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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,2x - 20,1x | 19,2x |
| Selected Fwd EBIT Multiple | 16,9x - 18,7x | 17,8x |
| Fair Value | €37,90 - €45,32 | €41,61 |
| Upside | -36,8% - -24,5% | -30,7% |
| Benchmarks | Ticker | Full Ticker |
| Sunrise Communications AG | SUNN | SWX:SUNN |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| Orange Polska S.A. | OPL | WSE:OPL |
| Infrastrutture Wireless Italiane S.p.A. | INW | BIT:INW |
| Telefónica Deutschland Holding AG | O2D | SWX:O2D |
| Swisscom AG | SWJA | DB:SWJA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SUNN | TM | OPL | INW | O2D | SWJA | ||
| SWX:SUNN | KLSE:TM | WSE:OPL | BIT:INW | SWX:O2D | DB:SWJA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 6.0% | 28.2% | 20.0% | NM- | 0.8% | |
| 3Y CAGR | -12.7% | 7.8% | 21.5% | 15.7% | 184.2% | -1.2% | |
| Latest Twelve Months | NM | -5.5% | 5.4% | 5.1% | 66.7% | -15.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.0% | 17.5% | 7.9% | 49.8% | 1.4% | 18.7% | |
| Prior Fiscal Year | 0.4% | 18.9% | 9.6% | 53.2% | 3.5% | 20.7% | |
| Latest Fiscal Year | 3.5% | 19.8% | 10.7% | 54.1% | 5.8% | 18.6% | |
| Latest Twelve Months | 2.9% | 19.3% | 10.4% | 53.9% | 5.8% | 14.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.04x | 2.74x | 1.38x | 13.50x | 1.13x | 3.61x | |
| EV / LTM EBITDA | 10.8x | 8.0x | 6.0x | 18.8x | 5.8x | 11.8x | |
| EV / LTM EBIT | 106.4x | 14.2x | 13.2x | 25.1x | 19.4x | 24.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 13.2x | 19.4x | 106.4x | ||||
| Historical EV / LTM EBIT | 14.7x | 16.4x | 16.8x | ||||
| Selected EV / LTM EBIT | 18.2x | 19.2x | 20.1x | ||||
| (x) LTM EBIT | 1,906 | 1,906 | 1,906 | ||||
| (=) Implied Enterprise Value | 34,709 | 36,536 | 38,363 | ||||
| (-) Non-shareholder Claims * | (16,305) | (16,305) | (16,305) | ||||
| (=) Equity Value | 18,404 | 20,231 | 22,058 | ||||
| (/) Shares Outstanding | 535.5 | 535.5 | 535.5 | ||||
| Implied Value Range | 34.37 | 37.78 | 41.19 | ||||
| FX Rate: CHF/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.77 | 40.42 | 44.07 | 60.00 | |||
| Upside / (Downside) | -38.7% | -32.6% | -26.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SUNN | TM | OPL | INW | O2D | SWJA | |
| Enterprise Value | 9,043 | 31,751 | 17,668 | 14,299 | 6,440 | 46,333 | |
| (+) Cash & Short Term Investments | 134 | 2,584 | 648 | 110 | 0 | 200 | |
| (+) Investments & Other | 52 | 510 | 1,307 | 0 | 0 | 588 | |
| (-) Debt | (5,576) | (5,023) | (7,584) | (5,057) | 0 | (17,094) | |
| (-) Other Liabilities | (26) | (156) | (2) | (9) | 0 | 1 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,627 | 29,666 | 12,037 | 9,342 | 6,440 | 30,028 | |
| (/) Shares Outstanding | 73.8 | 3,837.7 | 1,312.4 | 921.3 | 2,019.7 | 535.5 | |
| Implied Stock Price | 49.12 | 7.73 | 9.17 | 10.14 | 3.19 | 56.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.07 | 0.93 | |
| Implied Stock Price (Trading Cur) | 49.12 | 7.73 | 9.17 | 10.14 | 2.98 | 60.00 | |
| Trading Currency | CHF | MYR | PLN | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.07 | 0.93 | |