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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 25.7x - 28.4x | 27.0x |
| Selected Fwd EBIT Multiple | 22.9x - 25.3x | 24.1x |
| Fair Value | €10.72 - €12.42 | €11.57 |
| Upside | 2.6% - 18.8% | 10.7% |
| Benchmarks | Ticker | Full Ticker |
| Telecom Italia S.p.A. | TIT | BIT:TIT |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| Swisscom AG | 1SCMN | BIT:1SCMN |
| Cellnex Telecom, S.A. | 1CLNX | BIT:1CLNX |
| Telenor ASA | TEL | OB:TEL |
| Infrastrutture Wireless Italiane S.p.A. | WI8 | DB:WI8 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TIT | KPN | 1SCMN | 1CLNX | TEL | WI8 | ||
| BIT:TIT | ENXTAM:KPN | BIT:1SCMN | BIT:1CLNX | OB:TEL | DB:WI8 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -12.4% | 7.7% | 0.8% | 30.8% | -7.0% | 20.0% | |
| 3Y CAGR | 1.4% | 9.2% | -1.2% | 57.0% | -2.3% | 15.7% | |
| Latest Twelve Months | -31.6% | -0.8% | -12.5% | 50.7% | 2.8% | 5.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 11.3% | 23.0% | 18.9% | 9.5% | 21.3% | 49.8% | |
| Prior Fiscal Year | 13.4% | 25.1% | 20.7% | 8.1% | 22.0% | 53.2% | |
| Latest Fiscal Year | 11.4% | 25.2% | 18.6% | 14.3% | 22.6% | 54.1% | |
| Latest Twelve Months | 7.4% | 24.1% | 16.5% | 13.8% | 22.9% | 53.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.54x | 3.73x | 3.76x | 10.38x | 3.17x | 13.69x | |
| EV / LTM EBITDA | 5.7x | 9.4x | 11.9x | 17.8x | 9.3x | 18.8x | |
| EV / LTM EBIT | 13.6x | 15.5x | 22.7x | 75.2x | 13.8x | 25.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.6x | 15.5x | 75.2x | ||||
| Historical EV / LTM EBIT | 24.6x | 32.8x | 47.8x | ||||
| Selected EV / LTM EBIT | 25.7x | 27.0x | 28.4x | ||||
| (x) LTM EBIT | 571 | 571 | 571 | ||||
| (=) Implied Enterprise Value | 14,648 | 15,419 | 16,190 | ||||
| (-) Non-shareholder Claims * | (4,957) | (4,957) | (4,957) | ||||
| (=) Equity Value | 9,691 | 10,462 | 11,233 | ||||
| (/) Shares Outstanding | 921.3 | 921.3 | 921.3 | ||||
| Implied Value Range | 10.52 | 11.36 | 12.19 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.52 | 11.36 | 12.19 | 10.45 | |||
| Upside / (Downside) | 0.7% | 8.7% | 16.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TIT | KPN | 1SCMN | 1CLNX | TEL | WI8 | |
| Enterprise Value | 20,037 | 21,397 | 45,587 | 42,320 | 255,007 | 14,585 | |
| (+) Cash & Short Term Investments | 2,883 | 374 | 1,047 | 1,461 | 6,220 | 110 | |
| (+) Investments & Other | 1,556 | 792 | 579 | 242 | 65,923 | 0 | |
| (-) Debt | (14,155) | (7,154) | (17,034) | (21,948) | (100,036) | (5,057) | |
| (-) Other Liabilities | (1,340) | (45) | 0 | (1,193) | (5,259) | (9) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,981 | 15,364 | 30,179 | 20,883 | 221,855 | 9,628 | |
| (/) Shares Outstanding | 21,260.8 | 3,851.6 | 51.8 | 681.6 | 1,366.9 | 921.3 | |
| Implied Stock Price | 0.42 | 3.99 | 582.58 | 30.64 | 162.30 | 10.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.42 | 3.99 | 620.00 | 30.64 | 162.30 | 10.45 | |
| Trading Currency | EUR | EUR | EUR | EUR | NOK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.94 | 1.00 | 1.00 | 1.00 | |