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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3,1x - 3,4x | 3,2x |
| Selected Fwd Revenue Multiple | 2,9x - 3,2x | 3,1x |
| Fair Value | €1,99 - €2,17 | €2,08 |
| Upside | -21,1% - -13,7% | -17,4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| TPG Telecom Limited | TPG | ASX:TPG |
| Elisa Oyj | ELMU.F | OTCPK:ELMU.F |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| Telstra Group Limited | TLS | ASX:TLS |
| StarHub Ltd | CC3 | SGX:CC3 |
| Singapore Telecommunications Limited | SIT4 | DB:SIT4 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TPG | ELMU.F | TM | TLS | CC3 | SIT4 | |||
| ASX:TPG | OTCPK:ELMU.F | KLSE:TM | ASX:TLS | SGX:CC3 | DB:SIT4 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.5% | 3.5% | 0.5% | -1.9% | 0.3% | -3.1% | ||
| 3Y CAGR | 1.5% | 3.1% | 0.5% | 2.1% | 5.0% | -2.7% | ||
| Latest Twelve Months | -0.7% | 1.7% | -0.1% | 1.2% | -0.2% | 0.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.2% | 21.9% | 17.2% | 12.2% | 9.7% | 8.1% | ||
| Prior Fiscal Year | 7.6% | 21.9% | 18.9% | 14.7% | 9.6% | 8.2% | ||
| Latest Fiscal Year | 7.9% | 22.2% | 19.8% | 16.3% | 9.5% | 9.7% | ||
| Latest Twelve Months | 7.9% | 22.5% | 18.9% | 16.5% | 9.5% | 9.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.92x | 4.05x | 2.33x | 3.22x | 1.18x | 4.04x | ||
| EV / LTM EBIT | 37.1x | 18.0x | 12.4x | 19.5x | 12.4x | 41.7x | ||
| Price / LTM Sales | 1.79x | 3.41x | 2.13x | 2.38x | 0.84x | 4.45x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.18x | 2.92x | 4.05x | |||||
| Historical EV / LTM Revenue | 3.27x | 3.52x | 4.04x | |||||
| Selected EV / LTM Revenue | 3.07x | 3.23x | 3.39x | |||||
| (x) LTM Revenue | 14,146 | 14,146 | 14,146 | |||||
| (=) Implied Enterprise Value | 43,378 | 45,661 | 47,944 | |||||
| (-) Non-shareholder Claims * | 5,712 | 5,712 | 5,712 | |||||
| (=) Equity Value | 49,090 | 51,373 | 53,656 | |||||
| (/) Shares Outstanding | 16,512.6 | 16,512.6 | 16,512.6 | |||||
| Implied Value Range | 2.97 | 3.11 | 3.25 | |||||
| FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.99 | 2.08 | 2.17 | 2.52 | ||||
| Upside / (Downside) | -20.9% | -17.2% | -13.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TPG | ELMU.F | TM | TLS | CC3 | SIT4 | |
| Enterprise Value | 16,160 | 8,849 | 27,379 | 74,080 | 2,800 | 56,360 | |
| (+) Cash & Short Term Investments | 44 | 109 | 2,371 | 1,025 | 548 | 2,773 | |
| (+) Investments & Other | 0 | 27 | 514 | 254 | 53 | 14,676 | |
| (-) Debt | (6,304) | (1,518) | (5,113) | (17,995) | (1,261) | (11,672) | |
| (-) Other Liabilities | 0 | (7) | (168) | (2,429) | (159) | (65) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,900 | 7,460 | 24,984 | 54,935 | 1,981 | 62,072 | |
| (/) Shares Outstanding | 1,853.9 | 160.5 | 3,837.7 | 11,373.6 | 1,722.2 | 16,512.6 | |
| Implied Stock Price | 5.34 | 46.47 | 6.51 | 4.83 | 1.15 | 3.76 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 1.49 | |
| Implied Stock Price (Trading Cur) | 5.34 | 54.42 | 6.51 | 4.83 | 1.15 | 2.52 | |
| Trading Currency | AUD | USD | MYR | AUD | SGD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 1.49 | |