18-Jan-01 33.3125 19-Jan-01 33.1875 22-Jan-01 32.1875 23-Jan-01 34.5 24-Jan-01 33.5625 25-Jan-01 34.1875 26-Jan-01 33.875 29-Jan-01 34.14 30-Jan-01 34.15 31-Jan-01 35.38 01-Feb-01 35.18 02-Feb-01 36 05-Feb-01 36.35 06-Feb-01 36.69 07-Feb-01 37.23 08-Feb-01 36.11 09-Feb-01 36.28 12-Feb-01 36.6 13-Feb-01 37.5 14-Feb-01 36.72 15-Feb-01 36.44 16-Feb-01 36.1
TWO-YEAR STOCK PRICE HISTORY [LINE CHART OMITTED] 16-Feb-99 36.125 17-Feb-99 35.5 18-Feb-99 35.75 19-Feb-99 35.125 22-Feb-99 34.0625 23-Feb-99 33.125 24-Feb-99 31.8125 25-Feb-99 33.1875 26-Feb-99 33.25 01-Mar-99 31.9375 02-Mar-99 32 03-Mar-99 32.25 04-Mar-99 32.625 05-Mar-99 32.4375 08-Mar-99 32.5 09-Mar-99 32.0625 10-Mar-99 32 11-Mar-99 31.8125 12-Mar-99 31.75 15-Mar-99 30.75 16-Mar-99 31.6875 17-Mar-99 32.0625 18-Mar-99 33.4375 19-Mar-99 31.8125 22-Mar-99 31.4375 23-Mar-99 29.9375 24-Mar-99 29.875 25-Mar-99 30.1875 26-Mar-99 29.0625 29-Mar-99 29.25 30-Mar-99 29.1875 31-Mar-99 27.0625 01-Apr-99 27.5 05-Apr-99 27.8125 06-Apr-99 28.1875 07-Apr-99 28.5 08-Apr-99 27.8125 09-Apr-99 29.25 12-Apr-99 29.25 13-Apr-99 29 14-Apr-99 29.25 15-Apr-99 29.625 16-Apr-99 30.4375 19-Apr-99 32.0625 20-Apr-99 34.5625 21-Apr-99 37 22-Apr-99 35.9375 23-Apr-99 36.4375 26-Apr-99 36.1875 27-Apr-99 35.8125 28-Apr-99 36.5625 29-Apr-99 38 30-Apr-99 37.375 03-May-99 40.1875 04-May-99 40.0625 05-May-99 40.625 06-May-99 40.5 07-May-99 41.125 10-May-99 42.4375 11-May-99 41.9375 12-May-99 41.75 13-May-99 42.9375 14-May-99 41.5 17-May-99 41.125 18-May-99 40.1875 19-May-99 39.8125 20-May-99 41.3125 21-May-99 43.5 24-May-99 41.4375 25-May-99 40.5 26-May-99 40.4375 27-May-99 39.4375 28-May-99 39.625 01-Jun-99 38.9375 02-Jun-99 41.5625 03-Jun-99 42 04-Jun-99 42 07-Jun-99 42 08-Jun-99 41 09-Jun-99 39.9375 10-Jun-99 39.625 11-Jun-99 38.4375 14-Jun-99 38.75 15-Jun-99 38.5625 16-Jun-99 37.8125 17-Jun-99 38.6875 18-Jun-99 38.1875 21-Jun-99 38.625 22-Jun-99 39.125 23-Jun-99 39.5 24-Jun-99 39.6875 25-Jun-99 40.25 28-Jun-99 40.75 29-Jun-99 42.4375 30-Jun-99 43.625 01-Jul-99 42.875 02-Jul-99 42.8125 06-Jul-99 43.3125 07-Jul-99 43.25 08-Jul-99 42.375 09-Jul-99 42.125 12-Jul-99 41.375 13-Jul-99 41.8125 14-Jul-99 40.75 15-Jul-99 41.75 16-Jul-99 41.375 19-Jul-99 40.625 20-Jul-99 41.5 21-Jul-99 41.5 22-Jul-99 41.4375 23-Jul-99 41.125 26-Jul-99 41.1875 27-Jul-99 40.9375 28-Jul-99 40.625 29-Jul-99 40.125 30-Jul-99 39.75 02-Aug-99 39.5625 03-Aug-99 39 04-Aug-99 39.125 05-Aug-99 39.75 06-Aug-99 40.125 09-Aug-99 40 10-Aug-99 39.9375 11-Aug-99 39.75 12-Aug-99 39.375 13-Aug-99 40.25 16-Aug-99 40.125 17-Aug-99 39.5 18-Aug-99 39.375 19-Aug-99 39.5 20-Aug-99 39.4375 23-Aug-99 39.4375 24-Aug-99 39.3125 25-Aug-99 39.5625 26-Aug-99 39.0625 27-Aug-99 38.4375 30-Aug-99 37.6875 31-Aug-99 37.5625 01-Sep-99 38.375 02-Sep-99 37.75 03-Sep-99 38.875 07-Sep-99 38.875 08-Sep-99 38.625 09-Sep-99 38.625 10-Sep-99 38.5 13-Sep-99 37.375 14-Sep-99 37.0625 15-Sep-99 37.1875 16-Sep-99 35.9375 17-Sep-99 35.75 20-Sep-99 36.0625 21-Sep-99 35.4375 22-Sep-99 35.25 23-Sep-99 33.875 24-Sep-99 33.6875 27-Sep-99 33.875 28-Sep-99 33.9375 29-Sep-99 33.6875 30-Sep-99 33.9375 01-Oct-99 33.875 04-Oct-99 33.75 05-Oct-99 33.75 06-Oct-99 33.9375 07-Oct-99 34 08-Oct-99 33.875 11-Oct-99 33.875 12-Oct-99 33.5625 13-Oct-99 33.875 14-Oct-99 33.8125 15-Oct-99 33.4375 18-Oct-99 33.1875 19-Oct-99 33 20-Oct-99 32.9375 21-Oct-99 35.6875 22-Oct-99 38.5625 25-Oct-99 39.625 26-Oct-99 39.375 27-Oct-99 39.4375 28-Oct-99 39.3125 29-Oct-99 39.8125 01-Nov-99 39.8125 02-Nov-99 40.0625 03-Nov-99 40.75 04-Nov-99 42.0625 05-Nov-99 42.4375 08-Nov-99 43.4375 09-Nov-99 42.5625 10-Nov-99 41.625 11-Nov-99 41.1875 12-Nov-99 41.75 15-Nov-99 39.375 16-Nov-99 40.8125 17-Nov-99 40.125 18-Nov-99 41.25 19-Nov-99 40.6875 22-Nov-99 39.8125 23-Nov-99 39.5625 24-Nov-99 38.625 26-Nov-99 39.875 29-Nov-99 39.75 30-Nov-99 40 01-Dec-99 39.125 02-Dec-99 39.375 03-Dec-99 39.625 06-Dec-99 38.25 07-Dec-99 38.25 08-Dec-99 37.8125 09-Dec-99 37.9375 10-Dec-99 38.5 13-Dec-99 38.5 14-Dec-99 38.3125 15-Dec-99 38.375 16-Dec-99 37.3125 17-Dec-99 37.875 20-Dec-99 38.75 21-Dec-99 37.9375 22-Dec-99 39.4375 23-Dec-99 39.1875 27-Dec-99 40.6875 28-Dec-99 39.25 29-Dec-99 39.5 30-Dec-99 39.8125 31-Dec-99 39.9375 03-Jan-00 39.875 04-Jan-00 38.125 05-Jan-00 39.3125 06-Jan-00 38.75 07-Jan-00 38.6875 10-Jan-00 38.6875 11-Jan-00 39.1875 12-Jan-00 39.9375 13-Jan-00 39.5 14-Jan-00 39.6875 18-Jan-00 39.625 19-Jan-00 39.25 20-Jan-00 38.25 21-Jan-00 37.6875 24-Jan-00 37.4375 25-Jan-00 37.9375 26-Jan-00 36.875 27-Jan-00 37.0625 28-Jan-00 36.9375 31-Jan-00 36.375 01-Feb-00 36.8125 02-Feb-00 37.1875 03-Feb-00 38.8125 04-Feb-00 37.875 07-Feb-00 38.375 08-Feb-00 38.125 09-Feb-00 39.6875 10-Feb-00 39.5 11-Feb-00 39.3125 14-Feb-00 39.375 15-Feb-00 39.375 16-Feb-00 39.8125 17-Feb-00 39.3125 18-Feb-00 38.75 22-Feb-00 38.5625 23-Feb-00 38.5 24-Feb-00 35.4375 25-Feb-00 34.3125 28-Feb-00 34 29-Feb-00 35.4375 01-Mar-00 35.25 02-Mar-00 37.1875 03-Mar-00 37.375 06-Mar-00 36.375 07-Mar-00 35.8125 08-Mar-00 36.1875 09-Mar-00 37.5 10-Mar-00 36.8125 13-Mar-00 35.625 14-Mar-00 34.6875 15-Mar-00 35.375 16-Mar-00 37.5625 17-Mar-00 37.9375 20-Mar-00 37.25 21-Mar-00 38.0625 22-Mar-00 38.125 23-Mar-00 38.125 24-Mar-00 38.125 27-Mar-00 37.625 28-Mar-00 37.875 29-Mar-00 38 30-Mar-00 38.375 31-Mar-00 38 03-Apr-00 38.5 04-Apr-00 38.3125 05-Apr-00 38.4375 06-Apr-00 39.1875 07-Apr-00 39.1875 10-Apr-00 38.75 11-Apr-00 40.0625 12-Apr-00 40.0625 13-Apr-00 38.9375 14-Apr-00 38.1875 17-Apr-00 38.6875 18-Apr-00 39 19-Apr-00 40.375 20-Apr-00 41.75 24-Apr-00 42.0625 25-Apr-00 43.1875 26-Apr-00 43.1875 27-Apr-00 42.0625 28-Apr-00 41.0625 01-May-00 43.5 02-May-00 45.625 03-May-00 47.0625 04-May-00 48.5625 05-May-00 47.375 08-May-00 47.375 09-May-00 46.9375 10-May-00 47.4375 11-May-00 48.8125 12-May-00 48.1875 15-May-00 47.0625 16-May-00 47.25 17-May-00 47 18-May-00 46.8125 19-May-00 46.5 22-May-00 46.3125 23-May-00 45.1875 24-May-00 46.5625 25-May-00 46.3125 26-May-00 47.25 30-May-00 47.4375 31-May-00 47.5 01-Jun-00 43.875 02-Jun-00 42.375 05-Jun-00 42.9375 06-Jun-00 41.875 07-Jun-00 41.625 08-Jun-00 39.9375 09-Jun-00 39.875 12-Jun-00 39.9375 13-Jun-00 38.75 14-Jun-00 39.25 15-Jun-00 39.5 16-Jun-00 39.5899 19-Jun-00 35.875 20-Jun-00 35.8125 21-Jun-00 34.6875 22-Jun-00 34.3125 23-Jun-00 34 26-Jun-00 34.25 27-Jun-00 33.4375 28-Jun-00 34.0899 29-Jun-00 34.3125 30-Jun-00 32 03-Jul-00 32.625 05-Jul-00 32.75 06-Jul-00 31.5625 07-Jul-00 31.75 10-Jul-00 31.75 11-Jul-00 32.3125 12-Jul-00 32.125 13-Jul-00 31.875 14-Jul-00 32.0625 17-Jul-00 32.3125 18-Jul-00 31.5 19-Jul-00 31.375 20-Jul-00 32.9375 21-Jul-00 34.0625 24-Jul-00 33.625 25-Jul-00 33.3125 26-Jul-00 33.0625 27-Jul-00 32.875 28-Jul-00 32.4375 31-Jul-00 32.25 01-Aug-00 31.75 02-Aug-00 32.125 03-Aug-00 31.875 04-Aug-00 31.5625 07-Aug-00 32.1875 08-Aug-00 31.9375 09-Aug-00 31.6875 10-Aug-00 31.75 11-Aug-00 31.8125 14-Aug-00 32.125 15-Aug-00 31.3125 16-Aug-00 31.125 17-Aug-00 31.5625 18-Aug-00 31.4375 21-Aug-00 31 22-Aug-00 31.75 23-Aug-00 31.375 24-Aug-00 31.5625 25-Aug-00 31.3125 28-Aug-00 30.75 29-Aug-00 30 30-Aug-00 30.0625 31-Aug-00 29.8946 01-Sep-00 29.8125 05-Sep-00 29.6875 06-Sep-00 31.25 07-Sep-00 31.25 08-Sep-00 31.125 11-Sep-00 30.0625 12-Sep-00 29.625 13-Sep-00 29.1875 14-Sep-00 29.4375 15-Sep-00 28.875 18-Sep-00 28.625 19-Sep-00 28.9375 20-Sep-00 28.1875 21-Sep-00 27.875 22-Sep-00 27.5 25-Sep-00 27.375 26-Sep-00 27.125 27-Sep-00 27.1875 28-Sep-00 27.5 29-Sep-00 28.1875 02-Oct-00 27.875 03-Oct-00 28.375 04-Oct-00 28.8125 05-Oct-00 28.9375 06-Oct-00 27.125 09-Oct-00 27.0625 10-Oct-00 26.9375 11-Oct-00 26.0625 12-Oct-00 25.625 13-Oct-00 25.4375 16-Oct-00 25.375 17-Oct-00 24.5625 18-Oct-00 24.0625 19-Oct-00 23.9375 20-Oct-00 23 23-Oct-00 22.625 24-Oct-00 22.75 25-Oct-00 22.875 26-Oct-00 22.75 27-Oct-00 23 30-Oct-00 23.4375 31-Oct-00 23.5625 01-Nov-00 23.5 02-Nov-00 23.75 03-Nov-00 23.75 06-Nov-00 24.8125 07-Nov-00 25.375 08-Nov-00 26.625 09-Nov-00 25.875 10-Nov-00 25.5625 13-Nov-00 26.3125 14-Nov-00 26.4375 15-Nov-00 26.1875 16-Nov-00 25.75 17-Nov-00 26.8125 20-Nov-00 26.9375 21-Nov-00 27.4375 22-Nov-00 27.125 24-Nov-00 27.875 27-Nov-00 28.0625 28-Nov-00 27.8125 29-Nov-00 27.8125 30-Nov-00 27.25 01-Dec-00 27.8125 04-Dec-00 27.875 05-Dec-00 28.25 06-Dec-00 26 07-Dec-00 23.9375 08-Dec-00 24.3125 11-Dec-00 27 12-Dec-00 28.75 13-Dec-00 29.1875 14-Dec-00 28 15-Dec-00 27.5625 18-Dec-00 28.125 19-Dec-00 28.75 20-Dec-00 28.375 21-Dec-00 28.125 22-Dec-00 30.1875 26-Dec-00 30.0625 27-Dec-00 31.125 28-Dec-00 31.625 29-Dec-00 32.4375 02-Jan-01 30.9375 03-Jan-01 31.8125 04-Jan-01 31.9375 05-Jan-01 30.625 08-Jan-01 31.9375 09-Jan-01 31.5625 10-Jan-01 31.875 11-Jan-01 32.0625 12-Jan-01 31.9375 16-Jan-01 32.3125 17-Jan-01 33.125 18-Jan-01 33.3125 19-Jan-01 33.1875 22-Jan-01 32.1875 23-Jan-01 34.5 24-Jan-01 33.5625 25-Jan-01 34.1875 26-Jan-01 33.875 29-Jan-01 34.14 30-Jan-01 34.15 31-Jan-01 35.38 01-Feb-01 35.18 02-Feb-01 36 05-Feb-01 36.35 06-Feb-01 36.69 07-Feb-01 37.23 08-Feb-01 36.11 09-Feb-01 36.28 12-Feb-01 36.6 13-Feb-01 37.5 14-Feb-01 36.72 15-Feb-01 36.44 16-Feb-01 36.1
GREENWICH CREDIT RESEARCH [SPRINGS LOGO] & TRADING CONNECTICUT -3- 5 SPRINGS INDUSTRIES INC. VALUATION SYNOPSIS
Value Per Share Public Market Trading Parameters Relative to (1): Revenues $32.33 - $44.50 0.4x- 0.5x EBIT $33.89 - $41.62 6.5x- 7.5x P/E $35.24 - $39.00 9.0x-10.0x Discounted Cash Flow Valuation(2): Base Case $51.35 - $69.85 Downside Case $38.43 - $53.05
(1) Does not include premium for change of control. (2) Assumes that $38.9 million related to deferred compensation is treated as debt. GREENWICH CREDIT RESEARCH [SPRINGS LOGO] & TRADING CONNECTICUT -4- 6 SPRINGS INDUSTRIES INC. COMPARATIVE LEVERAGE(1) - The level of debt to EBITDA (cash flow) is the most commonly used indicator of financial leverage. Investment grade credits (BBB) would generally be low -- approximately 2.75x debt to trailing EBITDA - Current lending conditions may preclude a family-led LBO at debt levels at or above 3.0x EBITDA - Generally, higher leverage levels are available when a well-known financial investor acts as a "sponsor" of a transaction - Even though the leverage levels contemplated are significantly below those of its three primary competitors, customers may react negatively to a highly-leveraged platform for Springs DEBT TO 2000 EBITDA -- PRO FORMA AS OF 12/31/00 [BAR CHART OMITTED] Dan River 4.0x WestPoint Stevens 5.3x Status Quo 1.5x $75MM Repurchase at $38 1.8x $150MM Repurchase at $40 2.1x HIP Recap at $46 2.9x HIP Recap at $46 (w/ Growth)(2) 2.9x Family LBO at $46 3.6x
DEBT TO EBITDA (HEARTLAND RECAP AT $46) [BAR CHART OMITTED]
Base Case Downside Case 2000PF 2.9x 2.9x 2001P 2.5x 2.7x 2002P 2.1x 2.4x 2003P 1.6x 2.0x 2004P 1.2x 1.7x 2005P 0.8x 1.4x
(1) Heartland Recap cases assume that Heartland invests $225 million and that the Close family sells $50 million in stock. Also assumes that $38.9 million related to deferred compensation is treated as debt. (2) Assumes that HIP acquisition strategy is pursued. GREENWICH CREDIT RESEARCH [SPRINGS LOGO] & TRADING CONNECTICUT -5-