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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,1x - 5,6x | 5,3x |
| Selected Fwd EBITDA Multiple | 4,7x - 5,1x | 4,9x |
| Fair Value | €32 - €38,63 | €35,31 |
| Upside | -19,6% - -2,9% | -11,3% |
| Benchmarks | Ticker | Full Ticker |
| Airtel Africa Plc | AAFR.F | OTCPK:AAFR.F |
| Vodacom Group Limited | VODA.F | OTCPK:VODA.F |
| América Móvil, S.A.B. de C.V. | AMXO.F | OTCPK:AMXO.F |
| Vodafone Group Public Limited Company | VOD | NasdaqGS:VOD |
| Swisscom AG | SWZC.F | OTCPK:SWZC.F |
| Millicom International Cellular S.A. | M4M1 | DB:M4M1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AAFR.F | VODA.F | AMXO.F | VOD | SWZC.F | M4M1 | ||
| OTCPK:AAFR.F | OTCPK:VODA.F | OTCPK:AMXO.F | NasdaqGS:VOD | OTCPK:SWZC.F | DB:M4M1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.5% | 6.7% | 2.1% | -9.6% | 0.0% | 9.2% | |
| 3Y CAGR | -1.7% | 10.0% | 2.2% | -13.1% | -1.7% | 16.5% | |
| Latest Twelve Months | 7.6% | -2.5% | 17.0% | -20.7% | 3.1% | 6.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 42.8% | 34.7% | 33.4% | 27.7% | 33.4% | 37.5% | |
| Prior Fiscal Year | 43.1% | 31.7% | 32.4% | 29.2% | 35.0% | 36.0% | |
| Latest Fiscal Year | 40.0% | 30.5% | 33.7% | 22.7% | 32.7% | 41.5% | |
| Latest Twelve Months | 41.0% | 30.5% | 33.7% | 22.7% | 30.4% | 43.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.15x | 1.92x | 2.00x | 1.39x | 3.60x | 2.49x | |
| EV / LTM EBITDA | 7.7x | 6.3x | 5.9x | 6.1x | 11.8x | 5.7x | |
| EV / LTM EBIT | 10.4x | 8.8x | 10.7x | 15.4x | 24.6x | 9.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 6.3x | 11.8x | ||||
| Historical EV / LTM EBITDA | 4.0x | 4.5x | 4.8x | ||||
| Selected EV / LTM EBITDA | 5.1x | 5.3x | 5.6x | ||||
| (x) LTM EBITDA | 2,429 | 2,429 | 2,429 | ||||
| (=) Implied Enterprise Value | 12,315 | 12,963 | 13,611 | ||||
| (-) Non-shareholder Claims * | (6,067) | (6,067) | (6,067) | ||||
| (=) Equity Value | 6,248 | 6,896 | 7,544 | ||||
| (/) Shares Outstanding | 167.0 | 167.0 | 167.0 | ||||
| Implied Value Range | 37.40 | 41.28 | 45.17 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 31.92 | 35.23 | 38.54 | 39.80 | |||
| Upside / (Downside) | -19.8% | -11.5% | -3.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AAFR.F | VODA.F | AMXO.F | VOD | SWZC.F | M4M1 | |
| Enterprise Value | 16,778 | 196,767 | 1,774,621 | 53,481 | 47,021 | 13,858 | |
| (+) Cash & Short Term Investments | 719 | 26,181 | 99,639 | 17,415 | 200 | 1,283 | |
| (+) Investments & Other | 6 | 53,883 | 20,597 | 10,045 | 588 | 565 | |
| (-) Debt | (6,197) | (77,748) | (768,517) | (55,049) | (17,094) | (7,954) | |
| (-) Other Liabilities | (305) | (11,633) | (66,040) | (1,171) | 1 | 39 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,001 | 187,450 | 1,060,300 | 24,721 | 30,716 | 7,791 | |
| (/) Shares Outstanding | 3,648.8 | 1,932.1 | 60,368.5 | 2,430.5 | 51.8 | 167.0 | |
| Implied Stock Price | 3.02 | 97.02 | 17.56 | 10.17 | 592.96 | 46.64 | |
| FX Conversion Rate to Trading Currency | 1.00 | 17.44 | 18.59 | 0.85 | 0.80 | 1.17 | |
| Implied Stock Price (Trading Cur) | 3.02 | 5.56 | 0.94 | 11.92 | 740.02 | 39.80 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 17.44 | 18.59 | 0.85 | 0.80 | 1.17 | |