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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,9x - 6,5x | 6,2x |
| Selected Fwd EBITDA Multiple | 5,0x - 5,5x | 5,3x |
| Fair Value | €0,53 - €0,64 | €0,58 |
| Upside | 28,6% - 55,6% | 42,1% |
| Benchmarks | Ticker | Full Ticker |
| Tessellis S.p.A. | TSL | BIT:TSL |
| Infrastrutture Wireless Italiane S.p.A. | INW | BIT:INW |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| Orange Polska S.A. | OPL | WSE:OPL |
| Deutsche Telekom AG | 1DTE | BIT:1DTE |
| Telecom Italia S.p.A. | TQI | DB:TQI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TSL | INW | O2D | OPL | 1DTE | TQI | ||
| BIT:TSL | BIT:INW | HMSE:O2D | WSE:OPL | BIT:1DTE | DB:TQI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 25.4% | 3.6% | 4.5% | 10.9% | -10.3% | |
| 3Y CAGR | NM- | 11.6% | 2.9% | 3.9% | 5.7% | -7.4% | |
| Latest Twelve Months | -126.0% | -1.0% | 2.0% | 2.0% | 6.2% | -18.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.2% | 69.8% | 19.3% | 22.2% | 31.6% | 33.9% | |
| Prior Fiscal Year | 13.8% | 72.0% | 18.9% | 21.9% | 33.3% | 31.9% | |
| Latest Fiscal Year | -3.8% | 72.2% | 19.5% | 23.2% | 34.3% | 29.5% | |
| Latest Twelve Months | -3.8% | 68.2% | 19.5% | 23.0% | 34.5% | 26.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.57x | 13.74x | 1.17x | 1.31x | 2.61x | 1.53x | |
| EV / LTM EBITDA | -14.9x | 20.2x | 6.0x | 5.7x | 7.6x | 5.7x | |
| EV / LTM EBIT | -2.6x | 25.5x | 20.1x | 12.5x | 12.5x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -14.9x | 6.0x | 20.2x | ||||
| Historical EV / LTM EBITDA | 3.4x | 5.8x | 9.3x | ||||
| Selected EV / LTM EBITDA | 5.9x | 6.2x | 6.5x | ||||
| (x) LTM EBITDA | 3,761 | 3,761 | 3,761 | ||||
| (=) Implied Enterprise Value | 22,048 | 23,209 | 24,369 | ||||
| (-) Non-shareholder Claims * | (11,180) | (11,180) | (11,180) | ||||
| (=) Equity Value | 10,868 | 12,029 | 13,189 | ||||
| (/) Shares Outstanding | 21,260.8 | 21,260.8 | 21,260.8 | ||||
| Implied Value Range | 0.51 | 0.57 | 0.62 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.51 | 0.57 | 0.62 | 0.41 | |||
| Upside / (Downside) | 24.9% | 38.2% | 51.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TSL | INW | O2D | OPL | 1DTE | TQI | |
| Enterprise Value | 124 | 14,558 | 6,413 | 16,757 | 313,766 | 19,882 | |
| (+) Cash & Short Term Investments | 6 | 110 | 0 | 648 | 17,008 | 3,785 | |
| (+) Investments & Other | 7 | 0 | 0 | 1,307 | 8,015 | 1,580 | |
| (-) Debt | (105) | (5,057) | 0 | (7,584) | (152,089) | (15,197) | |
| (-) Other Liabilities | (2) | (9) | 0 | (2) | (33,697) | (1,348) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 31 | 9,602 | 6,413 | 11,126 | 153,003 | 8,702 | |
| (/) Shares Outstanding | 316.3 | 921.5 | 2,974.6 | 1,312.4 | 4,866.5 | 21,260.8 | |
| Implied Stock Price | 0.10 | 10.42 | 2.16 | 8.48 | 31.44 | 0.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.10 | 10.42 | 2.16 | 8.48 | 31.44 | 0.41 | |
| Trading Currency | EUR | EUR | EUR | PLN | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |