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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Selected Fwd EBITDA Multiple | 4.2x - 4.6x | 4.4x |
| Fair Value | €1.73 - €2.17 | €1.95 |
| Upside | -10.2% - 12.4% | 1.1% |
| Benchmarks | Ticker | Full Ticker |
| Telefônica Brasil S.A. | VIVT3 | BOVESPA:VIVT3 |
| AT&T Inc. | 0QZ1 | LSE:0QZ1 |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| United Internet AG | 0GE4 | LSE:0GE4 |
| NOS, S.G.P.S., S.A. | 0J1Z | LSE:0J1Z |
| BT Group plc | BTQ | DB:BTQ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VIVT3 | 0QZ1 | TM | 0GE4 | 0J1Z | BTQ | ||
| BOVESPA:VIVT3 | LSE:0QZ1 | KLSE:TM | LSE:0GE4 | LSE:0J1Z | DB:BTQ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.1% | -3.5% | 3.3% | -0.4% | 4.2% | -0.4% | |
| 3Y CAGR | 7.4% | -4.0% | 4.4% | -1.0% | 9.3% | 2.7% | |
| Latest Twelve Months | 7.6% | 4.8% | 1.4% | -5.3% | 8.7% | -3.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.7% | 34.0% | 35.0% | 19.1% | 33.1% | 30.1% | |
| Prior Fiscal Year | 31.0% | 34.2% | 35.9% | 18.4% | 34.4% | 31.4% | |
| Latest Fiscal Year | 31.2% | 35.9% | 38.1% | 17.1% | 35.2% | 31.0% | |
| Latest Twelve Months | 31.2% | 35.9% | 38.1% | 17.1% | 35.2% | 31.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.79x | 2.89x | 2.36x | 1.20x | 2.13x | 1.77x | |
| EV / LTM EBITDA | 5.7x | 8.0x | 6.2x | 7.0x | 6.1x | 5.6x | |
| EV / LTM EBIT | 11.1x | 13.4x | 11.9x | 11.9x | 13.4x | 11.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.7x | 6.2x | 8.0x | ||||
| Historical EV / LTM EBITDA | 3.9x | 5.4x | 6.3x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.7x | 6.0x | ||||
| (x) LTM EBITDA | 6,448 | 6,448 | 6,448 | ||||
| (=) Implied Enterprise Value | 35,072 | 36,918 | 38,764 | ||||
| (-) Non-shareholder Claims * | (20,118) | (20,118) | (20,118) | ||||
| (=) Equity Value | 14,954 | 16,800 | 18,646 | ||||
| (/) Shares Outstanding | 9,798.4 | 9,798.4 | 9,798.4 | ||||
| Implied Value Range | 1.53 | 1.71 | 1.90 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.78 | 2.00 | 2.22 | 1.93 | |||
| Upside / (Downside) | -7.8% | 3.6% | 15.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIVT3 | 0QZ1 | TM | 0GE4 | 0J1Z | BTQ | |
| Enterprise Value | 99,492 | 354,157 | 27,594 | 7,593 | 3,616 | 36,333 | |
| (+) Cash & Short Term Investments | 6,691 | 3,364 | 3,308 | 133 | 9 | 2,874 | |
| (+) Investments & Other | 566 | 918 | 360 | 203 | 40 | 635 | |
| (-) Debt | (20,758) | (145,904) | (5,191) | (3,895) | (1,548) | (23,627) | |
| (-) Other Liabilities | (70) | (15,853) | (166) | (763) | (7) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 85,921 | 196,682 | 25,905 | 3,270 | 2,109 | 16,215 | |
| (/) Shares Outstanding | 3,253.4 | 7,178.2 | 3,837.7 | 172.8 | 511.3 | 9,798.4 | |
| Implied Stock Price | 26.41 | 27.40 | 6.75 | 18.92 | 4.13 | 1.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 26.41 | 27.40 | 6.75 | 18.92 | 4.13 | 1.93 | |
| Trading Currency | BRL | USD | MYR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |