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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6,1x - 6,8x | 6,5x |
Selected Fwd EBITDA Multiple | 6,7x - 7,5x | 7,1x |
Fair Value | ₪23,91 - ₪27,75 | ₪25,83 |
Upside | -20,4% - -7,6% | -14,0% |
Benchmarks | Ticker | Full Ticker |
Partner Communications Company Ltd. | PTNR | TASE:PTNR |
Bezeq The Israel Telecommunication Corp. Ltd | BEZQ | TASE:BEZQ |
National Mobile Telecommunications Company K.S.C.P. | OOREDOO | KWSE:OOREDOO |
MTN Group Limited | MTN | JSE:MTN |
KORE Group Holdings, Inc. | KORE | NYSE:KORE |
Cellcom Israel Ltd. | CEL | TASE:CEL |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
PTNR | BEZQ | OOREDOO | MTN | KORE | CEL | ||
TASE:PTNR | TASE:BEZQ | KWSE:OOREDOO | JSE:MTN | NYSE:KORE | TASE:CEL | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 9.7% | -3.7% | 2.4% | 2.0% | -13.7% | 0.0% | |
3Y CAGR | 13.8% | -7.1% | 7.2% | -4.4% | -17.9% | -5.2% | |
Latest Twelve Months | 14.2% | -3.7% | 8.7% | -22.5% | 31.6% | 19.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 19.0% | 35.0% | 30.5% | 39.8% | 10.9% | 18.4% | |
Prior Fiscal Year | 20.0% | 33.9% | 38.2% | 38.4% | 6.5% | 19.6% | |
Latest Fiscal Year | 23.8% | 33.5% | 30.0% | 34.9% | 6.7% | 21.1% | |
Latest Twelve Months | 24.2% | 33.4% | 31.2% | 34.9% | 8.7% | 22.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.03x | 2.78x | 0.87x | 1.96x | 1.70x | 1.59x | |
EV / LTM EBITDA | 8.4x | 8.3x | 2.8x | 5.6x | 19.5x | 7.0x | |
EV / LTM EBIT | 17.3x | 12.6x | 5.1x | 8.5x | -15.0x | 15.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.8x | 8.3x | 19.5x | ||||
Historical EV / LTM EBITDA | 5.8x | 7.6x | 12.3x | ||||
Selected EV / LTM EBITDA | 6.1x | 6.5x | 6.8x | ||||
(x) LTM EBITDA | 1,006 | 1,006 | 1,006 | ||||
(=) Implied Enterprise Value | 6,167 | 6,491 | 6,816 | ||||
(-) Non-shareholder Claims * | (2,113) | (2,113) | (2,113) | ||||
(=) Equity Value | 4,054 | 4,378 | 4,703 | ||||
(/) Shares Outstanding | 167.4 | 167.4 | 167.4 | ||||
Implied Value Range | 24.22 | 26.16 | 28.10 | ||||
FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 24.22 | 26.16 | 28.10 | 30.04 | |||
Upside / (Downside) | -19.4% | -12.9% | -6.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PTNR | BEZQ | OOREDOO | MTN | KORE | CEL | |
Enterprise Value | 6,957 | 24,282 | 621 | 368,859 | 479 | 7,140 | |
(+) Cash & Short Term Investments | 552 | 2,954 | 262 | 39,263 | 20 | 222 | |
(+) Investments & Other | 0 | 0 | 2 | 28,878 | 0 | 114 | |
(-) Debt | (1,541) | (9,609) | (228) | (158,322) | (450) | (2,449) | |
(-) Other Liabilities | 0 | (2) | (107) | (15,002) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 5,968 | 17,625 | 550 | 263,676 | 49 | 5,027 | |
(/) Shares Outstanding | 186.5 | 2,771.3 | 501.2 | 1,806.6 | 17.2 | 167.4 | |
Implied Stock Price | 32.00 | 6.36 | 1.10 | 145.95 | 2.84 | 30.04 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 32.00 | 6.36 | 1.10 | 145.95 | 2.84 | 30.04 | |
Trading Currency | ILS | ILS | KWD | ZAR | USD | ILS | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |