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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.5x - 6.1x | 5.8x |
| Selected Fwd EBITDA Multiple | 4.5x - 5.0x | 4.7x |
| Fair Value | ARS 17,829 - ARS 21,472 | ARS 19,650 |
| Upside | 41.3% - 70.1% | 55.7% |
| Benchmarks | Ticker | Full Ticker |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| NOS, S.G.P.S., S.A. | PMV | DB:PMV |
| Deutsche Telekom AG | DTE | DB:DTE |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| AT&T Inc. | SOBA | XTRA:SOBA |
| Orange S.A. | ORAN | BASE:ORAN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KPN | PMV | DTE | O2D | SOBA | ORAN | ||
| ENXTAM:KPN | DB:PMV | DB:DTE | HMSE:O2D | XTRA:SOBA | BASE:ORAN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.9% | 4.2% | 10.9% | 3.6% | -3.5% | -0.1% | |
| 3Y CAGR | 2.1% | 9.3% | 5.7% | 2.9% | -4.0% | 3.6% | |
| Latest Twelve Months | 1.8% | 8.0% | 3.8% | 2.0% | 6.0% | -14.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 40.5% | 33.3% | 31.8% | 19.3% | 34.5% | 30.6% | |
| Prior Fiscal Year | 40.6% | 34.4% | 33.3% | 18.9% | 34.2% | 32.5% | |
| Latest Fiscal Year | 40.4% | 35.2% | 34.3% | 19.5% | 35.9% | 32.2% | |
| Latest Twelve Months | 39.8% | 34.9% | 34.5% | 19.5% | 36.0% | 27.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.72x | 2.09x | 2.48x | 1.17x | 2.93x | 1.65x | |
| EV / LTM EBITDA | 9.4x | 6.0x | 7.2x | 6.0x | 8.1x | 5.9x | |
| EV / LTM EBIT | 15.4x | 12.5x | 11.7x | 20.2x | 13.6x | 14.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.0x | 7.2x | 9.4x | ||||
| Historical EV / LTM EBITDA | 4.1x | 4.5x | 4.7x | ||||
| Selected EV / LTM EBITDA | 5.5x | 5.8x | 6.1x | ||||
| (x) LTM EBITDA | 11,212 | 11,212 | 11,212 | ||||
| (=) Implied Enterprise Value | 61,393 | 64,624 | 67,855 | ||||
| (-) Non-shareholder Claims * | (28,858) | (28,858) | (28,858) | ||||
| (=) Equity Value | 32,535 | 35,766 | 38,997 | ||||
| (/) Shares Outstanding | 2,658.6 | 2,658.6 | 2,658.6 | ||||
| Implied Value Range | 12.24 | 13.45 | 14.67 | ||||
| FX Rate: EUR/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 18,921.76 | 20,800.98 | 22,680.19 | 12,619.99 | |||
| Upside / (Downside) | 49.9% | 64.8% | 79.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KPN | PMV | DTE | O2D | SOBA | ORAN | |
| Enterprise Value | 21,328 | 3,676 | 298,785 | 6,336 | 362,444 | 50,557 | |
| (+) Cash & Short Term Investments | 374 | 8 | 10,441 | 0 | 10,499 | 10,704 | |
| (+) Investments & Other | 792 | 47 | 9,031 | 0 | 1,011 | 5,629 | |
| (-) Debt | (7,154) | (1,789) | (140,305) | 0 | (151,989) | (41,987) | |
| (-) Other Liabilities | (45) | (8) | (30,826) | 0 | (18,105) | (3,204) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,295 | 1,934 | 147,126 | 6,336 | 203,860 | 21,699 | |
| (/) Shares Outstanding | 3,851.6 | 511.7 | 4,863.7 | 2,974.6 | 7,150.4 | 2,658.6 | |
| Implied Stock Price | 3.97 | 3.78 | 30.25 | 2.13 | 28.51 | 8.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 0.00 | |
| Implied Stock Price (Trading Cur) | 3.97 | 3.78 | 30.25 | 2.13 | 24.35 | 12,619.99 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 0.00 | |