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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12,8x - 14,1x | 13,4x |
| Selected Fwd EBIT Multiple | 10,7x - 11,8x | 11,3x |
| Fair Value | €0,46 - €0,50 | €0,48 |
| Upside | -14,1% - -6,2% | -10,2% |
| Benchmarks | Ticker | Full Ticker |
| Deutsche Telekom AG | DTEG.F | PINC:DTEG.F |
| Telenor ASA | TEL | OB:TEL |
| Telia Company AB (publ) | TLSN.F | PINC:TLSN.F |
| China Unicom (Hong Kong) Limited | 762 | SEHK:762 |
| Nippon Telegraph and Telephone Corporation | 9432 | TSE:9432 |
| China Telecom Corporation Limited | ZCH | DB:ZCH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DTEG.F | TEL | TLSN.F | 762 | 9432 | ZCH | ||
| PINC:DTEG.F | OB:TEL | PINC:TLSN.F | SEHK:762 | TSE:9432 | DB:ZCH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.2% | -7.0% | -0.9% | -0.4% | -0.7% | 6.5% | |
| 3Y CAGR | 21.7% | -2.3% | 6.7% | -2.9% | 1.2% | 8.7% | |
| Latest Twelve Months | 10.9% | 2.3% | 15.8% | 3.2% | 9.3% | 8.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.0% | 21.2% | 12.1% | 4.3% | 14.5% | 7.7% | |
| Prior Fiscal Year | 19.2% | 22.0% | 11.1% | 4.3% | 13.9% | 7.2% | |
| Latest Fiscal Year | 20.6% | 22.6% | 12.8% | 3.4% | 14.4% | 7.5% | |
| Latest Twelve Months | 20.6% | 22.6% | 13.8% | 4.2% | 14.3% | 7.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.75x | 2.99x | 2.44x | 0.59x | 1.76x | 1.12x | |
| EV / LTM EBITDA | 8.0x | 8.9x | 7.8x | 2.7x | 6.6x | 4.2x | |
| EV / LTM EBIT | 13.4x | 13.2x | 17.7x | 14.2x | 12.3x | 14.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.3x | 13.4x | 17.7x | ||||
| Historical EV / LTM EBIT | 7.5x | 8.0x | 16.0x | ||||
| Selected EV / LTM EBIT | 12.8x | 13.4x | 14.1x | ||||
| (x) LTM EBIT | 39,999 | 39,999 | 39,999 | ||||
| (=) Implied Enterprise Value | 510,787 | 537,670 | 564,554 | ||||
| (-) Non-shareholder Claims * | 74,522 | 74,522 | 74,522 | ||||
| (=) Equity Value | 585,309 | 612,192 | 639,076 | ||||
| (/) Shares Outstanding | 155,720.3 | 155,720.3 | 155,720.3 | ||||
| Implied Value Range | 3.76 | 3.93 | 4.10 | ||||
| FX Rate: CNY/EUR | 8.2 | 8.2 | 8.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.46 | 0.48 | 0.50 | 0.53 | |||
| Upside / (Downside) | -13.7% | -9.8% | -5.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DTEG.F | TEL | TLSN.F | 762 | 9432 | ZCH | |
| Enterprise Value | 331,894 | 238,937 | 220,164 | 231,514 | 24,086,670 | 603,974 | |
| (+) Cash & Short Term Investments | 8,478 | 10,781 | 8,389 | 63,856 | 1,198,183 | 89,789 | |
| (+) Investments & Other | 8,154 | 72,068 | 11,899 | 0 | 430,608 | 46,302 | |
| (-) Debt | (152,439) | (101,621) | (93,339) | (40,723) | (12,092,802) | (57,443) | |
| (-) Other Liabilities | (35,344) | (5,917) | (3,679) | 0 | (1,120,894) | (4,126) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 160,743 | 214,248 | 143,434 | 254,647 | 12,501,765 | 678,496 | |
| (/) Shares Outstanding | 4,884.0 | 1,367.2 | 3,932.1 | 30,598.1 | 82,738.4 | 155,720.3 | |
| Implied Stock Price | 32.91 | 156.70 | 36.48 | 8.32 | 151.10 | 4.36 | |
| FX Conversion Rate to Trading Currency | 0.88 | 1.00 | 9.66 | 0.94 | 1.00 | 8.22 | |
| Implied Stock Price (Trading Cur) | 37.21 | 156.70 | 3.78 | 8.87 | 151.10 | 0.53 | |
| Trading Currency | USD | NOK | USD | HKD | JPY | EUR | |
| FX Rate to Reporting Currency | 0.88 | 1.00 | 9.66 | 0.94 | 1.00 | 8.22 | |