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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.2x - 10.2x | 9.7x |
| Selected Fwd EBIT Multiple | 8.6x - 9.5x | 9.1x |
| Fair Value | €10.09 - €11.45 | €10.77 |
| Upside | 7.6% - 22.0% | 14.8% |
| Benchmarks | Ticker | Full Ticker |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| Mexedia Società Per Azioni S.B. | ALMEX | ENXTPA:ALMEX |
| NOS, S.G.P.S., S.A. | PMV | DB:PMV |
| Pharol, SGPS S.A. | PHR | ENXTLS:PHR |
| China Telecom Corporation Limited | ZCH | DB:ZCH |
| Telekom Austria AG | TA1 | DB:TA1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| O2D | ALMEX | PMV | PHR | ZCH | TA1 | ||
| HMSE:O2D | ENXTPA:ALMEX | DB:PMV | ENXTLS:PHR | DB:ZCH | DB:TA1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 4.2% | NM- | 6.5% | 9.3% | |
| 3Y CAGR | 184.2% | NM- | 10.6% | NM- | 8.7% | 7.1% | |
| Latest Twelve Months | 66.7% | -293.2% | 21.3% | 1446.2% | -7.2% | 8.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.4% | 1.1% | 13.8% | NA | 7.6% | 16.8% | |
| Prior Fiscal Year | 3.5% | 3.9% | 14.6% | NA | 7.2% | 17.8% | |
| Latest Fiscal Year | 5.8% | -33.9% | 15.8% | NA | 7.5% | 17.5% | |
| Latest Twelve Months | 5.8% | -33.9% | 16.7% | NA | 7.6% | 17.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.17x | 6.46x | 2.09x | NA | 1.09x | 1.50x | |
| EV / LTM EBITDA | 6.0x | -20.1x | 6.0x | 1.4x | 4.0x | 4.9x | |
| EV / LTM EBIT | 20.2x | -19.1x | 12.5x | 1.4x | 14.4x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -19.1x | 12.5x | 20.2x | ||||
| Historical EV / LTM EBIT | 7.3x | 8.3x | 12.1x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.7x | 10.2x | ||||
| (x) LTM EBIT | 950 | 950 | 950 | ||||
| (=) Implied Enterprise Value | 8,744 | 9,204 | 9,664 | ||||
| (-) Non-shareholder Claims * | (1,864) | (1,864) | (1,864) | ||||
| (=) Equity Value | 6,880 | 7,340 | 7,800 | ||||
| (/) Shares Outstanding | 664.1 | 664.1 | 664.1 | ||||
| Implied Value Range | 10.36 | 11.05 | 11.75 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.36 | 11.05 | 11.75 | 9.38 | |||
| Upside / (Downside) | 10.4% | 17.8% | 25.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | O2D | ALMEX | PMV | PHR | ZCH | TA1 | |
| Enterprise Value | 6,336 | 470 | 3,676 | (41) | 600,676 | 8,093 | |
| (+) Cash & Short Term Investments | 0 | 2 | 8 | 15 | 89,789 | 502 | |
| (+) Investments & Other | 0 | 0 | 47 | 79 | 46,302 | 463 | |
| (-) Debt | 0 | (0) | (1,789) | (0) | (57,443) | (2,827) | |
| (-) Other Liabilities | 0 | 7 | (8) | 0 | (4,126) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,336 | 479 | 1,934 | 53 | 675,198 | 6,229 | |
| (/) Shares Outstanding | 2,974.6 | 5.7 | 511.7 | 821.8 | 155,720.3 | 664.1 | |
| Implied Stock Price | 2.13 | 84.00 | 3.78 | 0.06 | 4.34 | 9.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 8.36 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.13 | 84.00 | 3.78 | 0.06 | 0.52 | 9.38 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 8.36 | 1.00 | |