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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.1x - 17.8x | 17.0x |
| Selected Fwd EBIT Multiple | 14.5x - 16.0x | 15.3x |
| Fair Value | kr111.24 - kr127.11 | kr119.17 |
| Upside | -17.2% - -5.4% | -11.3% |
| Benchmarks | Ticker | Full Ticker |
| Telia Company AB (publ) | TELIA | OM:TELIA |
| freenet AG | FNTN | DB:FNTN |
| Elisa Oyj | ELISA | HLSE:ELISA |
| Proximus PLC | PROX | ENXTBR:PROX |
| BT Group plc | BTQ | DB:BTQ |
| Tele2 AB (publ) | TEL2 A | OM:TEL2A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TELIA | FNTN | ELISA | PROX | BTQ | TEL2 A | ||
| OM:TELIA | DB:FNTN | HLSE:ELISA | ENXTBR:PROX | DB:BTQ | OM:TEL2A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -0.9% | 7.2% | 4.2% | -3.8% | -3.1% | 4.2% | |
| 3Y CAGR | 6.7% | 9.5% | 4.3% | 2.0% | 1.5% | 8.4% | |
| Latest Twelve Months | 15.8% | 47.2% | 5.3% | 25.7% | -5.9% | 9.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 9.6% | 21.9% | 11.7% | 15.3% | 19.4% | |
| Prior Fiscal Year | 11.1% | 10.7% | 21.9% | 9.8% | 15.4% | 19.7% | |
| Latest Fiscal Year | 12.8% | 15.2% | 22.2% | 10.7% | 15.1% | 21.0% | |
| Latest Twelve Months | 13.8% | 15.2% | 22.5% | 11.6% | 15.3% | 21.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.39x | 1.89x | 3.88x | 1.03x | 1.76x | 4.20x | |
| EV / LTM EBITDA | 7.7x | 11.3x | 11.0x | 4.6x | 5.6x | 11.4x | |
| EV / LTM EBIT | 17.4x | 12.4x | 17.3x | 8.9x | 11.5x | 19.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.9x | 12.4x | 17.4x | ||||
| Historical EV / LTM EBIT | 16.5x | 17.8x | 24.4x | ||||
| Selected EV / LTM EBIT | 16.1x | 17.0x | 17.8x | ||||
| (x) LTM EBIT | 6,378 | 6,378 | 6,378 | ||||
| (=) Implied Enterprise Value | 102,764 | 108,173 | 113,581 | ||||
| (-) Non-shareholder Claims * | (27,425) | (27,425) | (27,425) | ||||
| (=) Equity Value | 75,339 | 80,748 | 86,156 | ||||
| (/) Shares Outstanding | 693.4 | 693.4 | 693.4 | ||||
| Implied Value Range | 108.65 | 116.45 | 124.25 | ||||
| FX Rate: SEK/SEK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 108.65 | 116.45 | 124.25 | 134.30 | |||
| Upside / (Downside) | -19.1% | -13.3% | -7.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TELIA | FNTN | ELISA | PROX | BTQ | TEL2 A | |
| Enterprise Value | 214,315 | 4,449 | 8,529 | 6,694 | 36,279 | 120,547 | |
| (+) Cash & Short Term Investments | 8,389 | 182 | 109 | 616 | 2,874 | 1,741 | |
| (+) Investments & Other | 11,899 | 86 | 27 | 23 | 635 | 976 | |
| (-) Debt | (93,339) | (697) | (1,518) | (4,883) | (23,627) | (30,142) | |
| (-) Other Liabilities | (3,679) | 5 | (7) | (215) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 137,585 | 4,025 | 7,140 | 2,235 | 16,161 | 93,122 | |
| (/) Shares Outstanding | 3,932.1 | 118.9 | 160.5 | 322.5 | 9,798.4 | 693.4 | |
| Implied Stock Price | 34.99 | 33.85 | 44.48 | 6.93 | 1.65 | 134.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | 1.00 | |
| Implied Stock Price (Trading Cur) | 34.99 | 33.85 | 44.48 | 6.93 | 1.96 | 134.30 | |
| Trading Currency | SEK | EUR | EUR | EUR | EUR | SEK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | 1.00 | |