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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.9x - 6.5x | 6.2x |
| Selected Fwd EBITDA Multiple | 4.1x - 4.5x | 4.3x |
| Fair Value | €4.90 - €5.69 | €5.29 |
| Upside | 18.9% - 38.1% | 28.5% |
| Benchmarks | Ticker | Full Ticker |
| Intred S.p.A. | ITD | BIT:ITD |
| Rai Way S.p.A. | RWAY | BIT:RWAY |
| Unidata S.p.A. | UD | BIT:UD |
| Infrastrutture Wireless Italiane S.p.A. | INW | BIT:INW |
| Telia Lietuva, AB | TEL1L | NSEL:TEL1L |
| Planetel S.p.A. | PLN | BIT:PLN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ITD | RWAY | UD | INW | TEL1L | PLN | ||
| BIT:ITD | BIT:RWAY | BIT:UD | BIT:INW | NSEL:TEL1L | BIT:PLN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.5% | 9.0% | 39.2% | 25.4% | 6.5% | 26.8% | |
| 3Y CAGR | 12.0% | 12.8% | 22.1% | 11.6% | 7.8% | 18.0% | |
| Latest Twelve Months | 7.4% | 17.2% | 13.1% | 8.3% | 5.1% | 3.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 41.8% | 56.3% | 31.2% | 69.1% | 32.2% | 21.2% | |
| Prior Fiscal Year | 44.3% | 57.4% | 24.0% | 72.0% | 33.0% | 23.4% | |
| Latest Fiscal Year | 42.7% | 66.3% | 25.0% | 72.2% | 33.6% | 21.4% | |
| Latest Twelve Months | 42.7% | 66.3% | 25.0% | 72.2% | 34.2% | 21.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.49x | 6.47x | 1.21x | 13.94x | 2.22x | 1.15x | |
| EV / LTM EBITDA | 8.2x | 9.8x | 4.9x | 19.3x | 6.5x | 5.4x | |
| EV / LTM EBIT | 16.6x | 13.5x | 7.7x | 25.8x | 11.4x | 21.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.9x | 8.2x | 19.3x | ||||
| Historical EV / LTM EBITDA | 5.4x | 7.0x | 15.8x | ||||
| Selected EV / LTM EBITDA | 5.9x | 6.2x | 6.5x | ||||
| (x) LTM EBITDA | 8 | 8 | 8 | ||||
| (=) Implied Enterprise Value | 50 | 52 | 55 | ||||
| (-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
| (=) Equity Value | 32 | 35 | 38 | ||||
| (/) Shares Outstanding | 6.6 | 6.6 | 6.6 | ||||
| Implied Value Range | 4.93 | 5.33 | 5.72 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.93 | 5.33 | 5.72 | 4.12 | |||
| Upside / (Downside) | 19.6% | 29.3% | 38.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ITD | RWAY | UD | INW | TEL1L | PLN | |
| Enterprise Value | 195 | 1,785 | 123 | 14,447 | 1,093 | 44 | |
| (+) Cash & Short Term Investments | 10 | 14 | 5 | 115 | 7 | 5 | |
| (+) Investments & Other | 0 | 1 | 9 | 0 | 0 | 0 | |
| (-) Debt | (43) | (141) | (50) | (4,642) | (104) | (22) | |
| (-) Other Liabilities | 0 | 0 | 0 | (6) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 162 | 1,659 | 87 | 9,914 | 996 | 27 | |
| (/) Shares Outstanding | 15.9 | 268.4 | 30.3 | 931.8 | 582.6 | 6.6 | |
| Implied Stock Price | 10.20 | 6.18 | 2.86 | 10.64 | 1.71 | 4.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.20 | 6.18 | 2.86 | 10.64 | 1.71 | 4.12 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |