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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.5x | 0.4x |
| Selected Fwd Ps Multiple | 0.4x - 0.5x | 0.4x |
| Fair Value | €8.53 - €9.43 | €8.98 |
| Upside | 27.4% - 40.8% | 34.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| NOS, S.G.P.S., S.A. | - | DB:PMV |
| Deutsche Telekom AG | - | DB:DTE |
| Koninklijke KPN N.V. | - | ENXTAM:KPN |
| Hellenic Telecommunications Organization S.A. | - | ATSE:HTO |
| Telekom Austria AG | - | WBAG:TKA |
| Proximus PLC | - | BATS-CHIXE:PROXB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| PMV | DTE | KPN | HTO | TKA | PROXB | |||
| DB:PMV | DB:DTE | ENXTAM:KPN | ATSE:HTO | WBAG:TKA | BATS-CHIXE:PROXB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 3.1% | 7.4% | 0.4% | 1.7% | 3.5% | 2.5% | ||
| 3Y CAGR | 5.8% | 2.3% | 2.1% | 2.5% | 4.4% | 4.8% | ||
| Latest Twelve Months | 6.2% | 3.2% | 3.0% | 3.5% | 3.0% | 6.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 11.2% | 9.9% | 15.6% | 12.6% | 10.7% | 7.7% | ||
| Prior Fiscal Year | 11.3% | 3.6% | 14.7% | 15.3% | 12.5% | 6.0% | ||
| Latest Fiscal Year | 16.1% | 9.5% | 14.2% | 13.3% | 11.8% | 7.0% | ||
| Latest Twelve Months | 16.1% | 9.5% | 14.2% | 13.3% | 11.8% | 7.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.3x | 8.4x | 9.2x | 6.0x | 4.8x | 4.6x | ||
| Price / LTM Sales | 1.3x | 1.4x | 2.7x | 1.7x | 1.1x | 0.4x | ||
| LTM P/E Ratio | 8.4x | 15.1x | 19.1x | 12.9x | 9.2x | 5.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.1x | 1.4x | 2.7x | |||||
| Historical LTM P/S Ratio | 0.4x | 0.5x | 1.0x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.4x | 0.5x | |||||
| (x) LTM Sales | 6,376 | 6,376 | 6,376 | |||||
| (=) Equity Value | 2,710 | 2,852 | 2,995 | |||||
| (/) Shares Outstanding | 322.5 | 322.5 | 322.5 | |||||
| Implied Value Range | 8.40 | 8.85 | 9.29 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 8.40 | 8.85 | 9.29 | 6.70 | ||||
| Upside / (Downside) | 25.5% | 32.1% | 38.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | PMV | DTE | KPN | HTO | TKA | PROXB | |
| Value of Common Equity | 2,240 | 169,332 | 15,261 | 6,188 | 5,778 | 2,159 | |
| (/) Shares Outstanding | 511.3 | 4,889.7 | 3,886.3 | 404.7 | 664.1 | 322.5 | |
| Implied Stock Price | 4.38 | 34.63 | 3.93 | 15.29 | 8.70 | 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) | 4.38 | 34.63 | 3.93 | 15.29 | 8.70 | 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 | |