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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.3x - 24.7x | 23.5x |
| Selected Fwd EBITDA Multiple | 8.1x - 9.0x | 8.5x |
| Fair Value | €6.15 - €6.83 | €6.49 |
| Upside | 6.0% - 17.7% | 11.9% |
| Benchmarks | Ticker | Full Ticker |
| ecotel communication ag | E4C | XTRA:E4C |
| Gamma Communications plc | 6GC | DB:6GC |
| freenet AG | FNTN | XTRA:FNTN |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| Hrvatski Telekom d.d. | HT | ZGSE:HT |
| NFON AG | NFN | DB:NFN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| E4C | 6GC | FNTN | O2D | HT | NFN | ||
| XTRA:E4C | DB:6GC | XTRA:FNTN | HMSE:O2D | ZGSE:HT | DB:NFN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.1% | 9.6% | 6.4% | 3.6% | 6.2% | NM- | |
| 3Y CAGR | -10.3% | 9.0% | 8.9% | 2.9% | 11.2% | 37.3% | |
| Latest Twelve Months | -43.5% | 8.4% | 6.1% | 2.0% | 28.8% | 393.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.3% | 20.7% | 13.2% | 19.3% | 32.6% | -4.4% | |
| Prior Fiscal Year | 10.4% | 19.5% | 16.3% | 18.9% | 32.9% | -12.3% | |
| Latest Fiscal Year | 5.4% | 19.1% | 16.7% | 19.5% | 40.0% | 1.8% | |
| Latest Twelve Months | 5.4% | 19.1% | 16.7% | 19.5% | 40.0% | 5.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.37x | 1.68x | 1.70x | 1.19x | 2.83x | 1.31x | |
| EV / LTM EBITDA | 7.0x | 8.8x | 10.2x | 6.1x | 7.1x | 24.6x | |
| EV / LTM EBIT | 14.8x | 10.8x | 11.2x | 20.5x | 18.7x | 54.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.1x | 7.1x | 10.2x | ||||
| Historical EV / LTM EBITDA | -158.8x | -20.4x | 194.0x | ||||
| Selected EV / LTM EBITDA | 22.3x | 23.5x | 24.7x | ||||
| (x) LTM EBITDA | 5 | 5 | 5 | ||||
| (=) Implied Enterprise Value | 101 | 106 | 112 | ||||
| (-) Non-shareholder Claims * | (5) | (5) | (5) | ||||
| (=) Equity Value | 96 | 102 | 107 | ||||
| (/) Shares Outstanding | 16.6 | 16.6 | 16.6 | ||||
| Implied Value Range | 5.82 | 6.14 | 6.46 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.82 | 6.14 | 6.46 | 5.80 | |||
| Upside / (Downside) | 0.3% | 5.9% | 11.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | E4C | 6GC | FNTN | O2D | HT | NFN | |
| Enterprise Value | 43 | 962 | 4,269 | 6,490 | 3,152 | 101 | |
| (+) Cash & Short Term Investments | 2 | 154 | 182 | 0 | 230 | 10 | |
| (+) Investments & Other | 2 | 0 | 86 | 0 | 0 | 1 | |
| (-) Debt | (7) | (8) | (697) | 0 | (77) | (15) | |
| (-) Other Liabilities | 0 | 1 | 5 | 0 | (33) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40 | 1,109 | 3,845 | 6,490 | 3,273 | 96 | |
| (/) Shares Outstanding | 3.5 | 94.9 | 118.9 | 2,974.6 | 77.2 | 16.6 | |
| Implied Stock Price | 11.50 | 11.69 | 32.34 | 2.18 | 42.40 | 5.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.50 | 13.60 | 32.34 | 2.18 | 42.40 | 5.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | 1.00 | |