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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,8x - 8,6x | 8,2x |
| Selected Fwd EBITDA Multiple | 3,6x - 3,9x | 3,8x |
| Fair Value | €7,16 - €8,52 | €7,84 |
| Upside | -7,7% - 9,9% | 1,1% |
| Benchmarks | Ticker | Full Ticker |
| Telefónica, S.A. | TEFO | BASE:TEFO |
| Liberty Latin America Ltd. | LILA.B | OTCPK:LILA.B |
| AT&T Inc. | T | BASE:T |
| NTT, Inc. | NTT | DB:NTT |
| Empresa de Telecomunicaciones de Bogotá S.A. E.S.P. | ETB | BVC:ETB |
| Telecom Argentina S.A. | TEO | DB:TEO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TEFO | LILA.B | T | NTT | ETB | TEO | ||
| BASE:TEFO | OTCPK:LILA.B | BASE:T | DB:NTT | BVC:ETB | DB:TEO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -7.3% | 0.2% | -3.5% | 4.8% | -15.1% | 44.3% | |
| 3Y CAGR | 2.5% | -3.1% | -4.0% | 0.4% | -22.5% | 6.9% | |
| Latest Twelve Months | 25.5% | -4.9% | 6.0% | -5.1% | -32.9% | -5.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.6% | 34.8% | 34.5% | 25.2% | 23.8% | 27.3% | |
| Prior Fiscal Year | 18.8% | 36.1% | 34.2% | 26.6% | 16.9% | 25.2% | |
| Latest Fiscal Year | 23.6% | 33.6% | 35.9% | 24.6% | 11.8% | 23.3% | |
| Latest Twelve Months | 23.6% | 34.2% | 36.0% | 24.6% | 11.8% | 24.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.47x | 2.25x | 2.90x | 1.36x | 0.61x | 2.09x | |
| EV / LTM EBITDA | 6.2x | 6.6x | 8.1x | 5.5x | 5.2x | 8.4x | |
| EV / LTM EBIT | 13.1x | 17.6x | 13.4x | 11.3x | -8.8x | 564.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.2x | 6.2x | 8.1x | ||||
| Historical EV / LTM EBITDA | 3.2x | 3.4x | 8.6x | ||||
| Selected EV / LTM EBITDA | 7.8x | 8.2x | 8.6x | ||||
| (x) LTM EBITDA | 1,099,850 | 1,099,850 | 1,099,850 | ||||
| (=) Implied Enterprise Value | 8,561,618 | 9,012,230 | 9,462,841 | ||||
| (-) Non-shareholder Claims * | (3,962,659) | (3,962,659) | (3,962,659) | ||||
| (=) Equity Value | 4,598,959 | 5,049,571 | 5,500,182 | ||||
| (/) Shares Outstanding | 455.4 | 455.4 | 455.4 | ||||
| Implied Value Range | 10,098.64 | 11,088.12 | 12,077.60 | ||||
| FX Rate: ARS/EUR | 1,503.2 | 1,503.2 | 1,503.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.72 | 7.38 | 8.03 | 7.75 | |||
| Upside / (Downside) | -13.3% | -4.8% | 3.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEFO | LILA.B | T | NTT | ETB | TEO | |
| Enterprise Value | 56,676 | 9,763 | 323,410 | 18,681,782 | 923,462 | 9,267,922 | |
| (+) Cash & Short Term Investments | 7,059 | 643 | 10,499 | 1,000,994 | 148,242 | 518,828 | |
| (+) Investments & Other | 8,159 | 76 | 1,011 | 5,187,939 | 12,145 | 36,349 | |
| (-) Debt | (45,483) | (8,776) | (151,989) | (11,171,213) | (891,360) | (4,442,548) | |
| (-) Other Liabilities | (3,948) | (504) | (18,105) | (1,123,052) | (6,085) | (75,288) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,463 | 1,202 | 164,826 | 12,576,450 | 186,404 | 5,305,263 | |
| (/) Shares Outstanding | 39,399.1 | 228.1 | 17,429.3 | 82,738.4 | 3,550.6 | 455.4 | |
| Implied Stock Price | 0.57 | 5.27 | 9.46 | 152.00 | 52.50 | 11,649.58 | |
| FX Conversion Rate to Trading Currency | 0.00 | 1.00 | 0.00 | 173.58 | 1.00 | 1,503.17 | |
| Implied Stock Price (Trading Cur) | 857.00 | 5.27 | 12,100.00 | 0.88 | 52.50 | 7.75 | |
| Trading Currency | ARS | USD | ARS | EUR | COP | EUR | |
| FX Rate to Reporting Currency | 0.00 | 1.00 | 0.00 | 173.58 | 1.00 | 1,503.17 | |