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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,7x - 11,8x | 11,2x |
| Selected Fwd EBITDA Multiple | 7,3x - 8,1x | 7,7x |
| Fair Value | €11,49 - €13,98 | €12,74 |
| Upside | -17,3% - 0,6% | -8,4% |
| Benchmarks | Ticker | Full Ticker |
| Quebecor Inc. | QBR.A | TSX:QBR.A |
| Telesat Corporation | TSAT | TSX:TSAT |
| AT&T Inc. | T * | BMV:T* |
| Orange S.A. | ORAN N | BMV:ORANN |
| BT Group plc | BTA N | BMV:BTAN |
| TELUS Corporation | BCZ | DB:BCZ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| QBR.A | TSAT | T * | ORAN N | BTA N | BCZ | ||
| TSX:QBR.A | TSX:TSAT | BMV:T* | BMV:ORANN | BMV:BTAN | DB:BCZ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.7% | -13.5% | -3.5% | -0.1% | 2.4% | 3.1% | |
| 3Y CAGR | 4.5% | -16.9% | -4.0% | 3.6% | 5.9% | 4.4% | |
| Latest Twelve Months | -1.3% | -61.0% | 5.0% | 0.5% | 13.9% | -7.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 38.1% | 81.7% | 34.3% | 30.5% | 30.8% | 29.1% | |
| Prior Fiscal Year | 35.2% | 119.3% | 34.2% | 32.5% | 31.0% | 28.1% | |
| Latest Fiscal Year | 35.4% | 62.8% | 35.9% | 32.2% | 36.1% | 28.2% | |
| Latest Twelve Months | 35.3% | 59.4% | 36.0% | 32.2% | 36.1% | 26.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.01x | 8.36x | 2.93x | 1.52x | 1.89x | 3.10x | |
| EV / LTM EBITDA | 8.5x | 14.1x | 8.1x | 4.7x | 5.2x | 11.9x | |
| EV / LTM EBIT | 11.7x | 24.2x | 13.5x | 9.8x | 12.3x | 19.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.7x | 8.1x | 14.1x | ||||
| Historical EV / LTM EBITDA | 10.6x | 11.5x | 12.6x | ||||
| Selected EV / LTM EBITDA | 10.7x | 11.2x | 11.8x | ||||
| (x) LTM EBITDA | 5,300 | 5,300 | 5,300 | ||||
| (=) Implied Enterprise Value | 56,606 | 59,585 | 62,564 | ||||
| (-) Non-shareholder Claims * | (29,287) | (29,287) | (29,287) | ||||
| (=) Equity Value | 27,319 | 30,298 | 33,277 | ||||
| (/) Shares Outstanding | 1,525.0 | 1,525.0 | 1,525.0 | ||||
| Implied Value Range | 17.91 | 19.87 | 21.82 | ||||
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.37 | 12.61 | 13.85 | 13.90 | |||
| Upside / (Downside) | -18.2% | -9.3% | -0.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QBR.A | TSAT | T * | ORAN N | BTA N | BCZ | |
| Enterprise Value | 17,065 | 4,670 | 360,618 | 54,177 | 34,087 | 62,683 | |
| (+) Cash & Short Term Investments | 214 | 797 | 6,979 | 12,261 | 3,008 | 1,015 | |
| (+) Investments & Other | 0 | 0 | 1,534 | 6,326 | 503 | 1,050 | |
| (-) Debt | (7,984) | (3,390) | (145,288) | (42,666) | (23,333) | (30,173) | |
| (-) Other Liabilities | (101) | (1,735) | (18,095) | (3,388) | 0 | (1,179) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,194 | 342 | 205,748 | 26,710 | 14,265 | 33,396 | |
| (/) Shares Outstanding | 229.9 | 14.8 | 7,195.6 | 2,658.4 | 10,994.3 | 1,525.0 | |
| Implied Stock Price | 39.99 | 23.17 | 28.59 | 10.05 | 1.30 | 21.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.05 | 0.05 | 0.04 | 1.58 | |
| Implied Stock Price (Trading Cur) | 39.99 | 23.17 | 540.99 | 220.12 | 33.39 | 13.90 | |
| Trading Currency | CAD | CAD | MXN | MXN | MXN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.05 | 0.05 | 0.04 | 1.58 | |