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Dst Systems: All Systems Are Go

Prepared By: Ryan Fusaro June 10, 2011 [email protected] Prepared By: Ryan Fusaro [email protected] All Systems Are Go DST Systems Investment Thesis Data processing firm that is the dominant player in both of its core operating businesses Shareholder recordkeeping Integrated print and mail solutions Ticker: “DST” Stock Price: $47.72 Recent Valuation Multiples: 9.7x 2011E Earnings (1) 3.6x EV / 2011E EBITDA (2) Fairly stable, predictable free cash flow streams in low to modest growth b

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