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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.0x - 8.8x | 8.4x |
| Selected Fwd EBITDA Multiple | 6.7x - 7.4x | 7.0x |
| Fair Value | $22.98 - $28.74 | $25.86 |
| Upside | 1.2% - 26.5% | 13.9% |
| Benchmarks | Ticker | Full Ticker |
| Quebecor Inc. | QBR.A | TSX:QBR.A |
| Cogeco Communications Inc. | CCA | TSX:CCA |
| Telesat Corporation | TSAT | TSX:TSAT |
| AT&T Inc. | T * | BMV:T* |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| BCE Inc. | BCE | NYSE:BCE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| QBR.A | CCA | TSAT | T * | TM | BCE | ||
| TSX:QBR.A | TSX:CCA | TSX:TSAT | BMV:T* | KLSE:TM | NYSE:BCE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.7% | 5.3% | -13.5% | -3.5% | 1.4% | 0.3% | |
| 3Y CAGR | 4.5% | 6.1% | -16.9% | -4.0% | 1.2% | 1.3% | |
| Latest Twelve Months | -1.3% | 3.3% | -61.0% | 5.0% | 1.1% | -0.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 38.1% | 47.9% | 81.7% | 34.3% | 34.8% | 35.6% | |
| Prior Fiscal Year | 35.2% | 47.4% | 119.3% | 34.2% | 34.4% | 35.3% | |
| Latest Fiscal Year | 35.4% | 48.1% | 62.8% | 35.9% | 34.7% | 35.5% | |
| Latest Twelve Months | 35.3% | 48.7% | 59.4% | 36.0% | 34.7% | 35.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.98x | 2.82x | 8.45x | 2.90x | 2.43x | 2.87x | |
| EV / LTM EBITDA | 8.4x | 5.8x | 14.2x | 8.1x | 7.0x | 8.1x | |
| EV / LTM EBIT | 11.6x | 11.2x | 24.4x | 13.4x | 12.3x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 8.1x | 14.2x | ||||
| Historical EV / LTM EBITDA | 8.0x | 9.7x | 10.8x | ||||
| Selected EV / LTM EBITDA | 8.0x | 8.4x | 8.8x | ||||
| (x) LTM EBITDA | 8,667 | 8,667 | 8,667 | ||||
| (=) Implied Enterprise Value | 68,956 | 72,586 | 76,215 | ||||
| (-) Non-shareholder Claims * | (40,689) | (40,689) | (40,689) | ||||
| (=) Equity Value | 28,267 | 31,897 | 35,526 | ||||
| (/) Shares Outstanding | 921.8 | 921.8 | 921.8 | ||||
| Implied Value Range | 30.66 | 34.60 | 38.54 | ||||
| FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.01 | 24.84 | 27.66 | 22.71 | |||
| Upside / (Downside) | -3.1% | 9.4% | 21.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QBR.A | CCA | TSAT | T * | TM | BCE | |
| Enterprise Value | 16,926 | 8,382 | 4,662 | 355,423 | 28,476 | 69,854 | |
| (+) Cash & Short Term Investments | 214 | 141 | 797 | 6,979 | 3,308 | 1,052 | |
| (+) Investments & Other | 0 | 0 | 0 | 1,534 | 360 | 1,218 | |
| (-) Debt | (7,984) | (5,059) | (3,390) | (145,288) | (5,191) | (39,192) | |
| (-) Other Liabilities | (101) | (542) | (1,735) | (18,095) | (166) | (286) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (3,481) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,055 | 2,922 | 335 | 200,553 | 26,787 | 29,165 | |
| (/) Shares Outstanding | 230.2 | 42.1 | 14.5 | 7,195.6 | 3,837.7 | 921.8 | |
| Implied Stock Price | 39.33 | 69.39 | 23.11 | 27.87 | 6.98 | 31.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | 1.39 | |
| Implied Stock Price (Trading Cur) | 39.33 | 69.39 | 23.11 | 542.67 | 6.98 | 22.71 | |
| Trading Currency | CAD | CAD | CAD | MXN | MYR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | 1.39 | |