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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.0x - 5.5x | 5.2x |
| Selected Fwd EBITDA Multiple | 4.6x - 5.1x | 4.8x |
| Fair Value | €30.44 - €36.93 | €33.69 |
| Upside | -17.7% - -0.2% | -9.0% |
| 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 EBITDA 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 EBITDA Growth | |||||||
| 5Y CAGR | 7.5% | 6.7% | 2.1% | -9.6% | 0.0% | 9.2% | |
| 3Y CAGR | -1.7% | 10.0% | 2.2% | -13.1% | -1.7% | 16.5% | |
| Latest Twelve Months | 7.6% | -2.5% | 17.0% | -20.7% | 3.1% | 6.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 42.8% | 34.7% | 33.4% | 27.7% | 33.4% | 37.5% | |
| Prior Fiscal Year | 43.1% | 31.7% | 32.4% | 29.2% | 35.0% | 36.0% | |
| Latest Fiscal Year | 40.0% | 30.5% | 33.7% | 22.7% | 32.7% | 41.5% | |
| Latest Twelve Months | 41.0% | 30.5% | 33.7% | 22.7% | 30.4% | 43.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.03x | 1.81x | 1.93x | 1.36x | 3.55x | 2.34x | |
| EV / LTM EBITDA | 7.4x | 5.9x | 5.7x | 6.0x | 11.7x | 5.4x | |
| EV / LTM EBIT | 10.0x | 8.3x | 10.4x | 15.1x | 24.3x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.7x | 6.0x | 11.7x | ||||
| Historical EV / LTM EBITDA | 4.0x | 4.5x | 4.8x | ||||
| Selected EV / LTM EBITDA | 5.0x | 5.2x | 5.5x | ||||
| (x) LTM EBITDA | 2,429 | 2,429 | 2,429 | ||||
| (=) Implied Enterprise Value | 12,046 | 12,680 | 13,314 | ||||
| (-) Non-shareholder Claims * | (6,067) | (6,067) | (6,067) | ||||
| (=) Equity Value | 5,979 | 6,613 | 7,247 | ||||
| (/) Shares Outstanding | 167.0 | 167.0 | 167.0 | ||||
| Implied Value Range | 35.79 | 39.59 | 43.38 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.74 | 34.00 | 37.26 | 37.00 | |||
| Upside / (Downside) | -16.9% | -8.1% | 0.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AAFR.F | VODA.F | AMXO.F | VOD | SWZC.F | M4M1 | |
| Enterprise Value | 16,650 | 200,093 | 1,740,066 | 52,541 | 45,453 | 13,263 | |
| (+) Cash & Short Term Investments | 719 | 26,181 | 99,639 | 17,415 | 200 | 1,283 | |
| (+) Investments & Other | 6 | 53,883 | 20,597 | 10,045 | 588 | 565 | |
| (-) Debt | (6,197) | (77,748) | (768,517) | (55,049) | (17,094) | (7,954) | |
| (-) Other Liabilities | (305) | (11,633) | (66,040) | (1,171) | 1 | 39 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,873 | 190,776 | 1,025,745 | 23,781 | 29,148 | 7,196 | |
| (/) Shares Outstanding | 3,648.8 | 1,932.1 | 60,375.5 | 2,437.3 | 51.8 | 167.0 | |
| Implied Stock Price | 2.98 | 98.74 | 16.99 | 9.76 | 562.67 | 43.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 17.75 | 18.60 | 0.86 | 0.81 | 1.16 | |
| Implied Stock Price (Trading Cur) | 2.98 | 5.56 | 0.91 | 11.36 | 696.17 | 37.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 17.75 | 18.60 | 0.86 | 0.81 | 1.16 | |