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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,0x - 6,7x | 6,4x |
| Selected Fwd EBITDA Multiple | 5,0x - 5,5x | 5,2x |
| Fair Value | €0,52 - €0,63 | €0,57 |
| Upside | 36,0% - 64,9% | 50,5% |
| Benchmarks | Ticker | Full Ticker |
| Infrastrutture Wireless Italiane S.p.A. | INW | BIT:INW |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| Liberty Global Ltd. | 3O41 | DB:3O41 |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| Orange S.A. | 1ORA | BIT:1ORA |
| Telecom Italia S.p.A. | TQI | DB:TQI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| INW | O2D | 3O41 | KPN | 1ORA | TQI | ||
| BIT:INW | HMSE:O2D | DB:3O41 | ENXTAM:KPN | BIT:1ORA | DB:TQI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 25.4% | 3.6% | -25.7% | 1.9% | -0.1% | -10.3% | |
| 3Y CAGR | 11.6% | 2.9% | -35.3% | 2.1% | 3.6% | -7.4% | |
| Latest Twelve Months | -6.1% | 2.0% | 69.7% | 0.8% | 0.5% | -18.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 69.6% | 19.3% | 31.0% | 40.5% | 30.5% | 33.9% | |
| Prior Fiscal Year | 72.0% | 18.9% | 23.1% | 40.6% | 32.5% | 31.9% | |
| Latest Fiscal Year | 72.2% | 19.5% | 22.8% | 40.4% | 32.2% | 29.5% | |
| Latest Twelve Months | 67.8% | 19.5% | 23.5% | 39.7% | 32.2% | 26.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 13.45x | 1.20x | 2.63x | 3.96x | 1.55x | 1.47x | |
| EV / LTM EBITDA | 19.8x | 6.2x | 11.2x | 10.0x | 4.8x | 5.5x | |
| EV / LTM EBIT | 24.9x | 20.7x | 443.9x | 16.4x | 9.9x | 13.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 10.0x | 19.8x | ||||
| Historical EV / LTM EBITDA | 3.4x | 5.8x | 9.3x | ||||
| Selected EV / LTM EBITDA | 6.0x | 6.4x | 6.7x | ||||
| (x) LTM EBITDA | 3,761 | 3,761 | 3,761 | ||||
| (=) Implied Enterprise Value | 22,700 | 23,895 | 25,089 | ||||
| (-) Non-shareholder Claims * | (11,180) | (11,180) | (11,180) | ||||
| (=) Equity Value | 11,520 | 12,715 | 13,909 | ||||
| (/) Shares Outstanding | 21,260.8 | 21,260.8 | 21,260.8 | ||||
| Implied Value Range | 0.54 | 0.60 | 0.65 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.54 | 0.60 | 0.65 | 0.38 | |||
| Upside / (Downside) | 42.7% | 57.5% | 72.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INW | O2D | 3O41 | KPN | 1ORA | TQI | |
| Enterprise Value | 14,087 | 6,604 | (698) | 22,327 | 62,516 | 19,255 | |
| (+) Cash & Short Term Investments | 57 | 0 | 2,167 | 1,240 | 12,261 | 3,785 | |
| (+) Investments & Other | 0 | 0 | 12,242 | 0 | 6,326 | 1,580 | |
| (-) Debt | (4,510) | 0 | (10,238) | (7,486) | (42,666) | (15,197) | |
| (-) Other Liabilities | (8) | 0 | (193) | 0 | (3,388) | (1,348) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,625 | 6,604 | 3,281 | 16,081 | 35,049 | 8,075 | |
| (/) Shares Outstanding | 931.8 | 2,974.6 | 345.6 | 3,886.3 | 2,658.2 | 21,260.8 | |
| Implied Stock Price | 10.33 | 2.22 | 9.49 | 4.14 | 13.19 | 0.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.33 | 2.22 | 8.36 | 4.14 | 13.19 | 0.38 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 1.00 | |