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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | €40.25 - €43.92 | €42.09 |
| Upside | -14.9% - -7.2% | -11.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Telefónica, S.A. | TEF | NYSE:TEF |
| Verizon Communications Inc. | VZ | NYSE:VZ |
| Cogent Communications Holdings, Inc. | CCOI | NasdaqGS:CCOI |
| Iridium Communications Inc. | IRDM | NasdaqGS:IRDM |
| AT&T Inc. | T | NYSE:T |
| IDT Corporation | IDC2 | DB:IDC2 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TEF | VZ | CCOI | IRDM | T | IDC2 | |||
| NYSE:TEF | NYSE:VZ | NasdaqGS:CCOI | NasdaqGS:IRDM | NYSE:T | DB:IDC2 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -3.5% | 0.4% | 12.5% | 8.2% | -7.6% | -3.1% | ||
| 3Y CAGR | 1.7% | 0.3% | 18.7% | 10.6% | -3.0% | -5.9% | ||
| Latest Twelve Months | 1.6% | 0.9% | -5.1% | 6.6% | 0.5% | 1.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 8.7% | 23.8% | 6.5% | 12.2% | 21.3% | 4.5% | ||
| Prior Fiscal Year | 5.8% | 22.6% | -12.4% | 15.1% | 21.4% | 5.5% | ||
| Latest Fiscal Year | 11.1% | 22.9% | -18.8% | 24.5% | 21.6% | 5.8% | ||
| Latest Twelve Months | 11.1% | 23.1% | -18.1% | 25.3% | 21.6% | 7.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.39x | 2.63x | 4.88x | 5.33x | 2.88x | 0.99x | ||
| EV / LTM EBIT | 12.5x | 11.4x | -26.9x | 21.1x | 13.3x | 13.7x | ||
| Price / LTM Sales | 0.61x | 1.36x | 2.52x | 3.34x | 1.61x | 1.11x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.39x | 2.88x | 5.33x | |||||
| Historical EV / LTM Revenue | 0.08x | 0.40x | 0.81x | |||||
| Selected EV / LTM Revenue | 0.80x | 0.85x | 0.89x | |||||
| (x) LTM Revenue | 1,221 | 1,221 | 1,221 | |||||
| (=) Implied Enterprise Value | 983 | 1,035 | 1,086 | |||||
| (-) Non-shareholder Claims * | 152 | 152 | 152 | |||||
| (=) Equity Value | 1,135 | 1,186 | 1,238 | |||||
| (/) Shares Outstanding | 25.2 | 25.2 | 25.2 | |||||
| Implied Value Range | 45.00 | 47.05 | 49.10 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 39.99 | 41.81 | 43.63 | 47.32 | ||||
| Upside / (Downside) | -15.5% | -11.6% | -7.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEF | VZ | CCOI | IRDM | T | IDC2 | |
| Enterprise Value | 56,993 | 170,437 | 4,548 | 4,538 | 355,196 | 1,191 | |
| (+) Cash & Short Term Investments | 8,496 | 2,284 | 154 | 51 | 6,979 | 171 | |
| (+) Investments & Other | 9,971 | 1,127 | 0 | 79 | 1,534 | 7 | |
| (-) Debt | (47,085) | (172,533) | (2,361) | (1,807) | (145,288) | (3) | |
| (-) Other Liabilities | (3,402) | (1,315) | 0 | 0 | (18,095) | (24) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,973 | 0 | 2,341 | 2,861 | 200,326 | 1,343 | |
| (/) Shares Outstanding | 5,643.3 | 0.0 | 47.8 | 108.2 | 7,195.6 | 25.2 | |
| Implied Stock Price | 4.43 | 43.61 | 48.93 | 26.45 | 27.84 | 53.25 | |
| FX Conversion Rate to Trading Currency | 0.89 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 4.98 | 43.61 | 48.93 | 26.45 | 27.84 | 47.32 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 0.89 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |