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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 37.3x - 41.2x | 39.2x |
Selected Fwd EBIT Multiple | 36.2x - 40.0x | 38.1x |
Fair Value | €1.45 - €3.01 | €2.23 |
Upside | -60.7% - -18.7% | -39.7% |
Benchmarks | Ticker | Full Ticker |
Bandwidth Inc. | BAND | NasdaqGS:BAND |
Nuvera Communications, Inc. | NUVR | OTCPK:NUVR |
TPT Global Tech, Inc. | TPTW | OTCPK:TPTW |
Liberty Global Ltd. | LBTY.A | NasdaqGS:LBTY.A |
ATN International, Inc. | ATNI | NasdaqGS:ATNI |
Lumen Technologies, Inc. | CYTH | DB:CYTH |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BAND | NUVR | TPTW | LBTY.A | ATNI | CYTH | ||
NasdaqGS:BAND | OTCPK:NUVR | OTCPK:TPTW | NasdaqGS:LBTY.A | NasdaqGS:ATNI | DB:CYTH | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | -8.2% | NM- | NM- | 8.3% | -35.1% | |
3Y CAGR | NM- | -10.7% | NM- | NM- | 14.3% | -52.6% | |
Latest Twelve Months | 58.0% | 15.8% | 3.7% | 108.7% | 9.8% | -34.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -2.8% | 18.1% | -91.9% | 5.9% | 4.1% | 14.1% | |
Prior Fiscal Year | -5.9% | 14.0% | -90.9% | -6.4% | 3.4% | 7.9% | |
Latest Fiscal Year | -2.7% | 14.3% | -132.9% | -0.3% | 4.0% | 3.5% | |
Latest Twelve Months | -1.9% | 14.8% | -350.0% | 0.6% | 4.3% | 3.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.18x | 2.75x | 61.34x | 2.66x | 1.41x | 1.57x | |
EV / LTM EBITDA | 29.0x | 6.6x | -17.5x | 11.3x | 5.8x | 6.0x | |
EV / LTM EBIT | -61.4x | 18.6x | -17.5x | 449.2x | 33.1x | 41.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -61.4x | 18.6x | 449.2x | ||||
Historical EV / LTM EBIT | 8.5x | 11.8x | 58.5x | ||||
Selected EV / LTM EBIT | 37.3x | 39.2x | 41.2x | ||||
(x) LTM EBIT | 488 | 488 | 488 | ||||
(=) Implied Enterprise Value | 18,181 | 19,137 | 20,094 | ||||
(-) Non-shareholder Claims * | (16,027) | (16,027) | (16,027) | ||||
(=) Equity Value | 2,154 | 3,110 | 4,067 | ||||
(/) Shares Outstanding | 1,025.9 | 1,025.9 | 1,025.9 | ||||
Implied Value Range | 2.10 | 3.03 | 3.96 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 1.79 | 2.58 | 3.38 | 3.70 | |||
Upside / (Downside) | -51.7% | -30.2% | -8.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BAND | NUVR | TPTW | LBTY.A | ATNI | CYTH | |
Enterprise Value | 884 | 193 | 78 | (513) | 1,021 | 20,482 | |
(+) Cash & Short Term Investments | 42 | 0 | 0 | 2,167 | 84 | 1,900 | |
(+) Investments & Other | 0 | 8 | 0 | 12,242 | 42 | 0 | |
(-) Debt | (479) | (143) | (19) | (10,238) | (696) | (17,927) | |
(-) Other Liabilities | 0 | 0 | 1 | (193) | (185) | 0 | |
(-) Preferred Stock | 0 | 0 | (60) | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 446 | 59 | 0 | 3,466 | 266 | 4,455 | |
(/) Shares Outstanding | 29.8 | 5.2 | 8,118.2 | 345.6 | 14.9 | 1,025.9 | |
Implied Stock Price | 14.99 | 11.35 | 0.00 | 10.03 | 17.82 | 4.34 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 14.99 | 11.35 | 0.00 | 10.03 | 17.82 | 3.70 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |