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-