Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.8x - 16.4x | 15.6x |
| Selected Fwd EBIT Multiple | 13.5x - 14.9x | 14.2x |
| Fair Value | €0.55 - €0.66 | €0.60 |
| Upside | 35.5% - 63.5% | 49.5% |
| Benchmarks | Ticker | Full Ticker |
| Infrastrutture Wireless Italiane S.p.A. | INW | BIT:INW |
| Telefónica, S.A. | 1TEF | BIT:1TEF |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| Deutsche Telekom AG | 1DTE | BIT:1DTE |
| Liberty Global Ltd. | 3O41 | DB:3O41 |
| Telecom Italia S.p.A. | TQI | DB:TQI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| INW | 1TEF | O2D | 1DTE | 3O41 | TQI | ||
| BIT:INW | BIT:1TEF | HMSE:O2D | BIT:1DTE | DB:3O41 | DB:TQI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 20.0% | -3.2% | NM- | 18.2% | NM- | -12.4% | |
| 3Y CAGR | 15.7% | 25.8% | 184.2% | 21.7% | NM- | 1.4% | |
| Latest Twelve Months | 7.5% | 89.9% | 66.7% | 9.9% | 108.7% | -19.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 49.7% | 8.7% | 1.4% | 15.3% | 5.9% | 11.3% | |
| Prior Fiscal Year | 53.2% | 5.8% | 3.5% | 19.2% | -6.4% | 13.4% | |
| Latest Fiscal Year | 54.1% | 11.1% | 5.8% | 20.6% | -0.3% | 11.4% | |
| Latest Twelve Months | 54.0% | 11.2% | 5.8% | 20.9% | 0.6% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 13.29x | 1.45x | 1.21x | 2.57x | 2.68x | 1.53x | |
| EV / LTM EBITDA | 19.6x | 6.1x | 6.2x | 7.5x | 11.4x | 5.7x | |
| EV / LTM EBIT | 24.6x | 12.9x | 20.8x | 12.3x | 451.8x | 13.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.3x | 20.8x | 451.8x | ||||
| Historical EV / LTM EBIT | 12.4x | 17.1x | 27.0x | ||||
| Selected EV / LTM EBIT | 14.8x | 15.6x | 16.4x | ||||
| (x) LTM EBIT | 1,585 | 1,585 | 1,585 | ||||
| (=) Implied Enterprise Value | 23,479 | 24,714 | 25,950 | ||||
| (-) Non-shareholder Claims * | (11,180) | (11,180) | (11,180) | ||||
| (=) Equity Value | 12,299 | 13,534 | 14,770 | ||||
| (/) Shares Outstanding | 21,260.8 | 21,260.8 | 21,260.8 | ||||
| Implied Value Range | 0.58 | 0.64 | 0.69 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.58 | 0.64 | 0.69 | 0.40 | |||
| Upside / (Downside) | 43.0% | 57.4% | 71.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INW | 1TEF | O2D | 1DTE | 3O41 | TQI | |
| Enterprise Value | 13,925 | 59,422 | 6,615 | 309,232 | (550) | 19,780 | |
| (+) Cash & Short Term Investments | 57 | 7,059 | 0 | 17,008 | 2,167 | 3,785 | |
| (+) Investments & Other | 0 | 8,159 | 0 | 8,015 | 12,242 | 1,580 | |
| (-) Debt | (4,510) | (45,483) | 0 | (152,089) | (10,238) | (15,197) | |
| (-) Other Liabilities | (8) | (3,948) | 0 | (33,697) | (193) | (1,348) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,464 | 25,209 | 6,615 | 148,469 | 3,429 | 8,600 | |
| (/) Shares Outstanding | 921.5 | 5,643.3 | 2,974.6 | 4,871.0 | 345.6 | 21,260.8 | |
| Implied Stock Price | 10.27 | 4.47 | 2.22 | 30.48 | 9.92 | 0.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.27 | 4.47 | 2.22 | 30.48 | 8.49 | 0.40 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |