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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,8x - 16,3x | 15,5x |
| Selected Fwd EBIT Multiple | 10,8x - 12,0x | 11,4x |
| Fair Value | ARS 15.780 - ARS 19.570 | ARS 17.675 |
| Upside | 7,7% - 33,6% | 20,6% |
| Benchmarks | Ticker | Full Ticker |
| freenet AG | 0MV2 | LSE:0MV2 |
| 1&1 AG | 0E6Y | LSE:0E6Y |
| T-Mobile US, Inc. | 0R2L | LSE:0R2L |
| Rogers Communications Inc. | RCI | NYSE:RCI |
| Millicom International Cellular S.A. | TIGO | NasdaqGS:TIGO |
| Vodafone Group Public Limited Company | VOD | BASE:VOD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 0MV2 | 0E6Y | 0R2L | RCI | TIGO | VOD | ||
| LSE:0MV2 | LSE:0E6Y | LSE:0R2L | NYSE:RCI | NasdaqGS:TIGO | BASE:VOD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.2% | -6.1% | 23.4% | 6.2% | 24.9% | -1.4% | |
| 3Y CAGR | 9.5% | -10.0% | 22.0% | 15.0% | 49.8% | -13.9% | |
| Latest Twelve Months | 22.9% | -14.5% | 16.0% | 7.5% | 44.6% | 1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | 18.5% | 17.3% | 23.5% | 13.7% | 10.1% | |
| Prior Fiscal Year | 10.7% | 16.0% | 20.1% | 23.2% | 15.6% | 9.1% | |
| Latest Fiscal Year | 15.2% | 14.5% | 22.3% | 24.3% | 23.8% | 9.0% | |
| Latest Twelve Months | 15.1% | 13.5% | 23.1% | 24.1% | 25.4% | 9.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.49x | 0.86x | 4.57x | 3.34x | 2.24x | 1.36x | |
| EV / LTM EBITDA | 9.0x | 4.6x | 12.0x | 7.5x | 5.2x | 6.0x | |
| EV / LTM EBIT | 9.9x | 6.4x | 19.8x | 13.8x | 8.8x | 15.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.4x | 9.9x | 19.8x | ||||
| Historical EV / LTM EBIT | 15.0x | 18.5x | 31.5x | ||||
| Selected EV / LTM EBIT | 14.8x | 15.5x | 16.3x | ||||
| (x) LTM EBIT | 3,375 | 3,375 | 3,375 | ||||
| (=) Implied Enterprise Value | 49,789 | 52,410 | 55,030 | ||||
| (-) Non-shareholder Claims * | (28,760) | (28,760) | (28,760) | ||||
| (=) Equity Value | 21,029 | 23,650 | 26,270 | ||||
| (/) Shares Outstanding | 2,138.2 | 2,138.2 | 2,138.2 | ||||
| Implied Value Range | 9.83 | 11.06 | 12.29 | ||||
| FX Rate: EUR/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 14,794.04 | 16,637.55 | 18,481.06 | 14,650.00 | |||
| Upside / (Downside) | 1.0% | 13.6% | 26.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0MV2 | 0E6Y | 0R2L | RCI | TIGO | VOD | |
| Enterprise Value | 3,744 | 3,486 | 383,081 | 69,139 | 12,759 | 49,584 | |
| (+) Cash & Short Term Investments | 255 | 70 | 10,259 | 7,032 | 534 | 17,415 | |
| (+) Investments & Other | 0 | 3 | 0 | 1,290 | 565 | 10,045 | |
| (-) Debt | (686) | (290) | (118,681) | (45,405) | (7,149) | (55,049) | |
| (-) Other Liabilities | 4 | 0 | 0 | (6,647) | 33 | (1,171) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,317 | 3,269 | 274,659 | 25,409 | 6,742 | 20,824 | |
| (/) Shares Outstanding | 117.7 | 176.3 | 1,125.4 | 540.2 | 166.9 | 2,138.2 | |
| Implied Stock Price | 28.18 | 18.54 | 244.05 | 47.03 | 40.40 | 9.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.37 | 1.00 | 0.00 | |
| Implied Stock Price (Trading Cur) | 28.18 | 18.54 | 244.05 | 34.32 | 40.40 | 14,650.00 | |
| Trading Currency | EUR | EUR | USD | USD | USD | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.37 | 1.00 | 0.00 | |