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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,6x - 1,7x | 1,6x |
| Selected Fwd Revenue Multiple | 1,6x - 1,8x | 1,7x |
| Fair Value | €1,49 - €1,90 | €1,69 |
| Upside | -25,0% - -4,0% | -14,5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Telefônica Brasil S.A. | VIVT3 | BOVESPA:VIVT3 |
| AT&T Inc. | 0QZ1 | LSE:0QZ1 |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| United Internet AG | 0GE4 | LSE:0GE4 |
| NOS, S.G.P.S., S.A. | 0J1Z | LSE:0J1Z |
| BT Group plc | BTQ | DB:BTQ |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| VIVT3 | 0QZ1 | TM | 0GE4 | 0J1Z | BTQ | |||
| BOVESPA:VIVT3 | LSE:0QZ1 | KLSE:TM | LSE:0GE4 | LSE:0J1Z | DB:BTQ | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.8% | -7.6% | 0.5% | 4.0% | 3.1% | -2.4% | ||
| 3Y CAGR | 8.2% | -3.0% | 0.5% | 3.9% | 5.8% | -0.8% | ||
| Latest Twelve Months | 7.2% | -0.1% | -4.4% | 1.9% | 6.2% | -1.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 15.4% | 21.0% | 16.9% | 13.0% | 13.6% | 15.3% | ||
| Prior Fiscal Year | 16.0% | 21.4% | 18.0% | 12.1% | 14.6% | 15.4% | ||
| Latest Fiscal Year | 16.1% | 21.6% | 19.7% | 10.1% | 15.8% | 15.1% | ||
| Latest Twelve Months | 16.1% | 21.6% | 19.7% | 10.1% | 15.8% | 15.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.71x | 2.95x | 2.29x | 1.22x | 2.22x | 1.77x | ||
| EV / LTM EBIT | 10.6x | 13.6x | 11.6x | 12.1x | 14.0x | 11.6x | ||
| Price / LTM Sales | 1.46x | 1.65x | 2.15x | 0.54x | 1.34x | 0.79x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.22x | 2.22x | 2.95x | |||||
| Historical EV / LTM Revenue | 1.35x | 1.57x | 1.76x | |||||
| Selected EV / LTM Revenue | 1.55x | 1.64x | 1.72x | |||||
| (x) LTM Revenue | 20,507 | 20,507 | 20,507 | |||||
| (=) Implied Enterprise Value | 31,872 | 33,549 | 35,227 | |||||
| (-) Non-shareholder Claims * | (20,118) | (20,118) | (20,118) | |||||
| (=) Equity Value | 11,754 | 13,431 | 15,109 | |||||
| (/) Shares Outstanding | 9,798.4 | 9,798.4 | 9,798.4 | |||||
| Implied Value Range | 1.20 | 1.37 | 1.54 | |||||
| FX Rate: GBP/EUR | 0.8 | 0.8 | 0.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.43 | 1.64 | 1.84 | 1.98 | ||||
| Upside / (Downside) | -27.5% | -17.2% | -6.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIVT3 | 0QZ1 | TM | 0GE4 | 0J1Z | BTQ | |
| Enterprise Value | 95,148 | 356,131 | 26,826 | 7,837 | 3,769 | 36,337 | |
| (+) Cash & Short Term Investments | 6,691 | 3,364 | 3,308 | 133 | 9 | 2,874 | |
| (+) Investments & Other | 566 | 918 | 360 | 203 | 40 | 635 | |
| (-) Debt | (20,758) | (145,904) | (5,191) | (3,895) | (1,548) | (23,627) | |
| (-) Other Liabilities | (70) | (15,853) | (166) | (763) | (7) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 81,578 | 198,656 | 25,137 | 3,515 | 2,262 | 16,219 | |
| (/) Shares Outstanding | 1,626.7 | 7,178.2 | 3,837.7 | 172.8 | 511.3 | 9,798.4 | |
| Implied Stock Price | 50.15 | 27.68 | 6.55 | 20.34 | 4.42 | 1.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | |
| Implied Stock Price (Trading Cur) | 50.15 | 27.68 | 6.55 | 20.34 | 4.42 | 1.98 | |
| Trading Currency | BRL | USD | MYR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.84 | |