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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9.4x - 10.4x | 9.9x |
Selected Fwd EBITDA Multiple | 7.5x - 8.3x | 7.9x |
Fair Value | €42.46 - €46.21 | €44.33 |
Upside | -17.2% - -9.9% | -13.6% |
Benchmarks | Ticker | Full Ticker |
Cuentas Inc. | CUEN | OTCPK:CUEN |
Telefónica, S.A. | TEF | NYSE:TEF |
Cogent Communications Holdings, Inc. | CCOI | NasdaqGS:CCOI |
AT&T Inc. | T | NYSE:T |
Verizon Communications Inc. | VZ | NYSE:VZ |
IDT Corporation | IDC2 | DB:IDC2 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CUEN | TEF | CCOI | T | VZ | IDC2 | ||
OTCPK:CUEN | NYSE:TEF | NasdaqGS:CCOI | NYSE:T | NYSE:VZ | DB:IDC2 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | -7.3% | -8.0% | -3.5% | 0.3% | 63.8% | |
3Y CAGR | NM- | 2.5% | -16.2% | -4.0% | -2.6% | 8.1% | |
Latest Twelve Months | 67.9% | 4.1% | 29.5% | 6.0% | 4.0% | 52.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -721.9% | 22.3% | 25.9% | 34.5% | 36.5% | 5.4% | |
Prior Fiscal Year | -359.1% | 18.4% | 13.6% | 34.2% | 35.7% | 6.0% | |
Latest Fiscal Year | -260.2% | 23.1% | 12.4% | 35.9% | 36.2% | 6.4% | |
Latest Twelve Months | -92.0% | 20.8% | 15.4% | 36.0% | 36.4% | 8.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.04x | 1.44x | 4.31x | 2.91x | 2.59x | 1.08x | |
EV / LTM EBITDA | 0.0x | 6.9x | 28.1x | 8.1x | 7.1x | 12.3x | |
EV / LTM EBIT | 0.0x | 13.7x | -24.4x | 13.5x | 11.2x | 13.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 0.0x | 7.1x | 28.1x | ||||
Historical EV / LTM EBITDA | 6.1x | 10.0x | 19.4x | ||||
Selected EV / LTM EBITDA | 9.4x | 9.9x | 10.4x | ||||
(x) LTM EBITDA | 108 | 108 | 108 | ||||
(=) Implied Enterprise Value | 1,009 | 1,062 | 1,115 | ||||
(-) Non-shareholder Claims * | 201 | 201 | 201 | ||||
(=) Equity Value | 1,210 | 1,263 | 1,316 | ||||
(/) Shares Outstanding | 25.2 | 25.2 | 25.2 | ||||
Implied Value Range | 47.96 | 50.06 | 52.17 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 41.32 | 43.14 | 44.95 | 51.30 | |||
Upside / (Downside) | -19.4% | -15.9% | -12.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CUEN | TEF | CCOI | T | VZ | IDC2 | |
Enterprise Value | 0 | 59,482 | 3,921 | 359,367 | 353,074 | 1,301 | |
(+) Cash & Short Term Investments | 1 | 6,550 | 214 | 10,499 | 3,467 | 224 | |
(+) Investments & Other | 0 | 8,585 | 0 | 1,011 | 1,432 | 4 | |
(-) Debt | (1) | (44,695) | (2,679) | (151,989) | (174,741) | (2) | |
(-) Other Liabilities | 0 | (3,691) | 0 | (18,105) | (1,298) | (25) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 0 | 26,231 | 1,455 | 200,783 | 181,934 | 1,502 | |
(/) Shares Outstanding | 2.7 | 5,637.9 | 47.5 | 7,150.4 | 4,216.3 | 25.2 | |
Implied Stock Price | 0.02 | 4.65 | 30.62 | 28.08 | 43.15 | 59.54 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 0.02 | 5.40 | 30.62 | 28.08 | 43.15 | 51.30 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | 1.16 |