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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.1x - 11.1x | 10.6x |
| Selected Fwd EBIT Multiple | 9.8x - 10.8x | 10.3x |
| Fair Value | €43 - €50.80 | €46.90 |
| Upside | 22.8% - 45.1% | 34.0% |
| Benchmarks | Ticker | Full Ticker |
| Airtel Africa Plc | AAFR.F | OTCPK:AAFR.F |
| Vodacom Group Limited | VODA.F | OTCPK:VODA.F |
| América Móvil, S.A.B. de C.V. | AMXO.F | OTCPK:AMXO.F |
| Vodafone Group Public Limited Company | VOD | NasdaqGS:VOD |
| Swisscom AG | SWZC.F | OTCPK:SWZC.F |
| Millicom International Cellular S.A. | M4M1 | DB:M4M1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AAFR.F | VODA.F | AMXO.F | VOD | SWZC.F | M4M1 | ||
| OTCPK:AAFR.F | OTCPK:VODA.F | OTCPK:AMXO.F | NasdaqGS:VOD | OTCPK:SWZC.F | DB:M4M1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.7% | 6.3% | 4.6% | -1.4% | 0.8% | 24.9% | |
| 3Y CAGR | -2.0% | 9.2% | 4.3% | -13.9% | -1.2% | 49.8% | |
| Latest Twelve Months | 4.7% | -0.1% | 14.0% | 1.1% | -12.5% | 44.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 31.6% | 23.5% | 18.1% | 10.1% | 18.9% | 13.7% | |
| Prior Fiscal Year | 32.8% | 22.0% | 18.3% | 9.1% | 20.7% | 15.6% | |
| Latest Fiscal Year | 29.6% | 21.7% | 19.1% | 9.0% | 18.6% | 23.8% | |
| Latest Twelve Months | 30.3% | 21.7% | 18.6% | 9.0% | 16.5% | 25.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.97x | 1.80x | 1.87x | 1.34x | 3.70x | 2.24x | |
| EV / LTM EBITDA | 7.2x | 5.9x | 5.6x | 5.9x | 11.7x | 5.2x | |
| EV / LTM EBIT | 9.8x | 8.3x | 10.1x | 14.9x | 22.4x | 8.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.3x | 10.1x | 22.4x | ||||
| Historical EV / LTM EBIT | 8.1x | 11.9x | 21.7x | ||||
| Selected EV / LTM EBIT | 10.1x | 10.6x | 11.1x | ||||
| (x) LTM EBIT | 1,445 | 1,445 | 1,445 | ||||
| (=) Implied Enterprise Value | 14,559 | 15,325 | 16,091 | ||||
| (-) Non-shareholder Claims * | (6,017) | (6,017) | (6,017) | ||||
| (=) Equity Value | 8,542 | 9,308 | 10,074 | ||||
| (/) Shares Outstanding | 166.9 | 166.9 | 166.9 | ||||
| Implied Value Range | 51.18 | 55.78 | 60.37 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 44.20 | 48.17 | 52.13 | 35.00 | |||
| Upside / (Downside) | 26.3% | 37.6% | 49.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AAFR.F | VODA.F | AMXO.F | VOD | SWZC.F | M4M1 | |
| Enterprise Value | 15,994 | 203,382 | 1,756,105 | 51,927 | 44,442 | 12,780 | |
| (+) Cash & Short Term Investments | 719 | 26,181 | 99,639 | 17,415 | 1,047 | 534 | |
| (+) Investments & Other | 6 | 53,883 | 20,597 | 10,045 | 579 | 565 | |
| (-) Debt | (6,197) | (77,748) | (768,517) | (55,049) | (17,034) | (7,149) | |
| (-) Other Liabilities | (305) | (11,633) | (66,040) | (1,171) | 0 | 33 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,217 | 194,065 | 1,041,783 | 23,167 | 29,034 | 6,763 | |
| (/) Shares Outstanding | 3,648.8 | 1,932.1 | 60,382.0 | 2,447.7 | 51.8 | 166.9 | |
| Implied Stock Price | 2.80 | 100.44 | 17.25 | 9.47 | 560.48 | 40.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 18.05 | 18.89 | 0.86 | 0.81 | 1.16 | |
| Implied Stock Price (Trading Cur) | 2.80 | 5.56 | 0.91 | 10.96 | 696.17 | 35.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 18.05 | 18.89 | 0.86 | 0.81 | 1.16 | |