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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -37.4x - -41.3x | -39.3x |
Selected Fwd EBIT Multiple | 22.7x - 25.1x | 23.9x |
Fair Value | €5.15 - €6.11 | €5.63 |
Upside | -40.5% - -29.4% | -34.9% |
Benchmarks | Ticker | Full Ticker |
Liberty Latin America Ltd. | LILA.B | PINC:LILA.B |
AT&T Inc. | T | BASE:T |
Telefónica, S.A. | TEFO | BASE:TEFO |
Empresa Nacional de Telecomunicaciones S.A. | ENTEL | SNSE:ENTEL |
América Móvil, S.A.B. de C.V. | AMX | BASE:AMX |
Telecom Argentina S.A. | TEO | DB:TEO |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
LILA.B | T | TEFO | ENTEL | AMX | TEO | ||
PINC:LILA.B | BASE:T | BASE:TEFO | SNSE:ENTEL | BASE:AMX | DB:TEO | ||
Historical EBIT Growth | |||||||
5Y CAGR | -2.3% | -0.9% | -3.2% | 8.4% | 6.3% | NM- | |
3Y CAGR | -8.1% | -8.7% | 25.8% | -7.8% | 7.2% | NM- | |
Latest Twelve Months | -14.5% | 2.8% | 94.8% | 24.9% | 20.7% | 40.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 13.5% | 21.3% | 8.7% | 7.8% | 17.9% | -0.2% | |
Prior Fiscal Year | 13.7% | 21.4% | 5.8% | 6.5% | 18.3% | -5.1% | |
Latest Fiscal Year | 11.9% | 21.6% | 11.1% | 7.5% | 20.7% | -3.3% | |
Latest Twelve Months | 11.9% | 21.7% | 11.1% | 7.5% | 20.7% | -3.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.11x | 2.86x | 1.39x | 1.20x | 2.03x | 1.91x | |
EV / LTM EBITDA | 6.3x | 7.9x | 5.9x | 5.3x | 5.1x | 8.2x | |
EV / LTM EBIT | 17.8x | 13.2x | 12.5x | 16.1x | 9.8x | -58.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.8x | 13.2x | 17.8x | ||||
Historical EV / LTM EBIT | -58.1x | -19.7x | 70.3x | ||||
Selected EV / LTM EBIT | -37.4x | -39.3x | -41.3x | ||||
(x) LTM EBIT | (136,295) | (136,295) | (136,295) | ||||
(=) Implied Enterprise Value | 5,093,094 | 5,361,151 | 5,629,209 | ||||
(-) Non-shareholder Claims * | (2,836,491) | (2,836,491) | (2,836,491) | ||||
(=) Equity Value | 2,256,603 | 2,524,660 | 2,792,718 | ||||
(/) Shares Outstanding | 537.9 | 537.9 | 537.9 | ||||
Implied Value Range | 4,195.09 | 4,693.42 | 5,191.75 | ||||
FX Rate: ARS/EUR | 1,323.0 | 1,323.0 | 1,323.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3.17 | 3.55 | 3.92 | 8.65 | |||
Upside / (Downside) | -63.3% | -59.0% | -54.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | LILA.B | T | TEFO | ENTEL | AMX | TEO | |
Enterprise Value | 9,369 | 328,731 | 52,486 | 3,249,556 | 1,543,924 | 8,992,494 | |
(+) Cash & Short Term Investments | 736 | 6,885 | 8,496 | 273,778 | 94,004 | 351,903 | |
(+) Investments & Other | 109 | 942 | 9,971 | 230 | 17,587 | 13,609 | |
(-) Debt | (8,664) | (143,594) | (47,085) | (2,699,964) | (781,585) | (3,092,224) | |
(-) Other Liabilities | (505) | (18,095) | (3,402) | 0 | (63,099) | (109,779) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,044 | 174,869 | 20,466 | 823,601 | 810,831 | 6,156,003 | |
(/) Shares Outstanding | 198.1 | 18,760.1 | 36,054.6 | 302.0 | 2,370.7 | 537.9 | |
Implied Stock Price | 5.27 | 9.32 | 0.57 | 2,727.00 | 342.02 | 11,444.19 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.00 | 0.00 | 1.00 | 0.02 | 1,323.03 | |
Implied Stock Price (Trading Cur) | 5.27 | 10,850.00 | 751.00 | 2,727.00 | 20,375.00 | 8.65 | |
Trading Currency | USD | ARS | ARS | CLP | ARS | EUR | |
FX Rate to Reporting Currency | 1.00 | 0.00 | 0.00 | 1.00 | 0.02 | 1,323.03 |