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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.6x - 13.9x | 13.3x |
| Selected Fwd EBIT Multiple | 11.1x - 12.3x | 11.7x |
| Fair Value | €35.58 - €42.67 | €39.12 |
| Upside | 22.1% - 46.5% | 34.3% |
| Benchmarks | Ticker | Full Ticker |
| United Internet AG | UTDI | XTRA:UTDI |
| Telefónica, S.A. | TNE5 | XTRA:TNE5 |
| NOS, S.G.P.S., S.A. | PMV | DB:PMV |
| Koninklijke KPN N.V. | KPN | DB:KPN |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| Deutsche Telekom AG | DTE | DB:DTE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UTDI | TNE5 | PMV | KPN | O2D | DTE | ||
| XTRA:UTDI | XTRA:TNE5 | DB:PMV | DB:KPN | HMSE:O2D | DB:DTE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -3.7% | -3.2% | 4.2% | 7.7% | NM- | 18.2% | |
| 3Y CAGR | -6.9% | 25.8% | 10.6% | 9.2% | 184.2% | 21.7% | |
| Latest Twelve Months | -12.2% | 59.4% | 21.3% | -0.8% | 66.7% | 9.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.5% | 8.5% | 13.8% | 23.0% | 1.4% | 15.7% | |
| Prior Fiscal Year | 12.1% | 5.7% | 14.6% | 25.1% | 3.5% | 19.2% | |
| Latest Fiscal Year | 10.1% | 10.9% | 15.8% | 25.2% | 5.8% | 20.6% | |
| Latest Twelve Months | 9.5% | 10.5% | 16.7% | 24.1% | 5.8% | 21.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.25x | 1.42x | 2.11x | 3.84x | 1.14x | 2.41x | |
| EV / LTM EBITDA | 7.4x | 6.8x | 6.0x | 9.6x | 5.8x | 7.0x | |
| EV / LTM EBIT | 13.2x | 13.5x | 12.6x | 15.9x | 19.5x | 11.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.6x | 13.5x | 19.5x | ||||
| Historical EV / LTM EBIT | 12.7x | 17.6x | 22.7x | ||||
| Selected EV / LTM EBIT | 12.6x | 13.3x | 13.9x | ||||
| (x) LTM EBIT | 25,618 | 25,618 | 25,618 | ||||
| (=) Implied Enterprise Value | 323,066 | 340,069 | 357,073 | ||||
| (-) Non-shareholder Claims * | (151,659) | (151,659) | (151,659) | ||||
| (=) Equity Value | 171,407 | 188,410 | 205,414 | ||||
| (/) Shares Outstanding | 4,775.3 | 4,775.3 | 4,775.3 | ||||
| Implied Value Range | 35.89 | 39.45 | 43.02 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 35.89 | 39.45 | 43.02 | 29.13 | |||
| Upside / (Downside) | 23.2% | 35.4% | 47.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UTDI | TNE5 | PMV | KPN | O2D | DTE | |
| Enterprise Value | 8,062 | 58,791 | 3,729 | 21,971 | 6,015 | 290,764 | |
| (+) Cash & Short Term Investments | 54 | 6,550 | 8 | 374 | 0 | 10,441 | |
| (+) Investments & Other | 204 | 8,585 | 47 | 792 | 0 | 9,031 | |
| (-) Debt | (3,193) | (44,695) | (1,789) | (7,154) | 0 | (140,305) | |
| (-) Other Liabilities | (419) | (3,691) | (8) | (45) | 0 | (30,826) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,708 | 25,540 | 1,988 | 15,938 | 6,015 | 139,105 | |
| (/) Shares Outstanding | 172.8 | 5,637.9 | 511.7 | 3,851.6 | 2,974.6 | 4,775.3 | |
| Implied Stock Price | 27.24 | 4.53 | 3.89 | 4.14 | 2.02 | 29.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.24 | 4.53 | 3.89 | 4.14 | 2.02 | 29.13 | |
| 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 | |