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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,6x - 10,6x | 10,1x |
| Selected Fwd EBIT Multiple | 9,3x - 10,3x | 9,8x |
| Fair Value | €11,99 - €14,34 | €13,17 |
| Upside | -5,9% - 12,5% | 3,3% |
| Benchmarks | Ticker | Full Ticker |
| NOS, S.G.P.S., S.A. | PMV | DB:PMV |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| Deutsche Telekom AG | DTE | DB:DTE |
| AT&T Inc. | SOBA | XTRA:SOBA |
| Telekom Malaysia Berhad | TM | KLSE:TM |
| Orange S.A. | ORA | ENXTPA:ORA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PMV | KPN | DTE | SOBA | TM | ORA | ||
| DB:PMV | ENXTAM:KPN | DB:DTE | XTRA:SOBA | KLSE:TM | ENXTPA:ORA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.2% | 7.7% | 18.2% | -0.9% | 6.0% | 1.2% | |
| 3Y CAGR | 10.6% | 9.2% | 21.7% | -8.7% | 7.8% | 11.8% | |
| Latest Twelve Months | 13.8% | -1.6% | 9.9% | 2.4% | -7.2% | 15.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.7% | 22.7% | 15.3% | 21.3% | 17.2% | 13.3% | |
| Prior Fiscal Year | 14.6% | 25.1% | 19.2% | 21.4% | 18.9% | 13.7% | |
| Latest Fiscal Year | 15.8% | 25.2% | 20.6% | 21.6% | 19.8% | 15.6% | |
| Latest Twelve Months | 16.1% | 24.2% | 20.9% | 21.6% | 18.9% | 15.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.05x | 3.96x | 2.58x | 2.91x | 2.33x | 1.52x | |
| EV / LTM EBITDA | 5.8x | 10.0x | 7.5x | 8.1x | 6.9x | 4.7x | |
| EV / LTM EBIT | 12.7x | 16.4x | 12.4x | 13.4x | 12.4x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.4x | 12.7x | 16.4x | ||||
| Historical EV / LTM EBIT | 9.8x | 10.4x | 11.2x | ||||
| Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBIT | 6,276 | 6,276 | 6,276 | ||||
| (=) Implied Enterprise Value | 60,409 | 63,589 | 66,768 | ||||
| (-) Non-shareholder Claims * | (27,467) | (27,467) | (27,467) | ||||
| (=) Equity Value | 32,942 | 36,122 | 39,301 | ||||
| (/) Shares Outstanding | 2,658.4 | 2,658.4 | 2,658.4 | ||||
| Implied Value Range | 12.39 | 13.59 | 14.78 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.39 | 13.59 | 14.78 | 12.75 | |||
| Upside / (Downside) | -2.8% | 6.6% | 16.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PMV | KPN | DTE | SOBA | TM | ORA | |
| Enterprise Value | 3,492 | 22,270 | 310,526 | 355,598 | 27,379 | 61,348 | |
| (+) Cash & Short Term Investments | 12 | 1,240 | 17,008 | 6,979 | 2,371 | 12,261 | |
| (+) Investments & Other | 48 | 0 | 8,015 | 1,534 | 514 | 6,326 | |
| (-) Debt | (1,621) | (7,486) | (152,089) | (145,288) | (5,113) | (42,666) | |
| (-) Other Liabilities | (7) | 0 | (33,697) | (18,095) | (168) | (3,388) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,924 | 16,024 | 149,763 | 200,728 | 24,984 | 33,881 | |
| (/) Shares Outstanding | 512.3 | 3,872.4 | 4,873.5 | 7,195.6 | 3,837.7 | 2,658.4 | |
| Implied Stock Price | 3.76 | 4.14 | 30.73 | 27.90 | 6.51 | 12.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.76 | 4.14 | 30.73 | 23.87 | 6.51 | 12.75 | |
| Trading Currency | EUR | EUR | EUR | EUR | MYR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | 1.00 | |