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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6.0x - 6.7x | 6.4x |
Selected Fwd EBITDA Multiple | 5.8x - 6.4x | 6.1x |
Fair Value | €2.71 - €4.43 | €3.57 |
Upside | -49.7% - -17.5% | -33.6% |
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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
BAND | NUVR | TPTW | LBTY.A | ATNI | CYTH | ||
NasdaqGS:BAND | OTCPK:NUVR | OTCPK:TPTW | NasdaqGS:LBTY.A | NasdaqGS:ATNI | DB:CYTH | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 0.7% | NM- | -25.7% | 10.0% | -17.2% | |
3Y CAGR | -9.0% | 2.2% | NM- | -35.3% | 10.5% | -25.7% | |
Latest Twelve Months | 195.5% | 14.3% | -3.0% | 217.0% | -4.2% | -7.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 3.4% | 39.9% | -80.7% | 29.5% | 23.6% | 34.3% | |
Prior Fiscal Year | 0.5% | 37.8% | -74.0% | 23.1% | 23.7% | 28.4% | |
Latest Fiscal Year | 3.3% | 40.7% | -132.8% | 22.8% | 24.1% | 26.0% | |
Latest Twelve Months | 4.4% | 42.3% | -349.8% | 23.0% | 24.2% | 25.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.26x | 2.80x | 61.34x | 0.11x | 1.39x | 1.75x | |
EV / LTM EBITDA | 28.9x | 6.6x | -17.5x | 0.5x | 5.7x | 6.9x | |
EV / LTM EBIT | -79.1x | 18.7x | -17.5x | 5.7x | 32.7x | 60.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -17.5x | 5.7x | 28.9x | ||||
Historical EV / LTM EBITDA | 4.4x | 5.0x | 6.5x | ||||
Selected EV / LTM EBITDA | 6.0x | 6.4x | 6.7x | ||||
(x) LTM EBITDA | 3,240 | 3,240 | 3,240 | ||||
(=) Implied Enterprise Value | 19,600 | 20,631 | 21,663 | ||||
(-) Non-shareholder Claims * | (16,603) | (16,603) | (16,603) | ||||
(=) Equity Value | 2,997 | 4,028 | 5,060 | ||||
(/) Shares Outstanding | 1,026.1 | 1,026.1 | 1,026.1 | ||||
Implied Value Range | 2.92 | 3.93 | 4.93 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 2.47 | 3.33 | 4.18 | 5.38 | |||
Upside / (Downside) | -54.0% | -38.1% | -22.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BAND | NUVR | TPTW | LBTY.A | ATNI | CYTH | |
Enterprise Value | 941 | 198 | 78 | 506 | 992 | 23,115 | |
(+) Cash & Short Term Investments | 68 | 1 | 0 | 3,305 | 99 | 1,568 | |
(+) Investments & Other | 0 | 8 | 0 | 11,337 | 42 | 0 | |
(-) Debt | (480) | (143) | (19) | (10,929) | (718) | (18,171) | |
(-) Other Liabilities | 0 | 0 | 1 | (211) | (188) | 0 | |
(-) Preferred Stock | 0 | 0 | (60) | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 529 | 65 | 0 | 4,007 | 228 | 6,512 | |
(/) Shares Outstanding | 30.1 | 5.2 | 8,118.2 | 340.7 | 15.0 | 1,026.1 | |
Implied Stock Price | 17.54 | 12.50 | 0.00 | 11.76 | 15.22 | 6.35 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
Implied Stock Price (Trading Cur) | 17.54 | 12.50 | 0.00 | 11.76 | 15.22 | 5.38 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 |