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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,4x - 4,8x | 4,6x |
| Selected Fwd EBITDA Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | €0,53 - €0,57 | €0,55 |
| Upside | -0,8% - 8,4% | 3,8% |
| Benchmarks | Ticker | Full Ticker |
| Deutsche Telekom AG | DTEG.F | OTCPK:DTEG.F |
| Telenor ASA | TEL | OB:TEL |
| Telia Company AB (publ) | TLSN.F | OTCPK:TLSN.F |
| China Unicom (Hong Kong) Limited | 762 | SEHK:762 |
| Nippon Telegraph and Telephone Corporation | 9432 | TSE:9432 |
| China Telecom Corporation Limited | ZCH | DB:ZCH |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DTEG.F | TEL | TLSN.F | 762 | 9432 | ZCH | ||
| OTCPK:DTEG.F | OB:TEL | OTCPK:TLSN.F | SEHK:762 | TSE:9432 | DB:ZCH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.9% | -8.0% | 0.3% | -0.5% | 5.6% | 3.0% | |
| 3Y CAGR | 5.7% | -6.4% | 0.8% | -1.8% | 1.8% | 4.2% | |
| Latest Twelve Months | 6.2% | 4.1% | 1.9% | -2.0% | -1.1% | 25.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.6% | 33.3% | 30.4% | 24.2% | 25.2% | 24.1% | |
| Prior Fiscal Year | 33.3% | 32.9% | 30.3% | 22.6% | 26.6% | 21.9% | |
| Latest Fiscal Year | 34.3% | 33.6% | 30.2% | 20.4% | 25.6% | 21.9% | |
| Latest Twelve Months | 34.5% | 33.7% | 31.1% | 22.3% | 25.6% | 26.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.72x | 3.01x | 2.49x | 0.65x | 1.71x | 1.17x | |
| EV / LTM EBITDA | 7.9x | 8.9x | 8.0x | 2.9x | 6.7x | 4.3x | |
| EV / LTM EBIT | 13.0x | 13.3x | 18.1x | 15.4x | 13.0x | 15.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.9x | 7.9x | 8.9x | ||||
| Historical EV / LTM EBITDA | 2.1x | 2.7x | 5.4x | ||||
| Selected EV / LTM EBITDA | 4.4x | 4.6x | 4.8x | ||||
| (x) LTM EBITDA | 142,482 | 142,482 | 142,482 | ||||
| (=) Implied Enterprise Value | 625,184 | 658,088 | 690,993 | ||||
| (-) Non-shareholder Claims * | 74,522 | 74,522 | 74,522 | ||||
| (=) Equity Value | 699,706 | 732,610 | 765,515 | ||||
| (/) Shares Outstanding | 155,720.3 | 155,720.3 | 155,720.3 | ||||
| Implied Value Range | 4.49 | 4.70 | 4.92 | ||||
| FX Rate: CNY/EUR | 8.1 | 8.1 | 8.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.55 | 0.58 | 0.60 | 0.53 | |||
| Upside / (Downside) | 4.0% | 8.9% | 13.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DTEG.F | TEL | TLSN.F | 762 | 9432 | ZCH | |
| Enterprise Value | 328,335 | 240,611 | 212,332 | 248,353 | 23,665,608 | 597,991 | |
| (+) Cash & Short Term Investments | 17,008 | 10,947 | 8,389 | 63,856 | 1,000,994 | 89,789 | |
| (+) Investments & Other | 8,015 | 62,608 | 11,899 | 0 | 452,107 | 46,302 | |
| (-) Debt | (152,089) | (95,194) | (93,339) | (40,723) | (11,171,213) | (57,443) | |
| (-) Other Liabilities | (33,697) | (5,818) | (3,679) | 0 | (1,123,052) | (4,126) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 167,572 | 213,154 | 135,602 | 271,486 | 12,824,444 | 672,513 | |
| (/) Shares Outstanding | 4,878.3 | 1,367.2 | 3,932.1 | 30,598.1 | 82,738.4 | 155,720.3 | |
| Implied Stock Price | 34.35 | 155.90 | 34.49 | 8.87 | 155.00 | 4.32 | |
| FX Conversion Rate to Trading Currency | 0.88 | 1.00 | 9.61 | 0.92 | 1.00 | 8.15 | |
| Implied Stock Price (Trading Cur) | 38.92 | 155.90 | 3.59 | 9.67 | 155.00 | 0.53 | |
| Trading Currency | USD | NOK | USD | HKD | JPY | EUR | |
| FX Rate to Reporting Currency | 0.88 | 1.00 | 9.61 | 0.92 | 1.00 | 8.15 | |