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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Selected Fwd EBITDA Multiple | 3.5x - 3.8x | 3.6x |
| Fair Value | €7.38 - €9.58 | €8.48 |
| Upside | 10.3% - 43.1% | 26.7% |
| Benchmarks | Ticker | Full Ticker |
| NOS, S.G.P.S., S.A. | PMV | DB:PMV |
| Deutsche Telekom AG | DTE | DB:DTE |
| Koninklijke KPN N.V. | KPN | ENXTAM:KPN |
| Hellenic Telecommunications Organization S.A. | HTO | ATSE:HTO |
| Telekom Austria AG | TKA | WBAG:TKA |
| Proximus PLC | PROXB | BATS-CHIXE:PROXB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PMV | DTE | KPN | HTO | TKA | PROXB | ||
| DB:PMV | DB:DTE | ENXTAM:KPN | ATSE:HTO | WBAG:TKA | BATS-CHIXE:PROXB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.2% | 10.9% | 1.9% | -1.6% | 4.9% | -4.1% | |
| 3Y CAGR | 9.3% | 5.7% | 2.1% | 0.8% | 4.1% | 0.5% | |
| Latest Twelve Months | 8.7% | 6.3% | 2.5% | -1.1% | 1.5% | 9.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.1% | 31.3% | 40.4% | 34.9% | 30.7% | 26.0% | |
| Prior Fiscal Year | 34.4% | 33.3% | 40.6% | 33.2% | 30.9% | 21.7% | |
| Latest Fiscal Year | 35.2% | 34.3% | 40.4% | 31.7% | 30.5% | 22.3% | |
| Latest Twelve Months | 35.2% | 34.3% | 40.4% | 31.7% | 30.5% | 22.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.24x | 2.85x | 3.73x | 1.93x | 1.47x | 1.02x | |
| EV / LTM EBITDA | 6.4x | 8.3x | 9.2x | 6.1x | 4.8x | 4.6x | |
| EV / LTM EBIT | 14.2x | 13.8x | 14.8x | 10.0x | 8.4x | 9.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 6.4x | 9.2x | ||||
| Historical EV / LTM EBITDA | 4.2x | 4.3x | 5.2x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.0x | 5.3x | ||||
| (x) LTM EBITDA | 1,422 | 1,422 | 1,422 | ||||
| (=) Implied Enterprise Value | 6,787 | 7,144 | 7,502 | ||||
| (-) Non-shareholder Claims * | (4,349) | (4,349) | (4,349) | ||||
| (=) Equity Value | 2,438 | 2,795 | 3,153 | ||||
| (/) Shares Outstanding | 322.5 | 322.5 | 322.5 | ||||
| Implied Value Range | 7.56 | 8.67 | 9.78 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.56 | 8.67 | 9.78 | 6.70 | |||
| Upside / (Downside) | 12.9% | 29.5% | 46.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PMV | DTE | KPN | HTO | TKA | PROXB | |
| Enterprise Value | 3,764 | 337,402 | 20,898 | 6,944 | 7,810 | 6,508 | |
| (+) Cash & Short Term Investments | 9 | 8,478 | 802 | 473 | 430 | 538 | |
| (+) Investments & Other | 40 | 8,154 | 795 | 2 | 256 | 138 | |
| (-) Debt | (1,548) | (152,439) | (7,258) | (1,101) | (2,649) | (4,800) | |
| (-) Other Liabilities | (7) | (35,344) | (3) | 0 | (2) | (225) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,257 | 166,251 | 15,234 | 6,318 | 5,844 | 2,159 | |
| (/) Shares Outstanding | 511.3 | 4,889.7 | 3,886.3 | 404.7 | 664.1 | 322.5 | |
| Implied Stock Price | 4.42 | 34.00 | 3.92 | 15.61 | 8.80 | 6.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.42 | 34.00 | 3.92 | 15.61 | 8.80 | 6.70 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |