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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.6x - 1.8x | 1.7x |
| Selected Fwd Revenue Multiple | 1.3x - 1.5x | 1.4x |
| Fair Value | €7.64 - €8.47 | €8.06 |
| Upside | 31.7% - 46.1% | 38.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ecotel communication ag | E4C | XTRA:E4C |
| Gamma Communications plc | 6GC | DB:6GC |
| freenet AG | FNTN | XTRA:FNTN |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| Hrvatski Telekom d.d. | HT | ZGSE:HT |
| NFON AG | NFN | DB:NFN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| E4C | 6GC | FNTN | O2D | HT | NFN | |||
| XTRA:E4C | DB:6GC | XTRA:FNTN | HMSE:O2D | ZGSE:HT | DB:NFN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.9% | 12.0% | -3.3% | 3.0% | 1.2% | 13.9% | ||
| 3Y CAGR | 17.5% | 9.0% | -1.0% | 3.2% | 3.9% | 6.8% | ||
| Latest Twelve Months | 8.7% | 11.1% | 3.8% | -1.0% | 6.0% | 3.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.4% | 16.4% | 9.4% | 1.4% | 13.9% | -6.9% | ||
| Prior Fiscal Year | 7.2% | 16.0% | 10.7% | 3.5% | 15.6% | -14.6% | ||
| Latest Fiscal Year | 2.5% | 15.6% | 15.2% | 5.8% | 15.2% | -0.5% | ||
| Latest Twelve Months | 2.5% | 15.6% | 15.2% | 5.8% | 15.2% | 2.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.37x | 1.68x | 1.70x | 1.19x | 2.83x | 1.31x | ||
| EV / LTM EBIT | 14.8x | 10.8x | 11.2x | 20.5x | 18.7x | 54.6x | ||
| Price / LTM Sales | 0.35x | 1.93x | 1.53x | 0.75x | 2.94x | 1.25x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.37x | 1.68x | 2.83x | |||||
| Historical EV / LTM Revenue | 1.20x | 2.55x | 4.03x | |||||
| Selected EV / LTM Revenue | 1.59x | 1.67x | 1.76x | |||||
| (x) LTM Revenue | 85 | 85 | 85 | |||||
| (=) Implied Enterprise Value | 135 | 142 | 149 | |||||
| (-) Non-shareholder Claims * | (5) | (5) | (5) | |||||
| (=) Equity Value | 130 | 137 | 144 | |||||
| (/) Shares Outstanding | 16.6 | 16.6 | 16.6 | |||||
| Implied Value Range | 7.86 | 8.29 | 8.72 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 7.86 | 8.29 | 8.72 | 5.80 | ||||
| Upside / (Downside) | 35.6% | 43.0% | 50.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | E4C | 6GC | FNTN | O2D | HT | NFN | |
| Enterprise Value | 43 | 962 | 4,269 | 6,490 | 3,152 | 101 | |
| (+) Cash & Short Term Investments | 2 | 154 | 182 | 0 | 230 | 10 | |
| (+) Investments & Other | 2 | 0 | 86 | 0 | 0 | 1 | |
| (-) Debt | (7) | (8) | (697) | 0 | (77) | (15) | |
| (-) Other Liabilities | 0 | 1 | 5 | 0 | (33) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40 | 1,109 | 3,845 | 6,490 | 3,273 | 96 | |
| (/) Shares Outstanding | 3.5 | 94.9 | 118.9 | 2,974.6 | 77.2 | 16.6 | |
| Implied Stock Price | 11.50 | 11.69 | 32.34 | 2.18 | 42.40 | 5.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.50 | 13.60 | 32.34 | 2.18 | 42.40 | 5.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | 1.00 | |